Tips To Spring Clean Your Finances

Tips To Spring Clean Your Finances

Apr 19, 2017

Spring cleaning is a longstanding tradition in our culture. But before you break out the cleaning supplies, you may be long overdue to organize your finances. Not only will this help simplify things for you, it also will set you up for months of financial success. Use our tips below to spring clean your finances!

How to Organize Your Finances

1. Start With Your Budget

Since spending is the most important component of your financial planning, it’s a great place to start organizing. Take a look at your spending over the past few months, and analyze it for any problem areas, as well as places where you’re budgeting more than necessary. You then can adjust your budget accordingly.

2. Choose the Electronic Option

Take time this spring to opt for less paper by choosing paperless billing wherever possible. From checking accounts to utility accounts to student loan accounts, most have a paperless billing option. This way, you can download your statements and keep those organized all on your computer, rather than having to constantly organize your forever-growing pile of paper bills. Not only will you be more organized, you’ll also help the environment!

3. Check Your Withholding

Did you just receive a large tax return? While it can seem like a good thing, a substantial tax return usually is a sign that your withholding needs an adjustment. Remember, the goal is to achieve a balance. You want to get as much as possible from your paychecks, without owing the internal revenue service money when you file taxes.

4. Clean Up Your Accounts

If you have multiple bank accounts open, but rarely use some of them, it may be a good idea to close some. If you have been frustrated with your bank, now is a great time to switch. In addition to bank accounts, now also is a great time to organize your retirement accounts. If you have multiple 401(k) accounts open from different jobs, consider rolling old accounts into new ones. This will help streamline your retirement savings.

Apply for a Mortgage Today

If your main goal of spring cleaning your finances is to help you save money to buy your first home, the experts at Home Point Financial can help you on your path to home ownership. Be sure to locate the branch nearest you or contact us today to learn which loan program is the best fit for your current financial situation.