Here’s how to “spring clean” your finances
It might be an annual tradition at your house, but it should also be a tradition with your finances
There are two types of people: Those who love getting rid of clutter and having a fresh, clean, organized home and those who would rather do anything else besides cleaning.
Clean up your credit
Get a free annual credit report from each of three major credit reporting companies (Experian, Equifax and TransUnion) at AnnualCreditReport.com. Stagger when you order them, though. For example, order one from Experian in the second quarter, one from Equifax in the third quarter, etc. Review your credit report to see if there are errors, then clean them up with each company.
Shred documents you don’t need
Keep receipts until the warranties expire or the credit card statement arrives. Keep Arsenal and other financial institution account statements and paychecks stubs for one year, then shred them. For more information on what you should destroy and when you can do it for free, check out our upcoming shred events.
Review your regular expenses and purge
Do you really need subscriptions to HBO, Hulu, Netflix, Spotify and a cable provider? Do you find yourself going out to eat more often than you need to? See where you can eliminate expenses on things you don’t really use or can do without.
We actually provide an awesome tool for tracking where your money goes within online banking called Money Management. This tool categorizes your spending into sections such as entertainment, food and drink, travel, etc., giving you a glimpse into where your money actually goes. To use this tool, log into online banking and go to Manage Money > Money Management.
Throw out your debt
Holding onto your debt is like holding onto that old landline phone collecting dust in your basement – there’s no reason to keep it. While it is easy to recycle the phone, there are a couple of options you can take to get out of debt. One option is to create a debt payment plan to tackle your student loans, credit cards and other debt head-on.
If you feel like you’re in too deep, you can transfer the balance to a low-rate Arsenal credit card or use a personal loan or home equity loan to consolidate the debt.
If you’re not sure how to get out of debt, we are always here to help. Just stop by your closest branch and we will help find an option that works for you.