Spring signifies a fresh start, not just for our homes but also for our finances. As the flowers bloom and we undertake the annual ritual of spring cleaning, it’s the perfect opportunity to declutter and organize our financial lives.
We’re here to guide you through this process with six essential tips to get your financial house in order.
#1
Review & Revise Your Budget
A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget to reflect your current lifeystyle. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it.
#2
Tackle Your Debt Strategically
Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first. Developing a systematic approach to reducing debt eases financial stress and improves your credit.
#3
Embrace Digital Banking
Leverage the convenience of our Mobile Banking app for managing your finances on the move. Check balances, pay bills, transfer funds, deposit checks, and more, all from your smartphone. It’s banking that keeps up with your busy lifestyle.
#4
Go Paperless: Sign Up for eStatements & Text Alerts
Converting to paperless billing will help keep your house – physical and financial – more clean and organized, and will help protect you from fraud. Activate text alerts for instant updates on your financial transactions.
#5
Set Up Automatic Bill Pay
By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.
#6
Check Your Credit Report Regularly
Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan. Don’t let errors keep you from getting the best terms on loans and credit.
Embarking on financial spring cleaning not only brings order to your financial life but also sets a solid foundation for future growth and stability. By following these six steps, you’re not just tidying up—you’re investing in your financial health and well-being.
This insightful guide first appeared on the American Bankers Association website and is shared here with permission. As you implement these tips, remember Burke & Herbert Bank is here to support you every step of the way in your financial journey.
