Spring Cleaning Your Finances

March 8, 2024

Categories: Education, Financial Goals, Financial Planning, Financial Resources, Financial Security, Financial Wellness, Future Planning, Protecting Your Accounts, Safety & Security, Tips

By Dawn Kellogg 

Spring cleaning is that annual ritual that can make us feel refreshed. We dust off the cobwebs and we air out our rooms. We purge our closets and pantries. But what about incorporating a spring clean for your finances? Surely, they can use a little TLC, too?

Here are some great tips and tricks to get you started!

Refresh Your Budget

A realistic budget is the primary tool in your spring cleaning kit! Look at your income, what you are currently spending, and your ultimate financial goals. Create a simple worksheet and review this on a monthly basis to help keep you on track.

Request a Free Credit Report

You can request a free credit report every year from each of the three major consumer reporting companies (Equifax, Experian, and TransUnion). This is especially important if you are thinking about making any big purchases to ensure your credit is in good shape and that there is nothing that looks incorrect.

Shred Old Financial Documents

We all have them – stacks or boxes of old financial documents that are just gathering dust. The IRS recommends keeping tax returns and other important documents for 7 years after you file the return. Go through your files and shred older files and develop a system that will help you keep your paperwork organized.

Create a Plan to Pay off Your Debt

It is possible to live a debt-free life by adjusting your budget and paying off credit cards and student loans. Members of The Summit have access to GreenPath Financial Services, The Summit’s financial education partner, for free counselling on how you can eliminate debt. Click here to visit GreenPath today or call 1-877-337-3399 to set up a free counseling session.

Review Your Insurance Policies

Life changes and your insurance needs can change too. Talk to your insurance providers about lower rates on auto, home and life insurance. Lower monthly fees will free up more money in your budget.

Start a Bill-Paying Process

Create a calendar to track bills and due dates. Online and auto bill pay programs are convenient and can help you simplify your life. They let you pay and manage bills from your phone or computer. The Summit offers free online bill pay to our members so they will never miss a due date and avoid penalty fees.

Avoid the Clutter

Clear the paper clutter by enrolling in e-statements for things like your bank accounts and credit cards. The Summit’s online and mobile app means that your balances and statements are at your fingertips 24/7. Click here to set up online access to your Summit accounts. 

Originally posted April 4, 2023