7 ways to spring clean your finances

The sun is out, the weather is warm and the flowers are in bloom. You know what that means! It’s time for a little spring cleaning. And no, we don’t mean you should crack out the duster and the vacuum. We mean spring cleaning your finances. Here are a few budgeting, saving and general financial tips to help you clean up your finances!

Add your debit card to your digital wallet

Planting that debit card in your digital wallet is one of the best ways to spend safely. It gives you the option to leave your wallet at home and simply tap to pay at some of your favorite shops, restaurants and more.

But it’s not just handy. Payments made with your digital wallet are encrypted and tokenized, so you pay with a unique and protected card number that isn’t the one shown on your actual card. That means your data is stored in fewer places, making it tougher for bad seeds to get their hands on it.

Trash your current checking account fees

Some banks charge you just for having and using a checking account. But you work hard for your money! Why should you have to pay to use it? Now that the weather is warm, leave those fees in the cold with a checking account that lets you access your money with no monthly maintenance fee, no minimum balances and no hassles.

If you’re ready to get started, you can open a Free Checking¹ account today right from your home! You can choose from more than a dozen debit cards, including ones that help you rep ASU®, NAU and the Arizona Cardinals. Plus, get access to our top-rated mobile app so you can bank right from your phone 24/7.

Tend to your current budget

It’s important to remember that your budget isn’t a “set-it-and-forget-it” financial tool. It’s something that’s always moving and changing right alongside your life. Now is the perfect time to look at all the major changes that have occurred over the past year and tweak your budget accordingly. That can give you a better idea of how money moves in and out of your hands.

Don’t have a budget? There’s no time like the present to get started! Your budget is your monthly financial roadmap that helps you account for income, track spending and reach goals. Learn how to start making and following a budget today!

Tidy up your debt

Just like your budget, there’s never a bad time to look at your debt. It’s also probably changed since last year, so list out all of your debts along with their interest rates. Remember, there are a few strategies for tackling debt, but the most common is called the “avalanche method,” which is when you pay off your debt with the highest interest rate first.

Another strategy is the “snowball method,” which is when you pay down the smallest balances first. That can give you a sense of accomplishment as you knock out smaller loans, but you may accrue more interest on loans with a higher annual percentage rate. For some loans, you can also consider refinancing or transferring your balance to get a lower interest rate or consolidate debt.

Plant the seeds for more savings

Let’s say you finished paying off a loan, you received a raise at work or even that your priorities simply changed. Now can be a great time to look at how much you’re saving and bump it up. It doesn’t take much to make a noticeable difference, and increasing your savings can potentially help big-time in the future.

It’s also important to make sure you have your emergency fund buffed up. Many people use their emergency fund in — you guessed it — an emergency. That’s exactly what it’s there for! But it is important to rebuild it with three to six months of expenses so it’s ready for the next rainy day.

Forecast your long-term future

Remember, spring is all about planting seeds, and those seeds don’t grow overnight. Sometimes they take a while, but it’s still important to tend to your garden so you have a fruitful harvest in the future. That’s where long-term planning comes into play!

Long-term planning can include wealth management, insurance solutions, estate planning and more. If you have a plan, make sure it’s updated with your latest beneficiaries, contributions and more. If you don’t, now’s the perfect time to make one! You can go it on your own, or you can work with an experienced financial planner who knows what it takes to make a plan, stick to that plan and reach your long-term goals.

Take some time to reorganize

Time to dust off and reorganize that financial bookshelf, including your literal financial documents. Place them neatly in a file cabinet or folder so you can find them the next time you need them. Have documents that have identifying information and can’t just be tossed in the trash? Check for shredding events in your area!

It can also mean checking all your passwords to see if they’ve appeared in a data leak and changing them if they have. Password generators can help you make long, effective passwords while password managers can help you remember and encrypt them.

Grab some gloves and get started!

Hopefully now you can bypass the toughest part of cleaning, which is determining where to start. Go ahead and leap into some financial spring cleaning, and remember, we’re always just around the corner, and we’re excited to help you reach your goals!

To get started with a financial partner who can help you stay organized and on top of your goals, open an account today!