Financial tips to clean out your budget this spring season.
Start the year off on the wrong track? Has your savings resolutions been looking more like spending resolutions? Well, lucky for you โ spring is all about a fresh start and growth.
In between all the spring cleaning you have planned, make sure you add your finances to the list. Hereโs our guide to help you spring into savings this season, to make sure youโre ready for a summer of fun:
Revisit your budget
Remember that budget you created at the start of the year? Itโs time to revisit that. Maybe you overestimated your spending in certain categories or need to cut back on spending in another. Maybe you had an unexpected car repair or a spontaneous trip pop-up. Priorities change and thatโs okay! Just make sure your budget reflects those changes. Test your knowledge of budgeting basics to jump start your motivation.
De-clutter your automatic payments
Auto-pay for bills are great, if you know what theyโre for. Itโs easy to forget about an auto-renew subscription, so make sure you know what each payment is for, even the smallest amount. Utilizing online banking tools can help you better visualize your payments and identify automatic payments from your account.
Use your tax return
Whether your tax return is a few hundred or a few thousand, use it wisely. Consider this your opportunity to catch up on missed payments, get ahead on payments, create an emergency fund, or put into savings and investments. Or, put the money aside for summer vacation! Check out our blog for some smart ways to spend this lumps-sum of cash and maximize your return.
Check your automatic savings
If you took our suggestion to set up automatic savings in the New Year, make sure those deductions went into effect. This could be an auto-transfer every month from checking to savings or a savings account deposit directly from your paycheck. For more easy and effective tactics to automate your savings, visit our blog.
Clean out your debt
If cleaning out the house doesnโt seem that rewarding, cleaning out your debt sure will. Pay it all off or make an actionable plan to do so sooner rather than later. Consider using any extra money from your tax return to do so. The best way to save money is by eliminating debt! Visit our blog on saving by reducing debt for steps to kick-start your plan.
By following our simple 5-step guide, your savings will be ready to, well, spring this spring! For more information on savings accounts offered by Penn Community Bank, visit www.PennCommunityBank.com.
Related content:
Put your Tax Refund to Work – Penn Community Bank
Put Your Saving on Autopilot – Penn Community Bank
Budgeting Basics Quiz | Penn Community Bank
