NBSB Suggests 6 Tips for Spring Cleaning Your Finances
As spring cleaning season begins, you start to open up the windows and brush away the winter dust. North Brookfield Savings Bank is also encouraging you to do some financial spring cleaning by putting a priority on organizing your finances and is offering some helpful tips to get your financial house in order.
“With the tax season coming to an end, spring is a great time to take a look at your bank account and your budget,” said Patty Ostrout, Senior Vice President/Retail Banking of North Brookfield Savings Bank. “Once you have a clear view of your current financial situation you will be able to make stress-reducing changes or updates that will help you financially moving forward.”
North Brookfield Savings Bank has highlighted six tips to help you organize your finances:
- Evaluate and pay down debt. Take a look at how much you owe and what you are paying 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.
- Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it.
- Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.
- Download your bank’s mobile app. From the palm of your hand, you can make a deposit or access a record of all your recent transactions. You can download the North Brookfield Savings Bank app which includes the convenient Deposit on the Go Mobile Check Deposit feature. Be sure to download the latest updates when they are available.
- Sign up for eStatements, paperless billing and text alerts. Converting to paperless billing will help keep your house—physical and financial—more clean and organized, and will help protect you from fraud. Text alerts can help to remind you when an upcoming bill is due so you are less likely to miss a payment or let you know when your account balance is getting low.
- Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.