6 Tips for Organizing Your Finances

March 30, 2020

As we find ourselves working and sheltering at home, this is probably not the kick off to the spring season many of us had imagined. But in speaking with our customers over the last couple of weeks, it sounds like most have taken advantage of the extra time at home to begin cleaning, sorting, and tidying up around the house. We encourage you to add financial organization to your spring cleaning to-do list! To help, we are highlighting six tips for organizing your financial house.

Review Your Budget

A lot can change in a year. A lot HAS changed this year. In a normal year, we would advise that if you've been promoted, had a child, or become a new homeowner or renter, it's time to update your budget. Given the uncertainty we are all experiencing because of COVID-19, we recommend that everyone should take the time to do this exercise. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving - and stick to it!

Evaluate and Pay Down Debt

Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, if you can, whether that's by chipping away at loans with the highest interest rates or eliminating smaller debt first.

Set Up Automatic Bill Pay

By signing up for automatic bill pay, you'll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.

Sign Up for E-statements, Paperless Billing and Text Alerts

Converting to paperless billing will help keep your house - physical and financial - more clean and organized, and will help protect you from fraud.

Check Your Credit Report

Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.

Manage Your Money on the Go

Utilize your bank's mobile app to check your balance, pay your bills, transfer funds, deposit a check and more.

Katherine Gray
I believe financial success exists in the balance between work and play. I'm committed to helping you find that balance, one i-Scope story at a time.

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6 Tips for Organizing Your Finances

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