Spring financial clean-up: 5 money moves to make before summer

Step out your door for a whiff of sweet spring air, and you might notice the economic sky is falling. Whether you follow the headlines or not, it’s hard to ignore how little a dollar gets you these days. Most of us can’t control what goes on in Washington D.C. or Wall Street, but you can prepare to ride whatever financial waves this summer will bring.

Here’s how to spring clean your finances and free up cash for emergencies or a little extra fun.

Lay it all out

Dipping into your cash to escape boredom or soften the blow of a hard day might feel good. But the truth is, money isn’t your friend. It’s a snitch that can’t wait to spill the beans about your virtues and vices.

That’s why tracing your money is the first step to spring cleaning your finances.

Follow every dollar that passes through your hands, and you’ll realize where you stand financially versus where you want to be. Thousands of people are turning to expense tracker apps like Beyond Budget, Monefy and Cashew to get a bird’s-eye view of their spending habits and spot unnecessary cash drains.

Budgeting is a must. Make a plan for what to do with your income, or update your existing budget so it makes sense for your current expenses and goals. Comb through your digital and financial documents and reorganize or shred as needed—it’ll feel like losing 10 pounds (without all the gym sweat and dieting).

Clean up debt

Does money seem to drain out of your account like water out of a pasta strainer, no matter your circumstances? Be on the lookout for 2 common culprits.

The first is debt, which is disturbingly easy to get into these days. No longer a pathway dedicated to owning high-ticket items like houses and cars, now you can finance anything from makeup to McDonald’s fries, thanks to buy-now-pay-later (BNPL) apps like Klarna and Afterpay.

While 0% interest and low upfront payments sound great, the reality is that the BNPL industry’s estimated $231.51 billion fortune (which is on track to reach $343.52 billion this year) has been built largely off customers who roll over debt and pay penalty rates as high as 30% or more.

Even if you haven’t fallen for the Klarna/Afterpay trap, you may be losing money to the original BNPL solution—credit cards.

At 20% interest, that puts the cost of borrowing at around $70 to $110 per month—which you could otherwise be socking away for retirement or a summer getaway.

Tackling all your debt might be too much right now. But aim to slash small, short-term debt (like BNPL apps and payday loans) as well as high-interest debt to free up cash in your budget and give yourself a little room to breathe.

Ditch useless spending

The other common culprit behind seemingly uncontrollable money loss is mindless spending. Like debt, it can be habit-forming and tough to stop. But that doesn’t mean it can’t be done.

Deloitte reported that US consumer discretionary spending is down as of March 2025. Fitch Ratings predict a decline in consumer spending north of the border this year as Canadians react to US trade concerns and domestic political change. Finder.com reports that more Canadians plan to open a savings account this year than any other type of bank account, signaling a shift towards greater caution with money.

If you’re tired of having too much month at the end of your money, you’re not alone. Putting the brakes on reckless spending and reigning in personal debt has become trendy on social media, where, ironically, some argue overspending has been heavily fueled.

When you live in the red, shelling out for small indulgences is enslaving, not liberating. Unburden yourself of costly clutter and get addicted to the feeling of being in charge of your money—not beaten by it.

Stash extras (like your tax refund) in an emergency fund

Credit cards and loans are easy to reach for when life throws you a curveball, but they’ll only dig you deeper into a hole. That’s why it’s crucial to have an emergency fund.

But U.S. News reported in January that 42% of Americans don’t have emergency savings. According to a recent Finder.com survey, 53% of Canadians would use emergency funds or disposable income to cover an unexpected $1,000 expense—while almost half would rely on some form of debt.

This is especially worrying given the current job market, which saw unemployment rates rise last month in the US and Canada. Technology, retail and government jobs are especially on the line, with many people wondering how to make ends meet amidst rising costs and fewer opportunities for work.

Finding funds to set aside might seem impossible when your income doesn’t stretch very far. But that’s where cutting down debt and slashing unnecessary spending can help, as can getting a side hustle to make a little extra cash.

Check your credit report

Before locking in plans to travel, renovate or make major purchases this summer, make sure you understand how your credit score will be impacted.

Credit bureaus typically provide one free credit report a year on request. But sites like Credit Karma let you view your estimated credit score and key details of your credit history for free.

Looking at your financial profile through the eyes of lenders will help you get an idea of your creditworthiness and the likelihood that you’ll be approved for financing in the near future. Keep your eye out for errors dragging down your score or signs that you may be the victim of fraud.

Bottom line

There’s no time like the present to take a magnifying glass to your money habits, clean up your budget and realign your financial goals. Before warm-weather plans kick off (and the world wades even more deeply into the tariff era), prepare for the unexpected by getting rid of debt, spending mindfully, setting aside for emergencies and checking your credit report.

Then you’ll be ready for guilt-free summer spending—with something to fall back on just in case.