Moore for Your Money Blog

It’s spring, and you know what that means—time to get going on your home’s annual spring cleaning chores. Yes, we all know about deep cleaning our home and getting rid of unused, unwanted items. But did you know your finances also need to be tidied up, decluttered, and organized at least annually? Organizing and cleaning up your finances can help you save money throughout the rest of the year, so I strongly recommend setting aside some time to get to these tasks in the coming weeks.  

Here some ways to spring clean your finances:

1. Clean up your accounts and update your passwords. Close out old accounts and consider consolidating accounts to simplify them and have a better overall view of your finances. This is also a great time to update passwords to keep all of your accounts safe and secure.

2. Automate bill payments and schedules and go paperless! Make sure your current bill paying system is working for you. Automate as many payments as you can, especially your mortgage, car payment, insurance, and the minimum payment on credit cards. This will boost your credit score and help you avoid late fees and missed payments. Get rid of those paper statements and go paperless all the way. This is a time saver and also helps prevent identity theft.

3. Pay off small debts. Knock out easy wins by eliminating small monthly bills while also minimizing interest charges. Doing this will get the momentum started for you to make even more financial progress toward your goals.

4. Transfer money to savings. Set up a regular automatic transfer to your savings account. Many of our customers time these automatic transfers with their pay periods. You will see your savings balance grow and probably won’t even miss the money you transfer.

5. Update your budget. As you consolidate accounts and pay off debts, your budget is likely to change. If you find yourself with extra funds after your monthly bills are paid, you can use those newly freed-up resources to save in other areas.

6. Make charitable donations. While you’re focused on spring cleaning, eliminate clutter for good. Donate an old car, eyeglasses, mobile devices, or other household items to charitable organizations. Keep receipts and documentation if you plan to itemize tax deductions for in-kind donations.

7. Create a video inventory of your home and personal property. Use your phone and save the videos of your valuable possessions in a secure, remote location. This is most useful for personal property insurance and estate planning so be prepared.

Try financial spring cleaning and you may be surprised by what you find hiding in your accounts, inbox, and monthly financial correspondence. I guarantee it will give you peace of mind and a sense of clarity going forward. If any of us at Anahuac National Bank can help you with spring financial cleaning, please let us know. We always enjoy seeing you and we thank you for your continued patronage.