How to Spring Clean Your Financial House – Checklist and Tips
Spring cleaning financial tips: Spring time cleaning is the best time to renovate house, improve money situation and cleaning up finance. Here are few things that can help to get in order financial house.
Review Your Credit Report:
Credit report can be getting free of cost from the website annualcreditreport.com. If you find any mistake in credit report, immediately make corrections with nearest credit repair clinic. According to the NFCC, 67% American adults don’t view their credit report.
Organize and/or Shred Old Financial Documents:
Keep only those documents that are necessary absolutely. Keep tax returns, canceled checks and receipts, and any records supporting to tax deduction for at least six years. Scan copies of receipts or make a copy then go ahead and shred the rest. Do not throw out any bill copies without assuring its need. You can also make soft copies of various documents and save it in external sources or in email. This will reduce the risk of damaging and also makes easy to maintain.
Neat Receipts scanner is a tool which will help to maintain documents in organized form. It also change records and keeps in lightweight product and allows export financial records from a personal computer to Excel, Quicken and other tax preparation programs.
Record Your Financial Passwords and Store Records in a Safe Place:
Don’t use the same password for all online bank accounts and other financial accounts. Protect against identity theft by logging your financial passwords in a document and storing it in a safe place.
Review your Budget:
Report every expense accurately and look twice at budget if there is a need to make any modifications. Make separate allocation for saving contribution. Online budgeting tools like Mint, Budget Pulse and Budget Tracker are also helpful.
Analyze Your Insurance Coverage:
There are so many policies that a person have to pay at the end of each month such as renter’s insurance, homeowner’s insurance, health care coverage, auto insurance, life insurance and many more. Raise insurance deductibles to save money.
Set up Automatic Bill Pay:
Set up automatic bill pay system and link it to primary checking account so that it will eliminate the chances of extra charges for not paying timely payment (late fees).
Pay off Holiday Debt Once and for All:
Clear all debt during holiday periods so that you will not miss any payment during working days. This will make a better financial position for remaining year.
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