As part of my annual spring-cleaning ritual, I’ve been going through my closet, pulling out clothes I no longer want or that no longer fit after losing some weight.
It may be time to apply that same energy to your financial life. Tax season is the ideal window. Your files detailing your savings and expenditures are already compiled and ready for a deep clean.
As the April 15 tax deadline passes, don’t stuff the paperwork in a folder, happy to be done with the process. Don’t close the electronic copy of your tax return satisfied that you’re done until next year’s filing season.
It’s probably the last thing you want to do right now, but look into your financial closet and come up with a plan for the rest of the year. What can you do to improve your situation? What habits can you change?
Here are four moves for four generations to spring-clean your financial life.
Gen Z (1997-2012, ages 14 to 29)
1. If, after filing your tax return, you see that you earned a pitiful amount of interest on your rainy-day fund, consider moving this safety-net money to a high-yield account. You’ll likely find higher rates at an online institution, so make sure your deposit is insured. The Federal Deposit Insurance Corp. (FDIC) insures deposit products, including savings and checking accounts, money market deposit accounts and certificates of deposit. The National Credit Union Administration (NCUA) protects members’ share accounts at federally insured credit unions. It’s similar to the deposit insurance coverage provided by the FDIC.
2. In addition to looking for subscriptions you don’t use, scan your bank accounts for excessive convenience fees. Review your delivery app history from last year. How much did you spend on tips and fees? Get rid of small leaks, which can add up to big money. Looking at food from five major chains in the nation’s 10 largest metros, delivered by the most commonly used services, a 2025 LendingTree reportfound that Americans who use these services spend an average of $407 per month, often paying nearly 80 percent more than they would for pickup.
3. If you’re an older Gen Z, maybe you can get a break on your car insurance premium. Call your provider to request a rate review. One of the most significant decreases happens at age 25, when premiums can drop. For example, the insurer Progressive says its rates could go down by 8 percent at age 25. “As young drivers gain more experience behind the wheel, they tend to have fewer claims, which makes them less of an insurance risk,” the insurer says.
4. If you received a 1099 for freelance or gig work and you got hit with a tax bill you didn’t expect, set up a dedicated bank account so you can set aside the money to pay the taxes on the income you receive.
Millennials (1981-1996, ages 30 to 45)
1. As you get older and buy a home, you may be eligible for insurance discounts by bundling your home and car with the same insurer. Don’t become complacent with the same insurer. Comparison-shop for competitive rates.
2. If you ended up owing a large sum to Uncle Sam or you got a fat refund, your spring cleaning should include updating your W-4. The goal for 2026 is to keep more of your paycheck each month rather than giving the government an interest-free loan. This is especially true if you are carrying credit card debt from month to month, as 47 percent of Americans do, according to a Bankrate reportreleased this year. Gen X and millennials — 53 percent — led other generations in carrying a balance.
3. This age group may start to see a buildup in wealth. It’s a good practice to track your net worth. Use the information from your IRS 1040 to create a net worth statement.
4. Like the Gen Z advice above, don’t let your emergency fund sit in a low-interest checking or savings account.
Gen X (1965-1980, ages 46 to 61)
1. Do you pay private mortgage insurance (PMI)? If so, check your home’s current market value. When you buy a home with a conventional loan and put down less than 20 percent, the lender may require you to pay for PMI. It’s a safety net for the bank, but you pay the premium. Depending on your loan, if your equity has reached 20 percent, contact your lender to see if you can eliminate your PMI. This single move can cut hundreds of dollars from your monthly mortgage bill.
2. If your tax return shows you have more financial wiggle room in your budget, boost the contributions to your workplace retirement account. Those 50 and older can make catch-up contributions. For 2026, the 401(k) catch-up contribution limit for individuals is $8,000. If your workplace retirement plan permits it, those 60 to 63 can make catch-up contributions of $11,250. However, starting this year, if your FICA earnings were more than $150,000 in the previous calendar year, any catch-up contributions to your 401(k) will have to be made to a Roth 401(k) with after-tax dollars. To see if this rule applies to you, look at Box 3 on your W-2 form to find your Social Security wages.
3. By now, you may have changed jobs a few times and contributed to several retirement accounts. Do you have old retirement funds from previous employers sitting unmanaged? Consider opening a rollover IRA to consolidate this money and possibly reduce the fees you are paying. Be sure to do a “direct rollover” in which funds move directly from your old administrator to your new IRA provider, avoiding tax withholding.
4. You might have a pretty large cash reserve, so make sure you are earning as much interest as possible.
Baby boomers (1946-1964, ages 62 to 80)
1. If you haven’t already — and you should have — please do an estate plan, which includes writing a will, guardianship instructions and advance medical directives.
2. Update your beneficiary designations. Verify that “Payable on Death” (POD) and “Transfer on Death” (TOD) names on every account match your current family structure. Because these designations override a will, updating them ensures assets pass directly to heirs without the delay or cost of probate.
3. Create a “Letter of Instruction.” Think of it like CliffsNotes for your personal and financial information. Ensure that your spouse, adult children or whoever will be handling your estate have the usernames and passwords to your mobile phone or computer. Include the location of your original will or trust documents. Compile an inventory of your important papers, including financial accounts, insurance policies (life and home), retirement and pension information, or veterans’ records. If you’re going to keep the letter on your computer, be sure to print a copy or save it to a flash drive in case your computer can’t be accessed.
4. Move your safety money to a high-yield account so your money is working as hard as you are.
Of course, most of these tips overlap regardless of age. Even if you tackle just one or two things in your spring cleaning, you’ll be bringing more order to your financial life.
The post It’s financial spring-cleaning time. Here are tips for every generation. appeared first on Washington Post.
