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Spring Cleaning Your Finances

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The weather is warming up and you’re probably thinking about beginning a spring clean around the house. But, now is also a great time to think about spring cleaning your finances. According to Fool.com, 48% of Americans want to be financially prepared for the future, yet 97% of those surveyed admit to not making time.

When decluttering your home, consider taking time to tackle your finances too.

Tidy Up Your Financial Inventory  –  A good first step towards decluttering your finances is to compile all of your information in one place. Some key items to include in your financial inventory are:
• Credit reports
• Bank accounts
• Bank statements
• Debt
• Credit and debit cards
• Retirement and HSA accounts
• Other investments (i.e. stocks, secondary income, side hustles)
• Legal documents

Now that you have begun to organize your accounts, consider closing unused accounts and destroying dusty old checks and bank statements. If you’re looking for more from your banking partner now is a great time to switch.  

Dust Off Your Budget – A budget is a great way to get a head start on tidying up your finances. Your budget should include your income, as well as fixed and variable expenses. Don’t have one? Great, you can start from scratch and create a new one.

Understanding how much money you have coming in and going out is critical to establishing a budget. A budget can lead to less spending and you may end up saving more of each paycheck. Managing your finances can lead to a much easier journey when working towards reaching your financial goals. It also helps eliminate unnecessary financial stress.

Toss Out Your Debt - Staying in debt is like holding onto that holey sweater you haven’t worn in years. Make a plan to kick your debt to the curb this spring. How? Start small, pay off one item at a time, then work your way towards paying off the next item.

You may not be able to pay everything off this spring, but when you develop a plan you are taking the first step towards being financially prepared for what the future holds.

Spring Forward - The spring season is the perfect time to plan ahead. If your goal is to buy a new home, travel, or start a business a savings plan will help you track your progress. Take the time to plant the seeds for your future by creating a plan with clear goals set on a timeline. You can adjust your plan as life changes, but there is no denying that having one will make it easier to manage any changes in the future.

A deep clean of your finances may seem overwhelming. However, it’s a breath of fresh air when you have your finances in order. We hope you can use these tips to make spring cleaning your finances more achievable.

What other spring to-do's are on your list?

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Categories: Community and Events, Hobbies and Travel, Just For Fun, Smart Spending, Strategies for Saving
Tags: Kansas City, Lawrence, Topeka, Wichita

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