Refresh Your Finances

A financial refresh clears out old spending habits and sets you up for a stronger year ahead. Whether you're looking to save more or update an older budget, these five steps can help you better organize your finances.

Step 1: Reflect on your year-to-date spending

Before you move forward with a financial refresh, take a moment to look back. Just like sorting through old clothes before a deep clean, reviewing your spending can help you decide what’s working, what needs adjusting and what can go.

Did your spending align with your goals?
At the start of the year, you likely set financial goals — whether it was saving more, paying off stubborn debt or sticking to a budget. Now’s the time to check in:

• Are you on track, or did unexpected expenses throw you off?
  Have your spending habits changed since January?
• Did certain expenses creep up on you?

Spot areas to cut back
It’s easy for small expenses to add up over time. A quick spending audit can help you free up cash for bigger goals.

Everyday expenses are a good place to start. If you’ve been spending more on coffee runs, rideshares or impulse purchases, now’s the time to reassess. Dining out and entertainment also tend to creep up without notice, so reviewing these categories can help you find opportunities to cut back. Even fixed expenses like insurance, utilities and phone plans can sometimes be reduced by shopping around or renegotiating contracts.

Make adjustments moving forward
If your spending didn’t align with your budget, don’t worry. This is your chance to course-correct. Recognizing where your money went makes it easier to adjust and set yourself up for financial success in the months ahead.

Step 2: Declutter your subscriptions and unused expenses

Subscription costs may be a hidden money drain. A report from C+R Research found that consumers, on average, spend $219 per month on subscription services — more than 2.5 times what they estimated.

Now is a great time to audit where your money is going and trim the excess. Canceling, bundling or downgrading services can free up extra cash.

Are you still using everything you’re paying for?
Many expenses continue month after month without much thought, especially auto-renewing subscriptions. Keep an eye out for these common expenses:

• Streaming services. Are you using all the platforms you’re subscribed to, or are some sitting idle?
• Apps and software. Subscription-based apps can add up quickly. If you haven’t used them in months, cancel or downgrade.
• Memberships and club fees. Whether it’s a gym membership, a meal delivery plan or a professional organization, reassess whether you’re getting value from it.

Cut what you don’t need
Once you’ve reviewed your recurring expenses, start trimming the ones that no longer fit your lifestyle or budget.

Cancel any subscriptions you no longer use. Look for better deals on the services you want to keep; some platforms offer lower-cost tiers, family plans or discounts for annual payments instead of monthly charges. If you’re only using one or two features of a subscription, consider switching to a more affordable alternative that meets your needs without the extra cost.

Redirect savings to bigger goals
Remember: Every dollar you save from cutting back can go toward something more aligned with your financial goals — whether that’s paying off debt, boosting your emergency fund or saving for a vacation.

Step 3: Refresh your budget to match your current needs

Think of your budget like a cluttered closet. At the start of the year, everything was neatly organized, but then life happened. Now, some expenses don’t fit like they used to. Maybe your financial priorities have changed.

Now is the perfect time to take everything out, reassess what’s working and put your budget back in order.

Adjust for changes in income and expenses
If your salary has increased, consider directing extra funds toward savings, debt repayment or investments. If expenses have crept up — because of inflation, new financial commitments or lifestyle changes — make adjustments now to avoid a messy financial life.

Make sure your savings goals are realistic
Are you tracking toward your savings goals? Whether it’s building an emergency fund, planning for a major purchase or growing retirement savings, reassess how much you’re setting aside. If you’ve fallen behind, look for areas to cut back or increase contributions where possible.

A budget that works for you
A refreshed budget helps you stay in control of your finances without feeling restricted. With a few smart adjustments, you’ll set yourself up for financial success for the rest of the year.

Step 4: Use smarter saving strategies

This is a great time to boost your savings. Whether you’re gearing up for travel, home improvements or simply want to build financial security, a few smart strategies can help you make the most of your money.

Try a short-term savings challenge
A savings challenge can be an exciting and effective way to reach your financial goals.

Consider:

• 90-Day Savings Sprint. Set a short-term savings goal to reach within three months. Break it into weekly or biweekly targets to stay on track.
• The No-Spend Challenge. Choose a weekend or week to cut back on non-essentials and redirect those funds to savings.
• Round-Up Savings. Some banking apps automatically round up your purchases and move the difference into savings.

Strengthen your emergency fund
If you don’t have three to six months’ worth of expenses saved, now is the perfect time to build or replenish your emergency fund. Small contributions add up, so consider setting up an automatic transfer to a high-yield savings account.

Take advantage of seasonal deals
Sales throughout the year can also be an opportunity to make planned purchases at a discount. If you’ve been waiting to upgrade appliances, buy furniture or stock up on essentials, compare prices during promotional periods. Smart timing can lead to big savings.

Step 5: Plan ahead for your expenses

Vacations, back-to-school shopping and holiday spending will be here before you know it. A little financial prep can help you avoid scrambling later.

Start saving early for big expenses
Big-ticket costs can sneak up fast. By setting aside money now, you can spread out the financial impact and avoid last-minute budget strain.

Consider these options:

• Break down large expenses into smaller savings goals.
• Use sinking funds. Create dedicated savings accounts for predictable expenses.
• Automate contributions. Set up automatic transfers so you consistently put money aside.

Prepare for higher utility costs
Seasonal shifts often come with changing utility bills. Simple adjustments — like using a programmable thermostat, switching to energy-efficient appliances and sealing air leaks — can help lower expenses.

For homeowners looking to make bigger upgrades, such as energy-efficient windows or solar panels, a cash-out refinance or home equity line of credit can fund improvements while potentially reducing long-term costs.

Sell what you don’t need to fund expenses
Decluttering isn’t just about making space — it’s an opportunity to turn unused items into extra cash. Sell electronics, clothes or furniture you no longer need to help fund larger purchases or recurring seasonal costs.

Online marketplaces, consignment shops and local community sales make it easier than ever to get value out of things you’re no longer using.

Get personalized support for your financial goals

Budgeting, saving and tracking your finances regularly is the best way to stay organized all year. Visit your local Comerica banking center to discuss your financial goals and explore smart banking solutions to refresh your finances anytime.