Spring cleaning for your finances

RRSP season gets the most attention when it comes to financial planning, but you can take steps towards your financial goals at any time of year. As the first month of the fiscal year, April is the perfect time to declutter your spending. You might be surprised at the savings you uncover.

We all know how little expenses can add up over time, but frictionless payment methods, like debit and credit cards and online payment apps, make it easy for you to spend more than you intend. It’s a good habit to take the time to go through your monthly and annual payments.

3 spending areas to clean up

1. Streaming subscriptions

Streaming services have replaced cable TV in many homes. However, unlike with cable channels, there are few opportunities to bundle your streaming services at a lower cost.

To assess if you should cancel or modify your streaming subscriptions, ask yourself:

• How often do I or my family members watch this service? You might consider tracking your viewing habits for a month.
• Are there lower-cost options available, such as paying less for ads?
• Are the shows or movies on this service available with another one?
• Are there discounts available through my internet provider or other sources?
   

While they don’t always offer the latest shows and movies, free streaming services are an option. Your local public library offers members free access to streaming services, as well as e-books and audiobooks.

2. Forgotten free trials

You click a link to an interesting news story and are met with a pop-up that says you can only read the story if you sign up for a free trial. All you need to do is enter your payment information and cancel before the trial ends. If you don’t, though, you’ll be automatically charged for a subscription.

Take a look at your bank or credit card statement to see if you’re paying for any subscriptions you hadn’t meant to sign up for. Cancel these before they renew and automatically withdraw another payment from your account.

In the future, cancel your free trial as soon as you sign up for it. For most, you’ll still have access to the service until the trial ends.

3. App fees

Many of us rely on the apps on our phones to manage many parts of our lives, from budgeting to fitness to entertainment. However, just like with other services, we can easily end up paying for apps we no longer use. To find out which apps you’re paying for and cancel any you no longer want:

• On iOS Open the Apple App Store app and tap Purchase History.
• On Android Go to Settings, tap Google, then Manage your Google Account. Tap Wallet & subscriptions, then Manage purchases or Manage subscriptions.
   

While you’re on your phone, schedule a regular financial clean-up at least once a year.

Next steps: Put your newfound savings to work

Now that you’ve completed spring cleaning your finances, add up how much you’ll save each month or year. It’s time to consider what you can do to make the most of the savings you’ve found.

Together we can explore options that can help you reach your financial goals faster – whether that’s putting that extra money away for retirement, boosting your emergency fund, or building a bit more ease into your monthly budget.