Spring Cleaning Your Finances with Generations Bank

Posted on 4/29/2021 by
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With Spring weather slowly entering Arkansas, many residents are feeling the urge to deep clean and tidy up their homes. This year Joe Ruddell, President of Generations Bank, is encouraging you to take the same approach with your personal finances. “Spring is a great time to reevaluate your financial New Year’s resolutions as you head into the second quarter of the year,” said Joe. “Taking the time to organize your finances can only assist you to ensure you are on the right track towards achieving your financial goals.”

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With Spring weather slowly entering Arkansas, many residents are feeling the urge to deep clean and tidy up their homes. This year Joe Ruddell, President of Generations Bank, is encouraging you to take the same approach with your personal finances. “Spring is a great time to reevaluate your financial New Year’s resolutions as you head into the second quarter of the year,” said Joe. “Taking the time to organize your finances can only assist you to ensure you are on the right track towards achieving your financial goals.”

Below we offer these tips to de-clutter your personal finances to help you spring into a better financial future.

Take Inventory of Paperwork
Keeping a record of different financial and personal documents can be daunting and often is pushed to the back of our minds during our day-to-day life. Many times this leads to a drawer filled with no longer relevant documents to your situation. Take time to sort through the endless pile of paperwork and implement a system to ensure everything stays organized. Consider signing up for e-statements, paperless billing, and digital alerts to eliminate some of the clutter and better protect you from fraud. Don’t forget to secure all personal documents in a fireproof safe or a safety deposit box. If you are debating the need for a particular document, contact your lawyer or financial advisor.

Review Current Accounts
Evaluate your savings, checking, credit card, and loan accounts. Ensure they offer benefits that best fit your financial situation and goals. Once you’ve taken a look at each account and its benefits in relation to your situation, consolidate or close accounts that don’t align with your financial goals. Consider pursuing a similar approach with debt, contact your local bank loan professional to see if consolidating your debt into one loan or refinancing your current loans would be an option for you. Don’t forget to check into old 401-K accounts from previous employers. Remember not to close credit accounts, as this can impact your credit score.

Cancel Subscriptions
We all sign up for subscriptions with the best intentions to utilize that product or service. Whether it is a TV streaming service or personal shopping, these subscriptions can add up to really impact your monthly budget. Take a look at your most recent bank and credit card statements to see which subscriptions you aren’t using and consider canceling them.

Replenish your Emergency Fund
2020 had an impact on many people and their financial situations. Economic Relief Payments from the government assisted some individuals to get back on track. With returning normalcy on the horizon, it may be time to replenish your emergency fund. Springtime means tax refunds are coming for most. Consider adding this to your emergency fund to replenish it from the impact it could have taken over the previous year. If you haven’t set up an emergency fund, many financial experts recommend setting aside three to six months’ worth of living expenses into a savings account. This way when an emergency arises, it will not set back your budget.

These tips will hopefully get you started on the right track to a more ideal financial situation that aligns with your financial goals. By getting your finances in order now, you can set the stage for a more successful future.

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