Six Tips for Your Financial Spring Cleaning
Tidy Up Your Finances for Financial Literacy Month
It's time for spring cleaning - time for cleaning, sorting and tidying up around the house. And because April is Financial Literacy month, it's also a great time to do some financial organizing and tidying up as well.
To help get you started, here are six tips for getting your financial house in order:
Review 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. 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.
Evaluate and Pay Down Debt
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.
Manage Your Money on the Go
Use our Mobile Banking app to check your balance, pay your bills, transfer funds, deposit a check and send money to friends from wherever you are.
Sign Up for eStatements, Paperless Billing and 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.
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 You can set it so that money is withdrawn from your checking account on the same day each month.
Check Your Credit Report
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, or cause you to pay a higher than necessary interest rate.
This content first appeared on the American Bankers Association website, and is used with permission.