Spring cleaning isn’t just for the home. It’s the perfect opportunity to give your family’s finances a once-over, making sure it’s ready for another busy summer.

Spring Clean Your Finances

While spring cleaning your finances may not be the first thing that comes to mind when the temperatures begin to climb, it’s a great way to figure out your finances. Here’s how:

Refresh Your Emergency Fund

If you’ve learned anything from the pandemic, it’s that you can’t predict what’s about to hit your finances. You can fall ill or get laid off, so you aren’t making as much as you usually do. You might run into some bad luck, like having to repair your car, take your pet to the vet, and replace your fridge all in one frustrating month.

Having savings set aside can help you handle these unexpected expenses without thinking twice, so now’s the time to check in with this fund. Is it ready for the next unfortunate bill headed your way?

What if it isn’t?

If you’re stuck trying to make ends meet after your tire blows, you could consider online direct lender installment loans.

But first, what are online direct lenders? Online direct lenders are digital financial institutions that don’t work with third parties to find customers, finance their loans, or manage repayments. That just means you won’t have to deal with multiple points of contact when applying for or paying back your installment loan.

As for installment loans, they’re a longer version of payday cash advances. As online loans with monthly payments, you won’t get stuck paying off your entire loan in one go. You’ll pay it off in smaller installments, so your loan isn’t such a burden on one paycheck.

Dust Off Your Budget

Saving more is a lot easier when you have a spending plan at the ready. A budget helps you keep track of where your money goes each month.

Better yet, it gives you a good idea of the bills you need to pay and the spending you could afford to give up. This exercise helps you balance your spending and prioritize things that keep your family happy and healthy.

The 50-30-20 budget rule can help you strike that balance by breaking down spending into three categories:

1. Essentials: You should be spending 50% of your after-tax income on essential bills, including housing costs, groceries, and utility bills. The minimum payments on credit cards and installment loans also fall within this category, as they’ll save you from harsh late penalties and credit damage.

2. Savings: You should reserve 20% of your after-tax income for all your savings goals, like retirement, college funds, and emergency savings.

3.Fun Stuff: The remaining 30% of your income can go towards the fun stuff — vacations, streaming services, video games, takeout, your kids’ soccer lessons, car detailing, and more.

Take Inventory of Your Insurance

After taking care of immediate savings and budgeting, you’ll also want to take time to review your insurance policies, including home, auto, and medical.

Spring is a great time to re-evaluate your family’s needs to ensure your insurance is still offering ideal coverage. If you’ve gone through many changes, like marriage, the birth of a child, or a major renovation, you may need to adjust your insurance.

You should still review your insurance even if nothing has changed. Shopping around can help you find comprehensive coverage for the best price.

Give Your Finances a Polish

Take the time this spring to tidy up your finances. The tips shared here today will help you handle the rest of the year on better footing.