The first quarter of 2018 has already come and gone. And for most of us, April means taxes (or tax refunds if you’ve already filed!)
With 9 months left in the year, April is a month of renewal and growth. Even when it comes to your finances.
So let’s talk about 5 smart financial moves you should make this month…
1. Spring clean your finances
It’s time to look over your budget and review your first quarter goals. Now is the time to make adjustments and to pay off any outstanding debt if you can. You might also look over your 401(k) plan or other investments and evaluate these goals. You may find it a good time to rebalance your assets.
2. Spend your tax return wisely
If you haven’t gotten your tax return yet, it’s probably coming. And it is tempting to spend that money as fast as it comes. Last year the average taxpayer who received a refund got $2,763 and 79% said they planned to use their refund to pay down debt or put into savings**
What else can you do with that tax return to benefit you financially? Well, investing is always a smart move.
The best place for first-time investors is with Stash. Stash is an app that lets you buy fractional shares of Exchange-Traded Funds (ETFs) and single stocks, meaning you can invest in exactly what you want. There are over 40 investment themes to choose from and you only need $5 to start.
3. Consolidate your loans
If you’re paying off credit card debt, then consider refinancing your loan with Debt Genius. Refinancing allows you to start over with a new interest rate. So if you have loans with a high-interest rate and monthly payment, Debt Genius may be able to lower that for you, saving you thousands or even tens of thousands off the life of the loan.
4. Re-evaluate your insurance coverage
April is a month of reviving—everything from your green grass to your finances, now is the time to look over your insurance plans and re-evaluate your coverage. Make sure to compare quotes online to ensure you are getting the best rate. Research exactly which policies you need and make sure you are fully covered.
When it comes to renters and homeowners insurance, Lemonade offers some of the most competitive rates on the market. With this app, you can apply for insurance and get an estimate in nearly 90 seconds.
With plans as low as $5/month for renters insurance and $25/month for homeowners insurance, visit Lemonade today for a free quote.
Auto insurance plans also need to be updated every 6 months or so to get the best rate possible. A great site called Quote Genius and a helpful bot named Gene make sure you get in touch with a local agent who can evaluate your plan options and help you save money by switching to a new provider.
5. Cash in on your cash back apps
If you are an avid user of cash back apps and websites, such as Drop, now is a good time to take advantage of that extra money.
Drop is my favorite cashback app because all you need to do is link your debit or credit card and you’ll automatically rack up savings as you purchase.
You’ll be surprised how fast it adds up. You might want to pull out those savings and put them towards your summer vacation, a few new items for your spring wardrobe, or maybe into a savings account.
Smart Financial Moves In Brief:
Spring clean your finances – Blooom
Invest your tax return – Stash
Consolidate your loans – Debt Genius
Re-evaluate your insurance coverage – Lemonade and Quote Genius
Move the cash back you’ve earned, back into your account – Drop