Spring is in the air! Time to wash the windows and declutter the closets. It’s also a perfect time to freshen up your finances. Just like an organized home is more inviting, getting your finances streamlined can give you more control for today and more confidence in tomorrow.
Here are six tips to give your financial life a spring cleaning.
1. Declutter Your Accounts
Have bank accounts you don’t use, or multiple accounts scattered across different institutions? Consolidating can work wonders. Coastal Credit Union offers a variety of checking and savings accounts.1 In fact, our Go Green Checking is the best of both worlds, making it easy to manage your money while earning dividends. Plus, digital banking tools let you keep track of your funds with just a few taps.
2. Deal with High-Interest Debt
According to CNBC, the average American has more than $6,000 in credit card debt. High-interest debt is a weight on your shoulders, an anchor pulling your credit score down. Consider transferring balances to a Coastal Visa® Credit Card with a lower rate. That will help you pay off the debt faster.2 An even better approach is to apply for a personal or Home Equity Loan3 with Coastal. Either can considerably shrink your monthly payment.
3. Reboot Your Budget
Things change. Budgets must adjust. When income increases, add more to your savings. If there’s a downturn, see where you can cut back. It’s important to know where your money goes. We offer various tools on our website and mobile app that track spending, and our Free Financial Education Center can help keep your financial life on track!
That said, budgets aren’t carved in stone. Straying now and then can even keep you on track. It’s the reward you enjoy, like the dieter enjoying that “once in a blue moon” slice of pizza.
4. Change of Plans
Spring is a good time to refresh your goals. Whether setting money aside for a summer vacation, a new home, or that proverbial rainy day, Coastal Credit Union has options. We have everything from basic savings accounts to Share Certificates.
Want more? As an added bonus, our Go Green Money Market account pairs perfectly with our Go Green Checking (plus it offers competitive rates).
An effective way to save is the pay yourself first method. When you get a paycheck, take a portion and put it in savings. So, you save first — before bills eat into your paycheck.
5. Keep Documents Organized
Financial spring cleaning isn’t complete without organized, easily accessible files. Coastal Credit Union members can simplify financial records by enrolling in eStatements. These provide secure access to statements anytime, anywhere.
6. Check Your Credit Report
Your financial spring cleaning should include a review of your credit report. A healthy credit score can open doors to better loan rates and opportunities. Equifax, Experian, and TransUnion are the nationwide credit reporting agencies. You can request a free credit report once a year.
Just like tidying your home, organizing your finances brings clarity and renewal. Coastal Credit Union is here to support you with personalized products and the timely advice you deserve.
Visit COASTAL24.com or stop by your nearest Coastal branch to learn how we can help you achieve your goals!
Federally Insured by NCUA.
1 Membership eligibility required.
2 All extensions of credit are subject to credit eligibility requirements and not all applicants will qualify.
3 Equal Housing Lender
