Make Finances Part of Your Spring Cleaning
Spring has traditionally been a time for cleaning our homes and clearing away the clutter that has accumulated throughout the winter. It’s a satisfying approach to the season because it gives us the feeling of starting fresh. There’s no better way to put a spring in your step (no pun intended) than by freeing yourself of unnecessary messes.
And that is true for your finances as well. So why not embrace the concept of a financial spring cleaning this year?
Pull your credit report. As a consumer, you’re entitled to receive a free copy of your credit report annually from all of the three major bureaus; Experian, Equifax and Transunion. Use this to review all of your credit accounts and ensure the information is accurate. You can also use this report to jot down any outstanding debt balances. Ensure you know what interest rates you’re paying on all of your credit accounts and visit with your banker about ways to potentially lower your rates and payments.
Know your credit score. Banks use your credit score as a mathematical indicator of the likelihood you will repay your debts. The stronger your score, the more lending options you’ll have and the lower interest rates you’ll pay. By maintaining a strong credit score, you’ll save a lot of money over time. Bring in a copy of your report to any of our FirstCapital Bank of Texas locations and have an expert review it with you and answer any questions you might have.
Check your checking, savings and retirement accounts. How comfortable are you with the amount of money you have on hand? How would you manage unexpected medical bills or a sudden loss of income? Are you on pace to retire comfortably? How you answer these questions may be an indicator of a needed change to your savings plan. Budgeting adjustments may need to be made to accommodate your new savings goals.
Review all monthly expenses. Another big part of your financial picture is how you spend each month. A lot of people refer to this as your budget, but it is even more accurate to refer to it as your “spending plan”. You make a plan for where your money will go each month and then at the end of the month ensure you followed your plan. Review all household expenses and make sure you’re not spending money unnecessarily. Also, look for additional funds that could be used to pay down debt or added to a savings or retirement account.
Our Personal Bankers at FirstCapital Bank of Texas are equipped with the expertise necessary to assist in all areas of your finances and make banking and money management easy. Reach out at any of our locations for a full financial review.