April 8, 2022
Spring represents new growth, freedom, and revival, and with helpful financial spring cleaning tips, you can achieve these joyful perks. As the weather gets brighter and the days get longer, you can get a head start on your organization by going through your financial papers, discarding the old, making way for the new, and reanalyzing your spending and saving habits. Here are some smart ways you can spring clean your finances.
Review Your Accounts and Budget
It may not be an enjoyable financial management task to begin with, but it is important to review past statements from the last quarter to check for any fraudulent charges, outstanding overdraft fees, and charges for services you did not request.
Spring cleaning your finances is often a daunting task, but once you set a goal and a plan you will be able to work on it over the next few weeks. First, clear out two years’ worth of old tax documents, then sort through a few boxes or drawers of old papers. After that, clean out the closet that is stuffed with old papers. Instead of guessing your financial history and habits, have a look at where your money is going and establish good habits as you move forward.
Organize Your Receipts/Files
You can follow the exact rules of thumb on how long you should save financial documents as given by the International Revenue Service. However, if you have any outstanding returns or payments, you should keep those records indefinitely. Student loan payments, car bills, mortgage payments, and other long-term files such as these should be kept for the long-term as well.
Shred Papers If You Have Stored Electronic Copies
Be sure to ask your bank or financial service companies how long they hold electronic copies of your records. If they have a lengthy time for archives, discard your paper receipts, bills, and statements. One of the best spring cleaning tools for your home is a shredder. If you need to discard your financial papers, you should use a shredder to prevent your personal information from being stolen. This also helps you discard the items that are unimportant, so you have more space to store the items that are important. It is valuable to have a shredder as it prevents identity theft, which can occur when you discard personal documents in the trash.
If you don't have access to a shredder, consider enrolling in eStatements to conveniently and securely view up to seven years of account statements.
Get Organization Help from LUSO Federal Credit Union
If you are looking for ways to organize yourself this spring, or if you need money saving tips, there are credit unions that can work with you accomplish your goals. For some people, managing finances is too daunting of a task, and that is why financial institutions like LUSO Federal Credit Union can be a huge help to you.
Our professionals can help you manage your finances, get out of credit card debt, start saving for future goals, and set you up with a mortgage or home equity loan. Contact our Ludlow or Wilbraham branch at 1-(844) 587-6328 to learn more.