‘Spring cleaning’ includes your finances

Dr. Mary Dorn

Ah yes, spring is in the air.

The flowers, the lawn that needs mowing, the allergies. It is a new day and a time that many choose to do some “spring cleaning.” According to Wikipedia, spring cleaning “is the practice of thoroughly cleaning a house in the springtime.” There are many spring-cleaning tips and lists on the internet for those interested. However, there is no mention of a spring checkup on finances during this cleaning period.

The Federal Reserve’s recent report on the economic well-being of U.S. households indicated that 64 percent of all adults in November 2020 would have been able to cover an unexpected expense of $400 with cash, savings, or a credit card paid off at the following statement (Reserve, F., 2022). This leaves 36 percent of adults forced to pay the amount over time if they can cover the expense. Additionally, inflation is at a record high, housing prices continue to climb, and supply chain issues are not going away anytime soon.


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