Financial Spring Cleaning
With spring in full bloom, many of us take the opportunity to clean out and spruce up our homes. But that’s not the only spring cleaning you should be doing! These spring cleaning tips will give you some easy personal finance wins so you can enjoy the warmer weather with a budget that shines as bright as the sun.
Eliminate unused subscriptions.
It’s happened to all of us—we test out a new subscription, use it for a few months, stop and then continue to pay for it every month. Or we sign up for a free trial and forget to cancel. Automatic recurring subscription charges are easy to forget and can result in a sizable leak in your budget.
Thankfully, this is a simple fix. Go through all your recent credit and debit card statements, being sure to account for every charge. Be on the lookout for any subscription charges you aren’t actively using. It’s best to review statements up to a year back in case there’s an annual subscription cost hiding.
Lower your regular bills.
Recurring bills such as insurance and utilities often make up a significant portion of our spending. While these are typically necessary expenses, it’s surprisingly easy to lower your monthly payments with little effort.
Call your providers, Explore other options, or Evaluate what you’re paying for.
Switch to a high-yield savings account.
Having a healthy amount of money in your savings is incredibly important, whether preparing for the unexpected turns life throws your way, saving up for a car or a down payment on a house, or simply for a rainy day. Putting those funds into a high-yield savings account allows you to earn more on your money and have it grow faster than a typical savings account.
Consolidate Debt
Debt is an uncomfortable topic many of us would rather avoid, but making high interest payments is equally uncomfortable on our wallets. Debt consolidation can take some of that sting away by combining multiple unsecured loans into a single debt. If you take several high interest debts and consolidate them into a new debt with a lower interest rate, you’ll pay less over the course of the loan.
You can always consult an expert or talk to your credit union representative.
Financial Spring Cleaning—Easy Personal Finance Wins You Can Make Today | Alliant Credit Union
