The poppies are blooming and the temperature is rising. We are welcoming Spring here at Valley Oak! If you are planning a good spring cleaning of your home, your car, or even your life, don’t forget to add your finances to that regimen. We recommend dedicating one day of your spring cleaning plans to focus on your financial well-being. Here are four tasks to get you started.
5 ways to Spring clean your finances:
1. Dust off your New Year's Resolutions Use the fresh energy of spring to revisit your list of New Year’s resolutions. What were your budgeting goals? What were your savings dreams? Have you achieved any of those goals? If not, what’s holding you back? Dig out your New Year’s resolutions and go through your financial goals. Tweak and adjust as necessary. Create a new tracking system if the existing one isn’t working. Then, get out there and own those goals! 2. Sweep out your monthly budget Review your spending habits from the last few months. What are your weak spots? Where can you cut back? It's time to review your monthly budget! Here is a monthly budget calculator that will help you refresh your budget. 3. Freshen up your W-4 If you are celebrating a tax return, it means the government has been handling some of your money. You could have used those funds to start investing, add to an existing emergency fund or even to launch a business. Take a closer look at your W-4 so you don’t overpay in taxes again this year. Research your best withholding options or ask your accountant to help you work out the numbers. Adjust your W-4 accordingly and submit it to the payroll specialist at your workplace. 4. Pile up your savings Once you are done trimming your budget and taking home a larger check each payday, why not bump up your savings? You can add to an existing fund, build a new one, open a Savings Account, Share Certificate or Money Market or start investing. Once you established a saving plan, set up a Direct Deposit. Then, your money will be automatically transferred from your checking account to your savings vehicle. Savings, done! 5. Toss your debt This Spring, while you make piles of junk to toss in the trash, why not get rid of your debt too? Paying down debt isn’t easy, but you can do it! All you need is a realistic plan. Review your debts and pick the one you want to pay off first. Find a way to double your payments, either by increasing income or trimming expenses. After it’s paid, add the extra payment to the next one to toss. Eventually, you’ll kick all of your debt to the curb!
Here at Valley Oak we are Rooted in Your Finances! Please call or stop by one of our branches and we'd be happy to help you with your spring cleaning of your finances.
Don't forgot about our Youth Month special. Now is the time to start a Saving Account for your children and grandchildren.
