April is the perfect time to spring clean your home and your finances. While we'll leave the windows, cobwebs, and baseboards up to you, we have some tips to help you clean up your economic existence.
Organize Your Bills
It's easier to stay on top of your bills and finances when everything is in one location. One Nevada'd KeepTrack service within Digital Banking ycan help track and organize your incoming and outgoing money. This can ensure everything gets paid on time.
Tidy-up Your Budget
Take a close look at your finances. Where is your money going? Are you paying yourself (savings) first? Are there any expenses you can do without? Eliminate what you can and put more toward savings or outstanding debt.
De-clutter Your Debt
First, do your best to pay off high-interest debt. The snowball method is a good way to get it done fast. This means you pay off debts in order from the smallest to largest balances. Make the minimum payment on all but the smallest debt balance. Then focus as much of your income as you can toward eliminating that small balance. Once it's paid off, move on to the next bill. You'll be amazed how fast you can pay things off.
While you're working on paying things down, shop around for better rates. Even a small rate reduction on a car loan can save you hundreds of dollars. Finally, de-clutter your debt by consolidating it. A One Nevada Home Equity Line of Credit can help. Learn more and apply today.
Dust-off Your Savings Habits
By adding savings to your monthly budget, you'll reach your financial goals sooner. To ensure you set aside those savings, set up automatic transfers in Digital Banking.
Power-wash Your Taxes
Take a look at your W-4 withholdings and adjust them using the IRS tax withholding estimator. The goal is to break even at the end of the year instead of receiving a refund from the IRS.
Deep Clean Your Accounts
Get rid of anything you don't need, including unused checking and savings accounts at other financial institutions. Closing those accounts protects you from unexpected annual fees. Other accounts to clean include 401(k)s from prior employers. If you have a retirement fund that is sitting there doing nothing, transfer the balance to your new employer or qualified retirement account. The professionals with One Nevada Investment Services, available through CUSO Financial Services, L.P.* can help.
Scrub Your Paper/Electronic Trail
Whether it's paper or electronic, you don't have to keep every financial document. Once items are no longer needed for IRS documentation, you are free to shred them from your life. Documents to keep for a specified amount of time include:
- Electronically deposited checks (1 year)
- Financial institution statements (6 years)
- Insurance paperwork (only current policies)
- Loan documents (until paid in full)
- Medical statements (6 years)
- Property documents (forever)
- Retirement statements (6 years)
- Tax records (6 years)
Polish Your Investments
Double-check your allocation strategy. Are your investments diversified? Should your investments be more or less aggressive? The professionals with One Nevada Investment Services, available through CUSO Financial Services, L.P.* can help.
Freshen-up Your Credit
Visit annualcreditreport.com for a free annual credit report from each of the three reporting agencies. Examine your report(s) and take note of any duplicate accounts, incorrect information, and other errors. Fix what you can to boost your credit score.
Spring Clean with One Nevada
We're here to help you clean up your financial life and put all your membership benefits to work for you.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. One Nevada Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. CFS representatives do not provide tax or legal guidance. For such guidance, please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.