IN EVERY ISSUE
TAKE TIME TO ‘ SPRING CLEAN ’ YOUR FINANCES
By Brandi Myers Contributing Columnist
Remember how good your house feels once you ’ ve done some spring cleaning and gotten everything in order ? It works the same way with your finances . Consider these steps that can make a big difference in the overall scheme of things .
Dust off your budget . It ’ s easy to just stay busy and not really pay attention to where your money is going . Plan to spend just a couple hours one evening or on the weekend looking at your bank statement and credit card statement and make a list of your income and expenses for a particular month . You may be amazed how many dollars are going into one category of spending or another . Are you paying membership fees or subscription fees for services you ’ ve just never taken
Myers
the time to cancel ? If so , cut them out . You work hard , so it ’ s important to make every dollar count .
Toss out your debt . If you ’ re only making the minimum payment due each month on your credit cards or other bills , it could take years to pay it off . It ’ s a smart idea to consider a debt consolidation loan where you combine all of those bills into one monthly payment – usually at a much lower interest rate . You ’ ll eliminate the stress of having to pay so many bills every month and you ’ ll pay your way out of debt much faster .
Trim the amount of interest you ’ re paying on your home loan . Mortgage rates are still historically low . Taking time to refinance can help you pay off your mortgage sooner and save on the interest you pay over the life of your loan . Remember , you don ’ t have to know all the answers or know how to get this done all on your own . Local mortgage lenders will be glad to sit down with you and help you determine whether refinancing makes sense for you or not .
Make a fresh start towards saving money . The best way to save money is to simply take the first step . Consider opening a new savings account and transferring a set amount of money to that account each month . It doesn ’ t have to be a large amount . Every little bit helps , and before you know it , your savings will add up .
Take some time to review your investments . For many people , retirement planning is out of sight out of mind . If it ’ s been a while since a financial advisor has reviewed your current investments , it could make a huge difference for you to make sure you ’ re investing in the type of funds best suited for you . Then , don ’ t delay because time is money .
So take charge of your hard-earned dollars . Once you spend just a little time spring cleaning your finances , it ’ s sure to feel like a breath of fresh air !
• Brandi Myers is Bank Manager for Citizens National Bank , West Meridian Banking Centre .
32 • MERIDIAN HOME & STYLE