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Let Us Help You Spring Clean Your Finances!
Since spring has arrived, we are taking every opportunity to open the windows and let in the fresh air. Most of us start cleaning out the garage, clearing out the outdoor furniture and packing up our old clothes to give to charity. Why should spring cleaning end with your home? This is the perfect time to get your personal finances in order as well. Consider these recommendations to “clean up” your finances.
Contribute to your 401(k). Make sure you contribute enough to your 401(k) to qualify for the maximum matching funds. Your employer is willing to give you this free money, so don’t leave it on the table.
Open and IRA. If you own your own business or work for a company without a retirement plan, open an IRA. You can get huge tax breaks by opening this type of retirement plan. If you’re not sure which IRA is right for you, you can search for “Types of Retirement Plans” at irs.gov.
Check the rate on your credit cards. Interest rates on your credit cards can have an impact on your balances and can increase over time. If your interest rate is driving up your card balance, it’s time to shop around for a lower rate. Other items that are options for rate controls are mortgage loans, auto loans, and even your checking and savings accounts. For a real sense of gratification, pay off the balance that’s costing you high interest. If you want to zero your balance by the end of the year, divide the amount owed by 7 and pay that amount each month. Can’t bite off that much each month? Move your balance to another card with an introductory rate and pay it off before the offer ends. Make sure there are no high transfer fees.
Open a savings account. Follow these three steps when opening your savings account:
1. Set a financial goal and a timeline.
2. Decide how much you will save each month to help you reach your goal.
3. Set up automatic transfers to your savings plan from your checking account. This way the transfer is done for you and you don’t lose your money.
Check your credit report. Make sure your credit reports are error-free. Remember, you can request a free credit report each year from each of the three major credit bureaus. You can get one for free at annualcreditreport.com.
Organize or discard old financial documents. Organize all your bank statements, bills, invoices and other financial records and keep only those that are necessary. Note that you must keep your tax returns, canceled checks, receipts, and any documentation supporting your taxes for at least six years. Make sure you don’t just throw your important documents in the trash without shredding them. You don’t want them to be picked up by an identity thief.
Set up automatic bill payment. Spring cleaning isn’t just about decluttering. It’s about making your financial life more efficient. Set up automatic bill pay and link it to your checking account to eliminate any chance of missing a payment and paying late fees.
Review your budget. Take a look at your current budget and decide if you need to make any changes.
Pay off as much debt as possible. Spring is a good time to review your outstanding debts and what loans or credit cards you can pay off. If nothing else, develop a stricter payment plan. Clearing your outstanding debt quickly will put you in a much better financial position for the rest of the year.
Record your financial passwords and store all your records in a safe place. Make sure you don’t use the same password for all your financial accounts. Protect yourself against identity theft by protecting your passwords and other financial documents in an online safe.
Be a community manager. Try to make a difference in your community. Believe it or not, giving to others will make you feel much richer.
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