Five Ways to Spring-Clean Your Finances

Your spring-cleaning to-do list doesn’t only have to be for your house. From your home to your wallet, take advantage of this season to freshen up multiple areas of your life. Consider these five strategies to help you tidy up your finances and cut down on unnecessary expenses.

1. Streamline Your Accounts

Simplify your financial management by consolidating accounts from across different institutions into one place that you trust and that provides a good snapshot of your finances at all times. This helps provide a clearer perspective on your financial situation, while also helping you build trust and rapport with your financial partner. To maximize this exercise, look for a financial institution that provides free additional services to their customers like the ability to control their cards on the go, monitor their credit, and send money to friends and family who bank elsewhere.

2. Organize Your Debt

Trying to take advantage of too many credit card rewards and low personal loan interest rates can leave you juggling multiple lines of credit that are hard to keep up with. Consider consolidating them into a single loan with a competitive interest rate. This can save money and reduce financial stress by streamlining your monthly payments, while also allowing you a clearer picture of your progress.

3. Go Paperless

Digital statements and notifications help reduce physical clutter and promote eco-friendliness. Additionally, digital copies of important documents can be securely stored online for easy access and organization and are much easier to keep up with than paper copies. Enroll in eStatements  for increased accessibility to your financial information and smoother payments for credit cards and loans.

4. Review Your Budget

Take a comprehensive look at your monthly finances to identify areas cut wasteful overspending and identify areas for improvement. According to a 2023 Empower Study, over 53% of Americans say learning how to budget is their most valuable financial lesson. Tools like personal financial calculators and annual finance calendars can help you set goals and track your progress.

5. Prepare for Tax Season

While it’s important to take all measures around tax season to prepare, managing your taxes should be a year-round exercise. Incorporate tax-efficient strategies into your financial plan throughout the year to minimize your tax burden. Consult with your financial advisor and tax professional to explore options like tax-loss harvesting and tax-favorable investments. Additionally, if you receive a return, read our tips on how to make it work to your financial advantage instead of spending it.

Cleaning out your finances may require some effort, but the benefits are worth it in the end. Work with a trusted financial partner to ensure your efforts align with your long-term financial goals. If you need help on where to start, contact us and we will be happy to connect you with a financial professional.

Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.

This article contains general information only. Sunflower Bank and First National 1870 are not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. We suggest you consult your personal tax or legal advisor before making tax or legal-related investment decisions.