Financial Spring Cleaning

Spring has sprung, and everyone knows what that means: It’s time for spring cleaning! In addition to dusting the bookshelves and scrubbing the floors, it’s also a great time to give your finances a spruce up. And just like tackling housecleaning, it’s smart to focus on one area of your finances at a time. But where to start?

Tidy up your budget

Now is the perfect time to take a long, hard look at your budget. Make a list of everything going out, everything coming in, and estimated amounts for things like groceries and gas. A lot can change in a year; where can you make adjustments? Perhaps you got a raise or promotion and can afford to put a little extra into savings. Or, maybe you rarely use a particular streaming service and can save $15 a month by canceling your subscription. This is your opportunity to make positive changes that will set you up for success in the year ahead.

Scrub down debt

We’ve all had debt at some point, whether it’s student loans or a credit card balance from that trip to Cancun. Take a look at balances, interest rates and minimum monthly payments to help inform your payoff plan. Some people advise tackling your smallest debts first; others recommend getting on top of your debts with the highest interest rates.

Polish how you pay your bills

If you don’t already take advantage of automatic bill pay, you are missing out. Automatic bill pay means never having to worry about a missed payment, because it’s already sorted; the money is deducted from your account on the specified day each month. It’s perfect for bills that are the same amount each month—things like internet, streaming services, or student loan payments.

Sort through your papers

Or, ditch paper altogether. These days, most people take advantage of online banking. But if you don’t yet receive e-statements and paperless billing, sign up for them now. Instead of having to wait for a statement or bill to arrive in the mail, it will show up in your inbox as soon as it’s available. It’s a great way to keep track of your accounts and balances and ensure things are paid on time. Plus, it’s less paper floating around your house that you’ll have to sort through later.

Clean up your credit score cobwebs

Take advantage of your free, yearly credit report and go through it with a fine-tooth comb. Errors can impact your score and make it difficult to get a loan or mortgage. As Benjamin Franklin said, “An ounce of prevention is worth a pound of cure.” Stay on top of your credit score now, and you’ll be in good shape for the future.

Digitize your dinero

Jump on the online banking bandwagon! Online banking makes it easy to check your balance, pay bills on the go, deposit paper checks and more. Plus, it’s safe and secure, so you’ll have peace of mind knowing that your personal information and finances are protected.

Still have questions about sprucing up your finances? Stop by one of our 14 convenient locations or schedule an appointment to meet with one of our personal bankers.