Spring Cleaning Your Financeslaptop in the sun with flowers

The first days of spring usually put us in the mood to shake off the cobwebs and clean up our homes. But in addition to cleaning out your closets, donating unused items, and tending your garden from the winter, you can also add a bit of simplicity to your financial life. Read our five great tips to help you “spring clean” your finances:

Consolidate Accounts

Is your money spread among several different accounts? When managed well, sometimes multiple accounts can help your credit score. They can, however, make it difficult to keep track of how much you’re spending, which can lead to poor budgeting and debt. This is especially true with having multiple open credit cards. If your household does hold multiple accounts, you can use My Finance Tool, the interactive tool to manage all of your accounts, all in one place.  

Take Advantage of Electronic Statements and Bill Pay Services

A great way to simplify your life and cut down on clutter is to transition your finances online. Don't worry about losing track of whether or not your paper bills were paid or not. If you are a BMI FCU member, sign up for electronic statements for your bills and services. Get your BMI FCU account statements electronically too with eStatements. You can also set up Bill Pay in Online Banking.

Cancel Unnecessary Services

Take a look at your credit or debit card statement for recurring payments for subscriptions or services you no longer use. Cancelling these unused services will not only make managing your finances easier, it’ll also give you extra money to put towards savings or paying off debt. Review streaming services, recurring donations, magazine subscriptions, or monthly delivery services. 

Shred Old Financial Documents.

It's easy to be wary over the right time to toss old financial records, but these documents do have a shelf life. The financial documents you should keep permanently are tax returns or major financial records like mortgage paperwork. Make a folder for and categorize by year. Most other documents can be securely discarded (shredding is best) over time: Credit card statements and pay stubs (one year), supporting tax documentation (three to seven years) and utility bills and deposit records (one month) can all be thrown away after a certain time.

Evaluate Your Insurance

Insurance provides important coverage for you and your family in the event of a drastic event, such as a death or long-term disability. Take the time to make sure your coverage is adequate and up to-date, and also consider whether you may need additional types of coverage. With BMI Federal Credit Union, you can get Auto, Life, or AD&D coverage through TruStage

To Sum it Up

Spring brings new beginnings, which means it’s the perfect time to de-clutter your finances and bring a fresh start to your life. For extra help spring cleaning your finances, schedule a FREE and private session with a Certified Financial Coach and discuss your specific circumstances. These sessions are currently all being held by phone. You can also call us at 614.707.4000