Posted by Christina Traurig on May 7, 2018
Finally, springtime in New England! The weather is getting warmer, the flowers are blooming, and everyone is in the mood to start cleaning house. Now is a great time to do a clean up of your personal finances as well. Here are a few items you can spring clean right now:
How much of your salary are you contributing to your company retirement plan? Try increasing that percentage by 1%. The more you save, and the sooner you do so, the better off you will be when it comes time to retire.
You are entitled to a copy of your credit report annually from all 3 major credit bureaus: Experian, Equifax, and TransUnion. It’s a good idea to check your credit report each year and review all the information for accuracy.
Make a plan to pay down any debts you have. Start with the liability with the highest interest rate and decide how much extra you can pay towards it monthly. Once that liability is paid off, move on to the next highest rate.
You should have 3-6 months of expenses in an emergency savings account. If you don’t have enough, make a savings goal to get there. Do you have a big vacation coming up this summer? Don’t just throw it on your credit card; decide how much it’s going to cost and save enough to fully pay for it.
Cleanup Old Accounts
If you have old bank accounts that aren’t used anymore and possibly accruing fees, consider consolidating at one institution. Still have a 401(k) from an old employer just sitting there? You can roll it into an IRA at an institution where you have other investment accounts.