7 Easy Ways To Spring Clean Your Bank Accounts
January 31, 2024
Financial Spring Cleaning
Spring cleaning isn’t just for your home. Your finances likely need an annual refresh, too! Cleaning up your bank accounts can help you save money, simplify your spending, and plan for your goals. And, it doesn’t have to be hard or time-consuming.
When you review and organize your accounts, you can uncover forgotten expenses or subscriptions and simplify your money management. Here’s why this matters and seven simple ways to spring clean your bank accounts.
Why Should You Clean Your Bank Accounts?
Financial clutter, like forgotten accounts or outdated savings goals, builds up over time. Just like clearing out a messy closet, cleaning your accounts can make life easier. A little effort now can save you stress and money later.
When you clean up your accounts, you can often:
Save money.
Simplify budgeting.
Refocus on your goals.
Improve security.
You may be able to eliminate fees like overdrafts or account maintenance charges that eat into your savings. Plus, organized accounts make income tracking a breeze. When you spring clean your finances, it can help you realign your budget with what you want for your financial future. Moreover, closing unused accounts lowers the risk of fraud and identity theft.
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Ways To Spring Clean Your Accounts, Starting Today
How do you clean up your bank accounts without getting overwhelmed? Breaking large projects into smaller tasks can make them more manageable. Here are seven simple steps to help you spring clean your accounts, one task at a time.
1. Close Accounts You Don’t Use
Unused accounts might seem harmless, but they can cost you money and pose security risks. To streamline your bank accounts, check for accounts you haven’t touched in a while. If needed, move the funds into accounts you use regularly. Before you clean up your bank accounts, make sure there are no automatic payments or outstanding balances tied to the account.
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2. Check for Subscriptions You Don’t Need
Do you have subscriptions for streaming services, apps, or memberships you’ve forgotten about? A surprising 42% of people don’t realize they’re still paying for subscriptions they no longer use.[1] Review your statements to spot recurring charges. Then, cancel anything you don’t use. Apps that track subscriptions may help you stay on top of future renewals. Be sure to review account transactions from your bank account.
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3. Revisit Your Savings Goals
Do your savings accounts match what you’re working toward? For emergencies, aim for 3-6 months of expenses for your emergency fund. For short-term goals like a vacation or home upgrade, consider separate savings buckets to make tracking easier. Give yourself permission to adjust your budget as your goals or life circumstances change.
You might also like: Centier’s Savings Goal Calculator
4. Use the Right Accounts for Your Needs
Are your current accounts working for you? High-yield savings accounts are great for long-term goals. Meanwhile, checking accounts are ideal for daily expenses. If your accounts come with excessive fees or don’t offer benefits, it might be time to switch.
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5. Automate Your Savings and Payments
Automating savings is an easy way to stay consistent even if you start small. Set up a portion of each paycheck to go directly into a savings account. Similarly, automate bill payments to avoid late fees. Automation can help you make sure you’re building good habits without a lot of effort.
If you like the idea of automated savings, a Round-Up Savings account might be a good option. With this service, every time you make a purchase with your Centier Visa(®) Debit Card, we'll "Round Up" your purchase to the next whole dollar amount. The amount in excess of the purchase price is transferred from your checking account to your savings account.
6. Update Your Beneficiaries
Life changes like marriage, divorce, or having kids can warrant updates to your beneficiaries. Check your accounts to make sure they reflect your current wishes. When you keep this information up-to-date, you protect your loved ones and reduce legal issues down the road.
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7. Monitor for Fraud and Mistakes
An important way to spring clean your accounts is to scan for potential fraud and mistakes. Look over your recent transactions for anything suspicious or incorrect. Banks usually offer fraud alerts, so consider signing up for notifications. When you catch issues early, you can save money and hassle.
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Frequently Asked Questions About Spring Cleaning Your Finances
How do I spring clean my finances?
To spring clean your finances, review your subscriptions and cancel any you no longer use. Close unused accounts, update your savings goals, tidy up your budget, automate payments, and check for fraud to keep everything organized and efficient.
What is the best way to structure your bank accounts?
A good way to structure your bank accounts is to have a checking account for daily expenses, a savings account for emergencies, and additional accounts for specific financial goals. This setup helps you stay organized and focused on your priorities.
Spring Clean Your Accounts With Centier By Your Side
Cleaning up your bank accounts is key to a brighter financial future, and Centier is here to help. Whether you need guidance on consolidating accounts, automating payments, or setting financial goals, we offer the tools and resources to simplify your finances. With our personalized support and a range of account options, you can take control of your money and stay on track for your goals.
Ready to start fresh and streamline your finances? Take the first step toward a more organized financial future and open an account with Centier today.
Source:
[1] https://www.cnbc.com/2022/06/02/consumers-spend-133-more-monthly-on-subscriptions-than-they-realize.html
