Clean Up Your Financial Act This Spring

Tuesday, April 03 at 02:00 PM
Category: Personal Finance

Spring is in the air. It’s the time of year when many of us devote our weekends to cleaning out garages, attics or closets; however, it may be worth your time and effort to focus some of your spring cleaning energy and intensity on your finances. By refreshing and organizing your household finances, you put yourself in a much better position for the rest of the year. Plus, there’s no heavy lifting required and your future self will thank you!

Here are seven easy ways to help get you started.

  1. Organize your financial records. Don’t hoard old statements, summaries, receipts and bills. Only hold on to documents that are necessary and toss the others. Be careful to shred sensitive documents. Many organizations host free shred events. Check your local events calendar.
  2. Reduce your future paper clutter by signing up for paperless statements and account summaries. This will also help you to create a digital record for easy reference.
  3. Ensure original documents like savings bonds, legal documents, birth certificates, and marriage licenses are in safekeeping. Keep copies on hand for quick reference.
  4. Evaluate your credit products and rates. Take a look at your credit card, for example, and consider if there’s an annual fee you could be assessed or if you are about to reach the end of an introductory offer period. What about balance transfer fees and other charges? Are you in the position to consolidate and transfer balances to lock in rates and eliminate unnecessary finance charges?
  5. Identify your expenses that are fixed everyday necessities, such as groceries and gas, and capitalize on rewards programs to maximize your spending power. Arvest credit cards not only offer bonuses for new cards, but many additional bonus opportunities are available, including triple points on gas and travel spending this spring for card holders. Arvest offers Classic, Gold and Platinum cards to fit every lifestyle, with Arvest Flex Rewards™ that you can use for cash back, travel, shopping and more.
  6. Review your credit report. Under federal law, you are entitled to one free copy of your credit report each year. Visit the official annualcreditreport.com* for more information about obtaining yours.
  7. Make sure your budget and spending plan are up to date. Do they incorporate recent changes in your income or expenses? For some helpful articles and tips on budgeting, visit the Arvest Education Center.

Cleaning up your financial act this spring may prove to be the most satisfying cleaning you accomplish!

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Financial Education
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