Spring Clean your FinancesApril 22, 2014 - by Patrick Redo
After a year of spending, saving, paying off bills and racking up rewards points, your financial life can get a little messy. Now that tax season is over, it is a great time to regain control of your finances. When you de-clutter your accounts, paperwork and budget, you’ll find it’s a lot easier to make the most of your money.
Roll up your sleeves, dust off your statements and follow these tips for finances that sparkle:
- Streamline your banking. Close up old accounts, switch to online bill pay and sign up for e-statements, a no-cost, paperless way to view your monthly statements via the Internet. eStatements can help you avoid identity theft or mail fraud. Shred year-old bank statements, expired warranties, old Social Security statements and tax documents that are over seven years old.
- Consolidate your debt. Consider rolling all of your high-interest payments into one low-rate personal loan. Close credit cards you don’t need and create a payment strategy to lower your debt. Plan to pay off credit cards with the highest interest rates first. We are now offering a low-interest loan starting from as low as 3.0%. It’s the most cost effective way to fix some of the financial issues in your life. Contact the branch for details.
- Organize your savings. Many households have multiple savings accounts, including IRAs, CDs and 401(k)s. Consider moving all of your savings plans to one bank and consolidating all IRAs to one account. Talk to your employer about moving old 401(k) accounts into the one at your current job, or rolling them to a self-directed IRA. Finally, increase your 401(k) savings so that at a minimum you are saving enough to earn a full match from your employer.
- Plan your estate. Update or create your will. It’s a fairly easy and inexpensive process that people often put off for obvious reasons. If you have any property (car, house, land, flat-screen TV, etc.), a will prevents lengthy legal battles and guarantees the right people receive your belongings upon your passing.
Need help tidying up? Stop by allU.S. Credit Union and talk to Robin or Stephanie or give us a call. We’d be more than happy to help you clean up your finances!