In the Northeast, spring is the long-awaited thawing out from the bitter cold of winter. And for many of us, it is the time of year we clean out our homes in preparation for summer and get rid of things we don’t need.
While cleaning out your home might be at the top of your spring cleaning list, spring cleaning for your spending and saving habits will also give you a sense of renewal and put your mind at ease. So, bust open the windows and put on your cleaning playlist, it’s time to clean out your finances!1. Sign up for paperless billing and e-statements: Start off strong with this two for one switch. Manage your bills and bank statements more safely and effectively and remove clutter from your home by going paperless. A number of service providers offer incentives to customers who choose to reduce paper use and receive communications electronically and having these documents stored digitally reduces your risk of losing them. Not to mention, freeing up space by throwing out those shoe boxes full of papers will make your home more open and livable.
2. Clean Up Your Spending Habits: Let’s be honest, there are probably at least a few things you could easily eliminate or cut down on from your weekly or monthly expenses. That monthly subscription for the magazine you haven’t read since 2017, excessive data on your cellular plan you never use, the $4 coffees every morning even though you have a coffee maker. Cutting out these little expenses will add up quickly and free up more of your money for the things that actually matter to you.
3. Renew Your Budget: While we all look forward to seeing the sun again, don’t forget the upcoming summer brings along with it an entirely new set of expenses we have to budget for. The air conditioner, gas for road trips, family outings. These things can add up, so it’s important to take a look at what you have been spending and what you plan on spending so your budget stays up to date.
4. Use Tax Returns or Bonuses to Pay Down Debt: Spring and summer are times to enjoy life and get outside. If possible, it’s best not to go into the season with excess debt hanging over your head. Using tax returns or winter bonuses to pay down debt is an excellent way to get ahead, as it allows you to take a chunk out of your debt load without eating into your regular budget.
5. Set a Goal: While many of us look forward to spring and summer for some much needed relaxation, it can be helpful to use the motivation from cleaning out bad financial habits to set a reasonable goal for yourself to work towards. Use this time of year to be productive and contribute towards your savings goals.
Remember, no matter what your financial goals are this spring or any time of year, Mechanics Cooperative Bank is here to help. Contact us today or stop by a branch to learn about all the ways we are helping customers achieve their goals.