5 Ways to Spring Clean Your Savings

It’s that time of year again: Time to clean out those closets, polish that furniture, and clear out that clutter! Spring is also the perfect time to review your saving habits and spruce up your saving goals.

Here’s how to spring-clean your savings in five easy steps.

• Assess your saving habits.

First, take stock of how much you’re putting into savings each month. If you believe you should be setting aside more of your monthly income toward savings, look for ways to cut back on your discretionary spending. 

Spruce up those savings!

• Consolidate and simplify accounts

Next, examine where you keep your money. If you have multiple savings accounts, retirement accounts, or investment accounts, consider consolidating them to streamline your finances and reduce the hassle of managing them all. Be sure to compare fees, rates, and other features before making changes.

Clean up those accounts!

• Reevaluate your financial goals

What are your long- and short-term saving objectives? Do you still want to go after them? If not, consider setting new ones. Think of your future wants, needs, and small pleasures you’d love to enjoy in a few years or months. 

Get those goals sparkling!

• Automate your savings

Now that you clearly define your saving goals, it’s time to make it happen by itself. Set up automatic monthly transfers from your checking to your savings account(s) so you never forget to feed your savings. 

Make that monthly transfer shine!

• Use a savings app

Bring your savings into the 21st century with the power of a savings app. You can choose from any money management apps, like YNAB, which will allow you to track your savings, review and analyze your spending habits and help you stick to your budget without fail. Savings apps, like Acorn, will allow you to invest and save within the app. Taking your savings to the digital level will make you more likely to stick to your goals. 

Spiff up those saving apps!

Spring is in the air – it’s time to sparkle your savings! 

MSCU has you covered whether you’re saving for a rainy day or a sunny future; we have an account to help you meet all your savings goals.

Visit https://www.mscu.net/savings to learn more about the various savings accounts we offer!