5 Ways to Spring Clean Your Savings
Posted June 10, 2024
It’s that time of year again: Time to clean out those closets, polish that furniture, and clear out that clutter! Spring is also the perfect time of year to review your saving habits and spruce up your saving goals.
Here’s how to spring-clean your savings in five easy steps.
Assess Your Saving Habits
First, take stock of how much you’re putting into savings each month. If you believe you should be setting aside more of your monthly income toward savings, look for ways to cut back on your discretionary spending.
Consolidate and Simplify Accounts
Next, take a look at the places you keep your money. If you have multiple savings accounts, consider consolidating them to streamline your finances and reduce the hassle it takes to manage them all. Be sure to compare fees, rates, and other features before making changes. You might be able to improve your savings by opening a certificate or a Money Market Advantage account!
Reevaluate Your Financial Goals
What are your long- and short-term saving objectives? Do you still want to go after them? If not, consider setting new ones. Think of your future wants and needs, as well as small pleasures you’d love to enjoy in a few years, or even in a few months.
Automate Your Savings
Now that you have your saving goals clearly defined, it’s time to make it happen. Set up automatic monthly transfers from your checking to your savings account(s) so you never forget to feed your savings.
Use a Savings App
Bring your savings into the 21st century with the power of a savings app. You can choose from any number of money management apps which will allow you to track your savings, review and analyze your spending habits and help you stick to your budget without fail. As well as several great third-party apps, Bay Federal members can take advantage of Money Management right in online and mobile banking. Taking your savings to the digital level will make you more likely to stick to your goals.
Spring is in the air—it’s time to make your savings sparkle!
Categories: FinancialAdvice
