This time of year, many people tidy their homes like their lives depend on it – and money-focused ones include their finances. Something about the birds chirping, ditching the winter coat, the sun finally breaking through the clouds. Having an extra few bucks if Uncle Sam was feeling generous last month.
Not sure how to give your financial plans a refresher? Here are some places to start:
Start with Your Paper (and Digital) Laundry
Paper laundry is just like regular laundry, only the task is to tidy and deal with all those piles of bills – paid and otherwise – expenses, and other physical odds and ends lying around. Now that so many aspects of life are digitized, this key seasonal task should include an online or digital component, as well. When you feel more organized, you are less likely to let things slip through the cracks.
Find Ways to Automate Financial Tasks
You should be removing unnecessary expenses as you discover them – for example, a membership or subscription you never use. People who haven’t done so yet might want to set up automatic transfers from their paychecks into a savings account, 401(k), or emergency fund.
One easy way to start saving is through a Yes! Debit™ savings account. When you open one at your local CFSC Currency Exchange, you can start earning up to six percent APY interest on a balance of up to $2,000.
Revisit Life Goals Seasonally
Regular spring cleaning and self-audits are not as separate as you may think. Going through your drawers, calendar, emails and boxes might reveal financial goals and forgotten expenses. If nothing else, household tidying adds a layer of organization to your life, which can in turn remind you of repairs and life goals you’ve been avoiding, all of which save time and can even save you money, especially in the long run.
Align Bill Payments with Paychecks If Possible
This is also a good time to automate fixed bills to avoid late fees. If your bills (and bill payments) are a mess because of staggered due dates, see if you can align them with your pay schedule for easier budgeting.
Is There Debt You Can Consolidate?
Have you made significant life changes, such as relocating or buying a car? Be sure you are bundling any insurance policies such as home and auto that can be lowered if combined into one. While you’re at it, look for small amounts of debts you can simply pay off. Anything to lower rates, as well as your overall debt amount, is usually a positive.
Consider three moves to shake the dust off a stale financial situation:
- Review Any Accounts: Do any accounts have high fees or penalties without any rewards? How about credit cards you hardly use carrying debt on them? If possible, close or combine any accounts that aren’t contributing to your wellbeing in a positive way.
- Update Budget: As your energy is renewed, as it certainly will be with all the organizing you’re doing, take advantage of that positive energy. What areas of your budget should be adjusted to align with your financial situation?
- Check Your Credit Report: While this task is certainly optional, monitoring your credit regularly is a helpful way to track financial progress as the world views it. This can be a useful reality check if you’re not the most savvy spender. Or, it can feel good seeing that score slowly gets better as your habits improve.
Establish Habits That Bring Peace of Mind
Financial check-ins should be a seasonal as well as annual habit. Consciously setting aside time to review your goals and adjust them if things have changed will help you stay on track. As threats of tariff-induced recession loom, more people are adding to their emergency funds. While it’s hard to predict future financial needs even in good times, you may want to adjust your spending to account for wobbly economic times ahead.
Visit CFSC Currency Exchange Nearest to You for More on Services
CFSC Currency Exchanges offer a variety of other personal finance services and can handle routine auto-related tasks, too. Call or stop by to find out more!