There's nothing like spring in Northern Virginia. Cherry blossoms are blooming, birds are singing and there's a sense of renewal in the air.
As you shake off the winter doldrums and freshen up your home, you should also dedicate time to tidying up your finances. A springtime refresh can help you feel more in control and set the stage for a successful year to come.
Ready to tidy up your money matters? Here are seven simple ways to bring the spirit of spring cleaning to your financial life.
7 Ways You Can Spring Clean Your Finances
1. Refresh Your Budget
Your budget is the foundation of your financial health. You should regularly check where your money is going, whether it's every month or on a quarterly basis.
Some purchases can sneak up on you throughout the year. Tighten up your budget by checking for forgotten subscriptions, like that “free trial” that you started six months ago, and examining any impulse spending patterns that are draining your wallet.
If you're not already using a budgeting tool, Apple FCU Online and Mobile App can help you track your spending and stay on top of your finances. Simply click Plan and Learn then Track Spending to see how your spending breaks down by month, category and transaction.
2. Tidy Up Your Debt
Now is the perfect time to create a plan to pay down any debt.
Start by listing out all your debts, including balances, interest rates and monthly payments. Next, decide how you'd like to tackle paying off these debts.
Typically, people will choose one of two popular repayment methods: the snowball or the avalanche. The snowball method focuses on paying off smaller debts first, while the avalanche method prioritizes paying off the debt with the highest interest rate.
No matter which debt repayment strategy you choose, make sure you are consistent with your payments and pay more than the minimum when possible.
3. Strengthen Your Savings
While reviewing your accounts, examine your savings and see where you can make adjustments to allow for maximum growth over time.
Start by looking at your emergency fund. Financial experts recommend setting aside three to six months' worth of expenses for emergencies. Build a savings cushion that will allow you to adjust for a rainy day.
Now is also a good time to consider increasing your retirement contributions. No matter your age, a small increase in your contributions can make a big difference over time.
4. Get Organized
Are you feeling cluttered by financial paperwork? Spring is the perfect time to do a little housekeeping to make managing your money easier.
One of the best ways to declutter your financial life is to go paperless with eStatements. You can view your eStatements through Apple FCU Online and Mobile App under Accounts then eStatements and eNotices. You can also adjust your subscription settings to set up how you’d like to receive your eStatements.
It's important to securely dispose of any outdated financial documents to prevent your personal information from falling into the wrong hands. Our Shred Events are an excellent way to get rid of clutter while keeping your sensitive information safe.
5. Check Your Credit
An annual credit report check is a great way to see how your score has changed and give you an idea of how to improve it in the year ahead.
The three major credit bureaus—Equifax, Experian and TransUnion—let you request a free copy of your credit report once per year. You can request them at AnnualCreditReport.com and review them for any errors or inaccuracies.
You can also monitor your credit score for free at any time through Apple FCU Online and Mobile App. Simply tap Plan and Learn, then View Credit Score to activate the service.
6. Review Your Insurance Coverage
Life changes—your insurance should keep up! If you've had major life events, such as buying a home or welcoming a new family member, it might be time to adjust your coverage.
Check your home, auto, health and life insurance policies to ensure they still meet your needs. If you have questions about adjusting your coverage, schedule an appointment with one of our Insurance Advisors to discuss your options.
7. Set and Review Financial Goals
It's always a good time to review your financial goals and perhaps set new ones.
Start by reflecting on what’s most important to you, such as building your emergency fund, becoming debt-free, planning a vacation or saving for a home. Break each goal into smaller, manageable steps using one of our many financial calculators.
For example, if you're a first-time homebuyer, you can use our Save Towards a Goal calculator to help plan a down payment. Our Home Affordability calculator also helps you understand how much home you can afford.
Make sure to track your progress regularly and celebrate small wins along the way. Clear, realistic goals keep you focused and provide a sense of accomplishment as you move forward.
Taking the time to refresh your finances can set you up for long-term success. Whether you're fine-tuning your budget, tackling debt or setting new savings goals, every small step you take today will help build a stronger financial future.
You don't have to do it alone. Apple FCU is here to support you every step of the way. From expert guidance on budgeting and debt management, to tools that simplify saving, we're here to helping you fulfill your dreams.
Visit a branch or schedule a video appointment today to take control of your financial future with confidence!
