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Spring has sprung! Spring is the perfect season to not just freshen up our homes but also our finances. Spring cleaning isn't just for cluttered closets and dusty shelves; it applies equally to our financial lives. Just as we eagerly embrace the warmer, brighter days, it's an ideal time to bring that same clarity and lightness to our financial goals.
Let's dive into the process of "spring cleaning finances" and explore how we can get our financial house all cleaned up!
We'll work through 4 practical steps to tidy up and rejuvenate your financial situation. Let's review spending habits to tackle debt, save smartly, and start retirement plans.
By the end, you'll have the tools and knowledge to declutter your finances. Start the year by setting clear financial goals, and walk with a refreshed and more organized financial outlook. Time to roll up our sleeves and get started on spring cleaning our finances!
Much like a messy room, our financial life can become cluttered without us even noticing. Over time, unchecked spending, forgotten subscriptions, and unreviewed bank statements can get the better of us.
Spring cleaning your finances means dusting off your bank statements, shining a light on your spending habits, and reorganizing your financial goals.
1. Review Your Spending:
First up, let's examine your recent bank statements. Access your bank statements with Online Banking or Mobile Banking. Review where your money is going, looking at different categories and locations. Are there things you’re paying for every month that you don’t use?
Maybe a gym membership or a magazine subscription? Finding these and cutting them out can save you lots of money over time.
2. Sort and Pay Off Debt:
Debt can be an uncomfortable conversation. Debt is money that you owe that needs to be paid back. Start by requesting a free credit report from each of the 3 major consumer reporting companies. If you have any loans or credit card debts, it’s good to know how much and at what interest rate. Then contact a lender to see if refinancing would save you money or help you pay off debts faster. Try to pay off the ones with high interest first. This will help you save on extra costs in the long run.
Check out the Mortgage Calculator, Car Loan Calculator, and Credit Card Pay Off Calculator on our website for help in estimating payoffs or calculating a payment plan.
3. Update Your Budget:
The next step is to determine where your budget currently stands and update it to fit your new needs. How much money is left after your usual expenses? Use our Home Budget Calculator to do the math for you! Now start a separate savings account if you don't already have one.
Set a goal to save a bit of this every month using our savings goal calculator. If you can, set up your bank account to move a small amount to savings automatically. It’s a great way to make sure you’re saving regularly.
4. Start a Retirement Plan:
An often-overlooked aspect of financial health is retirement planning. Retirement might seem far away, but it’s never too early to start planning. Check on the current status of your retirement savings and consider if your current plan is tailored to your needs. If you’re not sure about this, talking to a wealth management and trust expert at Frontier Bank can help. They can give you advice on how to save better for the future.
Cleaning up your finances is like making a clear path for your money goals. With these simple steps, you can make sure your money is being used the best way possible. And if you need more help or have questions, Tracy Hoefert, the Vice President of Retail Banking at Frontier Bank, is always there to assist.
Give Tracy a call for any financial advice or help you need to keep your money matters sparkling clean!
Tracey Hoefert
Vice President of Retail Banking
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