How to Spring Clean Your Finances

The ultimate guide to organizing your money and growing your wealth.

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9. Cover up.

Check on your insurance coverage, including renters, homeowners, life, and car. Do you have enough? Or do you have too much? When it comes to a car, for example, older vehicles may no longer need comprehensive coverage, says Cheng. Meanwhile, raising your deductible on homeowner's insurance could lower your rate. "Consider bundling services to obtain a discount," says Cheng. Your credit check also helps you here, since consumers with lower credit scores are often considered higher-risk individuals and assessed higher coverage rates, she adds. At the same time, make sure your beneficiary designations are up to date.

[See 50 Ways to Improve Your Finances in 2011.]

10. Clean out your car.

This more traditional spring-cleaning move will actually help with your bottom line, too. Cleaning out the junk in your trunk, especially big, bulky purchases of water or other supplies, weigh down your car and force it to use more gas, says Leeds. Instead, use your garage for storage and keep your car as light as possible. Also, take advantage of the nicer weather to check your tire pressure and get a tune-up, which can also boost your gas mileage.

11. Feng shui your investments.

The ups and downs of the stock market might have knocked your portfolio out of whack. Take the time to rebalance it, based on your age and desired risk level, says Cheng. "You can't take the 'set it and forget it' attitude with your retirement savings," she adds, since such a passive attitude could result in an overly risky—or insufficiently aggressive—portfolio.

After you complete these 11 steps, don't forget to pour yourself a glass of iced tea and enjoy the weather.

Kimberly Palmer (@alphaconsumer) is the author of the new book Generation Earn: The Young Professional's Guide to Spending, Investing, and Giving Back.