Start Fresh with a Financial Spring Cleaning

Spring is in the air, and you know what that means—time for a good old-fashioned spring cleaning! But we're not talking about dusting off your shelves or organizing your closet. We’re talking about giving your finances a fresh start. Just like your home, your financial life can benefit from a little tidying up. So, grab your financial broom and let's get started!

1. Sweep Through Your Finances

When was the last time you took a good look at your monthly finances? If it has been a while, now's the perfect time to review your income, expenses, and savings. How much do you typically spend each month? Are you putting enough money into retirement? Use a Monthly Budget Calculator to get a clear picture of your financial health and set your financial goals.

2. Declutter Your Documents

Just like that pile of old magazines in the corner, your financial documents can pile up too. Organize and sort important documents like bank statements, insurance policies, and receipts. Shred old documents that are no longer needed. Set up a filing system for future documents, either digitally or physically. Trust us, your future self will thank you!

3. Tidy Up Your Tax Forms

As you are sorting through your documents, don't forget that Tax Day is just around the corner. Make sure you have all your tax documents in one place—this includes records of charitable donations, receipts for deductible expenses, income statements, and any other relevant paperwork. As mentioned earlier, choose a method that works best for you: either digitize everything or print your documents and organize them in a dedicated tax folder. Getting organized now will save you a lot of stress when it's time to file your taxes.

4. Refresh & Reorganize Your Accounts

Do you even remember all your bank account passwords? It's time to take a closer look at your accounts and make sure they are working for you. Give each account a clear purpose—such as bills, savings, or everyday spending. This makes money management easier and keeps your funds reserved for their intended purpose. A few small changes, like adjusting your paycheck allocations, can make a big difference in staying organized and reaching your financial goals.

Secondly, while some people may suggest consolidating or closing lesser-used credit accounts, keeping them open can benefit your financial standing. How? These accounts contribute to your overall credit history, which is a key factor in calculating your credit score. A longer credit history demonstrates financial stability to lenders, showing that you have a consistent track record of managing credit responsibly.

And if juggling multiple accounts feels overwhelming, Academy Bank’s My Finance360 can help. This digital banking tool connects all your accounts across multiple banks, giving you a full view of your finances. It's like having a personal financial assistant!

5. Dust Off Your Debt Strategy

It's time to take control of your debt! Start by evaluating your current debt repayment strategy (if you even have one). Consider methods like the snowball method or avalanche method to find what works best for you.

And if you are feeling overwhelmed, think about consolidating your debt* with a personal loan, HELOC, or cash-out refinance. This can simplify your payments and potentially lower your interest rates. Use a Debt Consolidation Calculator to see if this option makes sense for you.

6. Map Out Your Next Big Goal

Are you planning a big trip, a wedding, or maybe expanding your family? Or perhaps you are thinking ahead to next year's holiday gifts? Start setting aside money now to avoid feeling overwhelmed when the time comes. It is never too early to start saving. Here are some ways to get started:

• Paycheck Allocation: Regularly save a percentage of your income by automatically transferring it into a dedicated savings account. This helps you build your savings over time without having to think about it.
• Saving Cents Program: Automatically round up your debit card purchases to the nearest $1 or $5 increment and deposit the spare change into a savings account.
• Savings Goal Calculator: Plan for your financial goals, whether it's a sabbatical or a down payment on a house. Enter your savings plan, view your progress graphically, and get detailed reports to ensure you're on track.

Spring: A Financial Fresh Start

Spring is the perfect time to refresh and reorganize your finances. With these simple steps, you can make your money work smarter, not harder.

And remember, Academy Bank is here to help you along the way with solutions designed to make the process easier. With tools like My Finance360, Saving Cents, and financial calculators—plus options to help you save money or simplify debt—you have everything you need to reach your financial goals.

Don't wait! Start your financial spring cleaning today and let your finances bloom!