Spring is finally here! That means it’s time to open up the windows, sweep out the garage, and do some spring cleaning. As you create your cleaning list of what needs dusting off and organizing, don’t forget your finances. Not only does it help with budgeting, tidying up your finances can also help reduce stress during tax season! Here are a few tips to keep in mind:
Dispose of old paperwork
Shred ATM receipts and bank deposit receipts once the transaction appears on your bank statement. Utility statements don’t need to be kept after you’ve paid them. Credit card statements can also be destroyed once the balance has been paid off. This helps protect you against identity theft as well as clutter. As a free service to our communities, AbbyBank will be offering Shred Days at our Wausau location April 23 from 10 am to 12:30 pm, at our Weston location from 1 – 3:30 pm and at our Abbotsford Location April 30 from 11 am to 3 pm. Limit two boxes per person.
Another good way to reduce the amount of paper lying around is to receive your bank statement electronically or eStatement. Save the pdf files or copies of the eStatement right to your hard drive for easy access.
Organize your credit cards
Cut up and cancel cards that you haven’t used in six months or more, especially if they carry an annual fee or have a higher interest rate than your other cards. You’ll have more space in your wallet and fewer bills to worry about. Using less plastic may also help to improve your credit score, depending on your usage and how many credit cards you have. If you’re trying to eliminate debt as well, stick with just one or two credit cards or a debit card.
Update your beneficiaries
Look back at insurance and retirement account policies to make sure the beneficiaries are current. If your marital status recently changed or you experienced the loss of a spouse or child it is especially important to update your beneficiary information. Make sure the money will go where you want it to go if it gets distributed today, not where you wanted it to go when you first signed the policy.
Speak to your AbbyBanker, if you have questions about your money or want more tools and ideas for organizing your finances. AbbyBank’s website offers budgeting and tax tip calculators to help you de-clutter.