Start the year off on the wrong track? Has your savings resolutions been looking more like spending resolutions? Well, lucky for you – 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. Here’s our guide to help you spring into savings this season, to make sure you’re ready for a summer of fun:
Revisit your budget: Remember that budget you created at the start of the year? It’s 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 that’s okay! Just make sure your budget reflects those changes.
De-clutter your automatic payments: Auto-pay for bills are great, if you know what they’re for. It’s easy to forget about an auto-renew subscription, so make sure you know what each payment is for, even the smallest amount.
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 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.
Clean out your debt: If cleaning the house doesn’t 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!
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 penncommunitybank.com.