9 Tips for Spring Cleaning Your Finances
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Spring cleaning isn’t just for your home. Spruce up your financial plan with these 9 spring cleaning tips to help organize and assess your financial goals.

Spring is often associated with deep cleaning your home for a fresh start. This year, apply a similar approach to your financial plan. Cecilia Bailey, Community Education Administrator at Regions Bank, offers these steps to de-clutter your personal finances and kick-start your next step.

1. Make financial spring cleaning a priority

Commit to giving your financial plan the attention it needs, and set aside time for it. Review your financial plan at least once per year to ensure you’re still working toward the right goals in a way that fits your lifestyle.

2. Transfer money to savings

Set up an automatic transfer that contributes money to your savings account. “This is something you should do as often as you get paid,” Bailey advises. “Over time, you’ll see your savings account balance has grown, and you probably didn’t miss the money you transferred.”

3. Assess bill payments and schedules

Make sure your current bill pay system is working for you. Automate payments with known amounts — especially bills such as your insurance, your mortgage, and the minimum payment on your credit card — to avoid late fees and missed payments. But don’t automate a payment that can vary widely month to month. Additionally, many creditors will allow you to set payment dates that align with your pay schedule, says Bailey.

4. Pay off small debts

Knocking out easy wins can help eliminate some of your monthly payments and minimize interest charges. Doing so may also build momentum for you to make even more financial strides.

5. Consolidate debt

If you have multiple loans from different lenders, consolidating them may help minimize the need to manage multiple accounts. Use this debt consolidation calculator to evaluate your situation. But check with your lenders to assess how consolidation may affect interest rates and other important loan terms.

6. Review account benefits

Evaluate your savings, checking, credit card, and loan accounts. Do they offer benefits such as low or no fees, cash back rewards, zero-percent interest charges, travel perks, or other features that improve your financial situation? Once you’ve completed an account assessment, consider how you can consolidate or eliminate accounts that are not beneficial to your financial plan.

7. Make charitable donations

While you’re focused on spring cleaning, eliminate clutter for good. Donate an old car, eyeglasses, mobile devices or other household items to charitable organizations. Keep receipts and documentation if you plan to itemize tax deductions for in-kind donations.

8. Update your budget

As you consolidate accounts and pay off debts, your budget is likely to change. If you find yourself with extra funds after your monthly bills are paid, you can use those newly freed-up resources to save in other areas.

9. Check your credit reports

An annual credit check, which you can access for free once per year from each of the three credit bureaus — Equifax, Experian, and TransUnion — at AnnualCreditReport.com, gives you an idea of how your credit score has changed and ways you may be able to improve your credit.

Bailey says the benefits of a financial spring cleaning go beyond your bank account — it can provide peace of mind and a sense of clarity as you move forward. “It also gives you a realistic picture of your finances,” she says.

As you work to improve your finances, consider scheduling monthly financial “to-dos.”

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