When it comes to spring cleaning, I don’t always mean it’s time to clean out your closet or clean under your beds. I want much more for you!
Spring is an ideal time to dust off your finances and tidy up your budget. Maybe your tax
returns have motivated you to increase your emergency savings for the year ahead, or
perhaps you need a refresher on the New Year’s resolution you made to improve your
credit score? Whatever your situation, now is the perfect time to get your financials
in order. These four strategies can help you get your personal finances in check and
maintain a strong foundation for the rest of the year.
1) Clean Up Your Credit
Your credit score can have one of the biggest impacts on your financial life – so don’t let it
collect dust! Did you know you can check your credit score for free with each of the three
credit bureaus? Staggering your requests every four months allows you to keep a regular
eye on your credit report. Once you know your score, you can set goals to continue to
improve your responsible credit habits. Learn how to keep your credit score healthy with a quick lesson on credit scores & reports: Boosting your credit score
2) Pay Your Bills On Time
With today’s technology, there are so many mobile payment options available to help you to get ahead of your bills. Set up online banking and use automatic bill pay to save yourself the hassle of mailing checks, and avoiding those pesky fees for missing a deadline. Many retailers, banks, and credit unions allow you to pay your bills in real time via mobile payment technology. Often times not paying your bills on time, can negatively affect your credit scores even!
3) Protect Your Accounts
With the high amounts of digital transactions, it’s important to protect yourself from
consumer fraud and identity theft. In fact, nearly 3 million consumers reported fraud in
2017 alone. Regularly checking your credit score (see #1) for errors and unauthorized
transactions is one simple strategy to protect your identity. Make it a priority to refresh
the tactics you use to keep your identity safe this spring! Take a moment to learn a few strategies about avoiding Identity Theft attempts: Foiling Identity Theft
4) Save for a Rainy Day
Rainy day funds protect against more than the weather. Did you know that 78% of
Americans do not have enough savings to cover unforeseen expenses like flat tires, sicknesses, etc? Saving doesn’t have to be hard, although it does take discipline. Small adjustments in your daily routine can make a big difference in your ability to cover emergency costs or meet a payment due date. There are so many ways to save money that will actually pay YOU to keep money in the account, which will help your money grow over time. Commit to creating new savings habits to help yourself be better prepared for those emergency situations or even your future. Check out this Emergency Fund tutorial: Emergency Fund Bootcamp
No matter where you start your financial Spring Cleaning, incorporating these tips and tactics into your routine will give you a fresh start to financial success!