Financial Friday: Tips to spring clean your finances
HUNTSVILLE, Ala. (WAFF) - It’s that time of year again, spring cleaning time. Whether we are reorganizing the garage or raking out the flower beds, making our space new and refreshing is on many of our to-do lists.
Doing a Financial “SPRING” cleaning should also be right up there with cleaning out the gutters. Taking time annually to re-evaluate our finances is a great way to bring financial wellness to the forefront, and maybe save some money.
Redstone Federal Credit Union’s Financial Education Coordinator, Jennifer Bowling came up with the acronym “SPRING” to help get you started and things to ask yourself.
- S – Saving and Spending: She recommends asking yourself these questions to get started: Do I have a balanced budget? Am I saving enough for…emergencies, goals, and retirement? Do I have a budget for non-essential expenses?
- P – Periodic Payments: She says to track all of your expenses whether they be quarterly, annually, or at various times throughout the year. Have I saved for those expenses? Are they in my budget, or do I have a plan in place for the future?
- R – Reports and Required Documents: Have I checked my credit report for…identity theft, and accuracy, and disputed any errors. You can receive 1 free credit report annually from all three credit reporting agencies at this website. Do I have all of my important documents in a secure place in the event of an emergency? Do my loved ones know how to access these documents?
- I – Insurance and Investments: Do I have adequate insurance or do I need to update a policy? Are my investments performing as they should or do I need to re-evaluate my portfolio? Are my beneficiaries listed and updated?
- N – Negotiate Pricing: Can cable, internet, phone bills, streaming services, and insurance policies all be negotiated for a better price? Does this price work with my budget?
- G – Get rid of it: Am I paying for memberships or services I no longer need or use? How will this cancellation affect my budget?
Bottom line: Taking the time to go through this “cleaning” process helps us refresh our focus on our financial well-being, realign ourselves with our goals, and get ready for any kind of weather that may come as the seasons change.
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