Spring is a great time to refresh your finances along with your surroundings. Just as you clear out your closet, consider getting rid of money habits and items that don’t serve you anymore.

Let’s explore ten financial habits you won’t regret eliminating.

OUTDATED BENEFICIARIES

Do you have an estate plan? If so, have you revisited your beneficiaries? If not, it’s definitely time to update them. “Many clients are surprised to find beneficiaries who are no longer alive or are former partners,” warns a financial expert. “Check this annually to ensure your assets are directed to the right people.”

UNUSED SUBSCRIPTIONS

Recent research indicates that individuals have around 3.3 unused subscriptions, costing about $32.84 each month. Spring is ideal for cutting these costs. Start by reviewing your bank and credit card statements for recurring fees and check app subscriptions, especially on platforms like Apple or Google Play.

OLD BUDGET

Creating a new budget can lead to improved financial habits. “It’s wise to revisit your budget periodically to align it with your current financial goals,” suggests a financial planner. Life evolves, and so should your budget to reflect your values and aspirations.

If you’re looking for assistance in budgeting, consider joining a coaching program that can guide you to take control of your finances and help you uncover savings you didn’t know were possible.

OLD 401(K) ACCOUNTS

If you have old 401(k) accounts from past jobs, it’s time to consolidate. “These accounts can limit your investment options and may incur ongoing fees,” advises a financial consultant. Review your statements and consider rolling them into an IRA for better management and potentially lower costs.

INVESTMENT ANXIETY

A significant number of individuals avoid investing due to fear of losing money. Remember, investing isn’t just for the elite. With the right education and support, you can learn to navigate the financial markets effectively.

For many, the hardest step is simply starting. Joining a women-focused investment group can provide the necessary encouragement and knowledge.

DAILY PORTFOLIO CHECKS

If you frequently check your investment portfolio, you might want to stop. Experts suggest this habit can lead to rash decisions that derail your long-term strategy. “Limit your reviews to once a month. Focus on market trends to inform your choices,” a financial advisor recommends.

FINANCIAL IGNORANCE

Are you unaware of your financial situation? It’s time to change that. “Awareness is crucial. Ignorance won’t benefit you as you approach retirement,” says a financial advisor. Now is the time to get a handle on your finances to make informed decisions.

EXCESSIVE SPENDING ON KIDS' ACTIVITIES

Parents typically spend about $730 annually on extracurricular activities for their children, as noted in a study. While activities like music lessons are valuable, it’s essential to set reasonable limits to avoid overspending.

UNNECESSARY PAPERWORK

Is your paperwork piling up? It’s time to sort through it. “Review and shred documents for accounts that are no longer active,” advises a financial planner. Also, dispose of outdated estate documents to clear the clutter.

YOLO MINDSET

While enjoying the moment is important, it shouldn’t come at the expense of your financial future. Strive for a balance between enjoying life and planning ahead. Building an emergency fund is essential for unexpected events. “Having savings for emergencies can protect you from unforeseen circumstances,” states a financial expert.