Eight Ways to Spring Clean Your Finances
While many people are focusing on housecleaning this spring, Nevada State Bank lists eight ways consumers can also clean up their finances.
The season for spring cleaning has arrived. While many people may focus on organizing closets or scrubbing floors, Nevada State Bank encourages consumers to clean up their finances, as well. “Spring is a great time to take a hard look at your finances and identify ways to manage them more efficiently,” said Nevada State Bank President and CEO Terry Shirey. “By getting your financial house in order, you can set the stage for a stronger, more successful future.”
Nevada State Bank offers the following tips to help customers cut back on financial clutter this spring:
Evaluate and pay down debt.
Take a look at how much you owe and what you are paying in interest. If better rates are available now, consider requesting a lower credit card interest rate or refinancing your mortgage. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates, or eliminating smaller debt first.
Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a single income household, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving and stick to it.
Check your credit report. Every year, you are guaranteed one free credit report from each of the three bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.
Sign up for online and mobile banking. Online banking can save you time, help you keep track of your finances, and may even help you avoid overdraft fees by alerting you when your balance is getting low. Download a mobile app that lets you manage finances from the palm of your hand. With the click of a button, you can check your balance, make a deposit, or access a record of all your recent transactions.
Set up automatic bill pay. By signing up for automatic bill pay in online banking, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account whenever an e-bill arrives, or on the same day each month fir recurring bills like insurance or mortgage payments.
Sign up for paperless statements. Converting to paperless bank statements (estatements) can help keep your house cleaner and more organized (physically and financially). This can be done through Nevada State Bank’s online banking portal.
Consolidate your accounts. Managing several bank accounts can be challenging. If you have open accounts that you rarely use, consider closing them. It’s important to note that cancelling accounts may come with a fee or impact your credit score. Other options include streamlining all your accounts under a single bank, or using a bill management service that allows you to view all of your financial accounts, bills, subscriptions and travel rewards in one place with a single password.
Plan for the Future. If you haven’t reviewed your retirement accounts lately, take a few minutes to see if they need rebalancing so you’re comfortable with both the rate of return and your risk tolerance. Consult a financial professional if you need help planning for your retirement or for major expenses like purchasing a home or saving for your child’s education.
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of ZB, N.A. Member FDIC