Spring 2025 is here and just like a deep-cleaned home creates a fresh start, financial spring cleaning helps athletes—whether still in school, recently graduated, or approaching retirement—organize their money and set themselves up for success. My mind, body and spirit always feel better when I can go into the spring and summer with a clearer picture of my financial situation and a few goals I can look forward to checking off my list. Whether you played sports through college or made it to the professional level, regularly reviewing your finances can help you stay in control of your financial future. Here are financial spring cleaning tips for athletes at any stage of life.
For College Athletes: Build Smart Money Habits Early
- Declutter unnecessary subscriptions – Streaming services, fitness apps, and unused memberships can quietly drain your bank account. Review your recurring charges and cut what you don’t need.
- Organize income and expenses – Whether you earn money through NIL deals, a part-time job, or a stipend, track what’s coming in and going out each month. Use apps like Mint or YNAB to help manage cash flow.
- Plan for taxes – If you’re earning NIL money or working, set aside a portion for taxes. Many young athletes forget that NIL income isn’t tax-free.
- Shred or digitize paperwork – If you have old bank statements or contracts, scan important documents and toss the rest to keep your finances clutter-free.
For Recent Grads & Young Professionals: Build a Strong Foundation
- Tackle student loans & debt – Review your repayment options and see if you qualify for loan forgiveness, refinancing, or income-driven plans. Prioritize high-interest debt to save money in the long run.
- Start an emergency fund – Life after sports can be unpredictable. Save at least three to six months’ worth of living expenses in a high-yield savings account.
- Set up retirement contributions – Even if retirement seems far away, contributing to a 401(k) or Roth IRA early helps your money grow over time. If you work for a company, take advantage of employer matches.
- Reevaluate your budget – Your income and expenses shift after college. If you’re earning more, don’t increase spending too quickly—stay disciplined and build wealth.
For Mid-Career Professionals: Maximize Earnings & Investments
- Review and increase retirement contributions – If you’ve been saving, consider raising your contributions to keep up with your financial goals. If you haven’t started, now is the time to begin.
- Organize investments – Review your portfolio and rebalance if needed. Make sure your investments align with your long-term goals.
- Check insurance coverage – Whether it’s life, health, or disability insurance, ensure you have the right policies in place to protect your income and family.
- Plan for future taxes – If you’ve built assets, work with a financial advisor or accountant to strategize tax-efficient ways to save and invest.
For Athletes Nearing Retirement: Secure Long-Term Stability
- Downsize debt – Pay off remaining debts, including mortgages and car loans, to reduce financial stress in retirement.
- Review retirement accounts & withdrawals – Understand when and how to withdraw from your retirement accounts in the most tax-efficient way.
- Organize legal documents – Ensure your will, power of attorney, and estate plan are up to date to protect your assets and loved ones.
- Plan for healthcare costs – Medical expenses often increase with age. Review health savings accounts (HSAs) or long-term care options.
No matter what stage you’re in, taking time to organize your finances can set you up for long-term success. Whether you’re a college athlete managing NIL money, a young professional tackling debt, or a retired athlete planning for the future, financial spring cleaning is a habit that will always pay off.