As spring approaches, now is the perfect time to clean your homes, offices, and finances.
Here’s how:
Refresh your budget
The foundation of your financial health, your budget deserves a top spot on your spring-cleaning list. Review your budget.
Are you spending within your means?
Do you expect any increased costs this year?
Will you have any extra income?
Once you’ve reviewed your budget and answered the above, you’ll need to look at ways to save on areas of expenditure if others will be going up.
Take inventory of your debt
Take the time to gather a clear picture of what you owe. List your debts, including balances, due dates, and interest rates and take it from there. If you have a good credit score you could consider consolidating some of your debt.
Strengthen your rainy-day fund
Does your emergency fund cover three-to-six months of expenses? If not, you could setup automatic transfers to your savings account to build the funds.
Review your credit report
If anything looks unusual, report it to the credit bureau.
Maximize your credit card awards
Take steps to maximize your credit card awards. You can make the most of your rewards by spending strategically. Use cards that will earn you the most rewards in categories that you use frequently and will save you money.
Increase retirement contributions
Raise your retirement contributions a small amount each year and see a sizeable increase in your retirement nest egg.
Reflect on your financial goals for 2023 and beyond
As we move through the seasons of life, our aspirations change. As a result, your financial goals will change. So, it’s a good idea to assess how far you’ve come and adjust to future requirements. Do you need to pay off high interest loans, stick with a budget, increase income, save for a down payment on a home or car, save for retirement or your kids’ college?
One of the most exciting aspects of entering a new year is a new start. A fresh start means creating new goals, which can, of course, include financial stability. Now is the best time and probably the easiest time to do so. So, go for it!
Are you looking to open a new savings account? Would you like to speak to our staff about a loan? Visit one of our branches in New Berlin, Springfield, Modesto, or Palmyra.