Spring Clean Your Finances!

woman looking at tablet

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's 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 to reduce paper waste. Shred year-old bank statements, expired warranties, old Social Security statements, and tax documents more than seven years old.

  • Consolidate your debt: Consider rolling all of your high-interest payments into one low-rate personal loan. Create a payment strategy to lower your debt. Plan to pay off credit cards with the highest interest rates first.

  • Organize your savings: Many households have multiple savings accounts, including IRAs, CDs, and 401(k)s. Consider moving all your savings plans to one credit union and consolidating all IRAs into 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, at a minimum, you are saving enough to earn a full match from your employer (if offered).Plan your estate: Update or create your will. It’s a fairly easy and inexpensive process people often put off for obvious reasons. If you have any property (car, house, land, etc.), a will prevents lengthy legal battles and guarantees the right people receive your belongings upon your passing.

Need help tidying up? Stop by your nearest Chaffey Federal Credit Union branch or give us a call. We’d be more than happy to help you clean up your finances!

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