This is the perfect time of the year for a financial spring cleaning.
Spring in Michigan can be bright and sunny or dark and stormy – like how the economy may feel these days, or the seemingly constant changes in the prices of everything from gas to groceries.
The good news is that uncertainties in the broader economy or stock market don’t need to hold you back. You CAN prepare yourself and your household to better weather any economic storms on the horizon. Increasing your earned interest, reducing debts and protecting your best financial interests can happen with a financial “spring cleaning.”
Your Financial Spring-Cleaning Checklist:
- Tax season may be over, but it is never too late to plan for next year. Charitable giving could be an option, and other strategies may be advisable throughout the year to lower your tax burden. If you were unprepared to pay your tax bill, establishing a Target or Choice Goal share and setting aside funds every pay day is a great strategy.
- Review where you are storing any cash. With higher interest rates, CDs can boost your earnings on money that is not needed immediately without risking your principal deposit. As of April 30, Community Choice offers a 13-month CD at 4.50% APR and a 23-month CD at 4.75% APR, Rates are subject to change.
- Simplify your payments and get one step closer to earning $12 per month in GetBigReward$®. From gas and groceries, to recurring payments for streaming subscriptions and utilities, you can achieve 20 debit and credit transactions a month without overspending your budget. Automate more of your payments to save time and earn rewards. And for when you are shopping for yourself, add your CCCU card to your digital wallet and Amazon account.
- Automate credit card payments to pump up your credit score. Making payments on time is one of the keys to maintaining and raising your credit score. Credit card bills can be set up to pay automatically at the time most convenient for you. You can also create reminders if you prefer to handle these payments manually. Mortgage and rental payments can also be set up for automatic pay.
- Pay yourself first! Whether you have a big event, like a child’s wedding, or a looming expense like those old windows, utilize our online Targets feature to start saving now –Just tell us how much you want to save and when you need it by and we’ll calculate your weekly or monthly deposits and automate them for you!
- If you are eligible for 401K or 403B matches from an employer, check to see you are getting the maximum value and match given what you are able to contribute.
- Don’t forget to plan for your summer vacation. You can use Community Choice’s “Targets” feature in e-banking to help plan for that next trip. Meanwhile, you can experience significant travel benefits when booking with your Community Choice Mastercard credit or debit card. Maximize your vacation budget by earning cash back with a World card wherever you may be going.
- Protect your car and home – as you’re sprucing up your home and garden for summer fun, it’s a great time to review your homeowner’s insurance policy…(add in some more detail here).
Whether it’s a vacation, a night on the town or a purchase of that new item you just had to have, remember to reward yourself first every now and then. After all, we all know what follows spring – the warm, sunny days of summer. Preparing for financial storm clouds on the horizon makes every day feel more like a warm, summer day.
Until then, happy spring (financial) cleaning!