Friday, May 17, 2019

Financial Spring Cleaning

McHenry, Illinois

Spring has sprung! As the sun returns and the temperatures rise you see them…salt stains in the mud room, an intimidating colony of dust bunnies in the hallway, and something nearly unidentifiable just under the fridge. You put on your rubber gloves, blast some music, and grab your arsenal of cleaning products. It’s time to spring clean. Certain things need to be tidied up each spring but might not be so obvious. There’s no dust, dog hair, or debris gathered on your finances; but that doesn’t mean they couldn’t use a good clean-up. Here are 5 ways that the American Bankers Association (ABA)  encourages consumers to get organized with their finances.

Evaluate Your Debt
Reevaluate your payment plan and increase payment size if possible to reduce the amount of interest paid over time.

Review/ Update Your Budget
Did you get a new job this year? Did you have a child? These are all life changes that impact your family budget. Develop a spending/saving strategy and stick to it. Come next spring, you’ll be happy you did.

Check Your Credit Report
You are eligible for one free credit report from each of the 3 credit bureaus. Screen these reports for any mistakes that could jeopardize your credit score or ability to receive a loan.

Download Your Bank’s Mobile App
Most banks have some form of mobile application. By having your finances in the palm of your hand, you can quickly and easily transfer funds, deposit a check, or check your balance. You may also opt to go paperless by receiving an e-Statement each month as opposed to a paper copy. This will keep you informed while keeping more paper clutter from entering your home.

Pay Your Bills Automatically
There’s no sense in jeopardizing your credit score over a forgotten bill payment. Set up autopay for recurring expenses like car payments, insurance payments, and bills. The money will be automatically deducted from your checking or savings account on the same day each month.

Need help cleaning up your finances? McHenry Savings Bank is a full-service financial institution with personal, commercial, and investment services. Visit our website, or call us at (815) 385-3000 for more information. Our Personal Bankers are available to help you meet your financial goals!