Spring cleaning for your finances.

Sunday , April 28, 2019

By Jillian Sarmo, Training Coordinator for Investors and Public Relations

Every year, when the snow disappears and the grass turns green, most people feel the familiar itching when they "clean their house" in the spring. "Spring cleaning" is a term originally intended for the removal of soot and dirt that accumulates in the household. Years ago, the fireplace was the main source of heat for a house in winter. The warmer weather offered the opportunity to let in the fresh air, and the longer days made people more active. Although the modern technologies and lifestyles we are wearing today do not need to be thoroughly cleaned every spring, we can use the weather to remind ourselves that we also need to keep our finances up to date. Here are some tips that I, with the help of my counterpart, have received from the State Department of the State of Indiana on how to update and revitalize your finances this spring.

Jillian Sarmo

1. Check your credit report
If you did not do this at the beginning of the year, it is a good time to use the free credit report for one year. Regular credit checks protect you against identity theft and help you to maintain a good credit rating. Report any errors directly to the company where you received the report. Do not try to be obsessive, but use the free report that you receive every 12 months from each of the three hotlines (Equifax, Experian and TransUnion). To request your free report, visit annualcreditreport.com.

2. Eliminate the debt.
The debts you have, the more you feel drowned. It can be tempting to try, ignore or excuse, but it just makes things worse. If you're stressed out, use an invoice tracking tool provided by government agencies such as CFPB or a program like Mint.com to meet the payment due dates. , Also, try contacting your lender to change the payment details or to learn about advanced payment options.

3. Be aware of the costs.
Blind online scanning has reached epidemic proportions in terms of cost. Take the time to review the purchases made in recent months (you can do so by checking your account and your loan statements). If you think you need to reduce your spending, check these "needs" and consider using cash for purchases under $ 20 to better control your credit spend.

4. Enable this automatic backup
If you think you can save more on your budget, you should include a portion of the monthly checks (either a paycheck or a social security check) to save money. Starting or building an emergency fund will support unplanned home or health costs.

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