Many people associate cleaning with spring, a time of rejuvenation, fresh air and sunny skies. But when it comes to your finances, anytime of year is a great time to tidy things up. Taking a fresh look at your spending and saving can help you feel more confident about your money and keep you on track to achieve your goals.

Review your spending habits

If you find yourself not saving as much as you hope or you simply want to ensure you’re managing your money well, review and take note of your spending habits and obligations. Having the full picture of where your money goes, whether purchases, bills or even bank account package fees, will help you make decisions to support achieving your goals.

Tip: If you find you aren’t taking advantage of all your bank account package options or if you regularly incur additional service charges, explore accounts more suited to your banking habits.

Create a budget

Some people are overwhelmed by the idea of a budget, especially without an understanding of your spending habits. If you find yourself spending more than you’re earning or relying on credit cards, it’s a good indicator that a budget can help tidy things up.

Tip: When you’re budgeting, make sure you accurately account for your day-to-day spending. If you’re someone who loves buying coffee everyday, this should be reflected in your budget.

Consider your goals

Start somewhere simple. Ask yourself: “What do I want to accomplish with my money?” For example, are you hoping to make a major purchase soon? After reviewing your spending habits and putting a budget in place, you can build a plan with the steps you could take to accomplish your goal.

Tip: Not sure what your goals are? Having something to work toward, like even a modest savings goal, can provide focus and intention to your finances. A Financial Advisor can help you get started.

Be aware of your credit score

Do you know what’s on your credit report? Doing a deep dive on your report once a year is important to maintaining a full picture of your finances, even if you don’t have an immediate need to access credit. If you find your credit score is lower than you expected or something seems off about your report, connect with a Financial Advisor.

Tip: You can request a free credit report from TransUnion and Equifax.

Manage your debt effectively

Most people have debt in some form or another; think student loans, vehicle loans, mortgages, lines of credit and credit cards. While having some debt is common, what’s important is that you’re managing it effectively and within your budget. The moment you feel you can’t make a payment or you’re thinking about paying debt down with other debt, connect with a Financial Advisor and consider options like a consolidation loan.

Tip: If you have owned a home for a while, you may be able to access its equity and put your home to work for you with a Home Equity Line of Credit.

When it comes to your finances, there is no one-size-fits-all cleaning solution. Many people have questions about how to apply tips like these to their own financial circumstances. At CUA, we believe better answers start with better conversations — whether your finances only need a quick tidying or you want a complete overhaul, reach out to us. We’re here to help.

Let’s talk »

Revised Jun. 12, 2021