Spring Clean Your Finances
When the warm weather finally hits, most of us get bit by the spring cleaning bug. We clean out our basements and garages, we scrub the salty residue off our cars, we pack up boxes of old clothes to donate to charity.
But an often overlooked part of spring cleaning is to reassess your finances and “clean” them up.
Are you getting the best interest rate?
Credit card interest rates in particular can have a huge impact on your balances, and could even add up quietly over time. If your interest rate is racking up your credit card balance, shop around to find lower rates or better rewards. Right now, we’re offering a card with a 0% intro rate for the first 12 months that could be great for a balance transfer.
Even though credit cards historically have the highest interest rates, you can still shop for lower rates across the board. A mortgage refinance; a better auto loan; or even a new checking or savings account with a higher return rate are all options for a rate check.
Do you have the right products for your goals?
Financial goals are as unique as you are, so there are dozens of products to choose from—which can be overwhelming. Consider your goals and how you want to get there. For instance, if your summer plans include a home improvement project, consider a Hybrid Home Equity before you reach for the personal loan application. Or if you want to save, before you land on a traditional savings account, compare your CD and Money Market options too.
Are your balances healthy?
A health balance will look different for each of your accounts, and according to your own personal finances. For instance, having a balance of $1,000 in savings may be just the goal you’ve been aiming for. Whatever you want your numbers to be—on credit cards, loans, checking or savings—see how close your current balance is and make a plan to achieve it if there is a big difference.
Even debt in the right amount could still be considered “healthy” if you’re careful. But if your debt is exceeding your ability to pay it back, re-evaluating can be the breath of fresh air you need this spring. You’ve got options for debt consolidation with a refinance or a balance transfer to a lower rate personal loan. Shop your options to make a dent in your debt.
Is there more you could be doing?
Spring is a great time to start planting new ideas. If your financial check-in showed healthy balances, great rates and products you need, maybe now’s a good time to start on a new financial goal.
If you’re feeling overwhelmed or not sure how to get started, know that your trusty credit union is here for you. Our team would be happy take a look at your individual financial situation to see how we can help you reach your goals. Just give us a call at 913.905.7000 or stop by any of our convenient locations. Whatever you want your financial future to look like, there’s a pathway to help you get there.