As Americans kick off the spring season by cleaning, sorting and tidying up around the house, Grundy Bank is encouraging consumers to add financial organization to their spring-cleaning to-do list. To help, Grundy Bank has highlighted six tips for organizing the financial house.
“People are motivated to get things done when the weather warms up and the flowers bloom, which makes it an ideal time to look closely at your savings and spending habits, “said Kevin Olson, President & CEO of Grundy Bank. “Putting in the work now will help you live your best life in the months ahead.”
Grundy Bank recommends these six tips to help consumers organize their finances:
· Review our budget. A lot can change in a year. Those who have been promoted, had a child, or become a new homeowner or renter, will need to update their budget. Determine what expenses demand the most money and identify areas where it’s possible to realistically cut back. Develop a strategy for spending and saving, and stick to it.
· Evaluate and pay down debt. Take a look at how much is owed and what is being paid in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.
· Set up automatic bill pay. Automatic bill paying removes the fear of missing a payment by accident and removes the risk of harming a credit score. Set the money to come out of the account on the same day each month.
· Sign up for e-statements, paperless billing and text alerts. Converting to paperless billing will help keep the house cleaner and protect consumers from fraud.
· Check credit reports. Consumers are guaranteed one credit report annually from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down scores down and prevent loan access, or cause higher interest rates.
· Manage money on the go using the bank’s mobile app, which can be used for…
Read the full article here
