March 20, 2023
When Spring rolls around, everything is fresh and new – spring flowers, birds chirping, the wind blowing… That usually leads all of us to have that urge to clean up our homes and offices. However, it is also a great time to check in on your finances. This refresh can be just what you need to reach your financial goals this year.
- Refresh Your Budget.
Your budget is the base of your financial foundation, so make it a priority to check in on it periodically. Review your budget for areas where you are continuously overspending. Consider these techniques to help you stay within your budget – cancel unused subscription services, lower your insurance rates, or use coupons for groceries.
- Boost Your Emergency Fund.
Experts recommend you have three to six months’ worth of expenses saved up. With recent inflation, it’s a good time to look at your emergency fund and determine how much more you need to add to cover these costs. Of course, adding extra savings may not be the easiest right now but try to continue to bolster your emergency fund.
- Check Your Credit Report.
It’s never the wrong time to take control of your credit. You can use SavvyMoney in DIGITAL BANKING+ to get a complete picture of your credit score. This helpful tool allows you to review your score and get personalized tips for how to improve your score. It also gives you an opportunity to make sure nothing is amiss with your credit file.
- Take Inventory of Your Debt.
It’s important to really understand where your debt lies by adding up every item you are making payments towards. You can use Financial Tools in DIGITAL BANKING+ to link all of your financial accounts to allow you to see what you owe and where you can consolidate. Once you have a good understanding of your debt you can choose a method to begin reducing it.
- Check In on Your Financial Goals.
It’s time to look back at those financial goals you set at the beginning of the year and assess how far you’ve really come. Or, if you didn’t set any goals, now is the perfect time to make a plan for the rest of the year. If one of your financial goals is to save for a major purchase, like a home, car, or a vacation, you can start saving by setting up a GOALS account in DIGITAL BANKING+.
While we’ve talked about spring cleaning to get ourselves back on track, there is never a wrong time to check in on your financial health. Our team is always here to help you meet your financial goals.