Spring Cleaning Your Financial House

Spring has sprung across Arkansas, or at least is springing to life. And rays of sunshine penetrate cluttered storage rooms heralding the annual rite of spring cleaning.

Perhaps spring’s a good time to “clean out” our finances as well. Clutter-filled closets aren’t exclusive to brick-and-mortar; our financial house could benefit from its own annual makeover.

For example, does your home and auto insurance reflect your most up-to-date life situations? Are your credit-card rewards justifying the high interest rates charged? Is an old bank account sitting dormant with a balance of $5?

A financial spring cleaning can include little things like closing an unused account and big deals like altering insurance coverage to better reflect your current situation. Arkansas Federal Credit Union can help de-clutter your finances.

Here’s a few things to consider for your own financial spring cleaning, tips that could help strengthen your financial house in the long run:

• Consider rolling old retirement accounts into one streamlined account. And while you’re at it, look at ways to tighten the budget belt and plan ahead for big spends like an upcoming vacation or tuition. The professionals at Arkansas Federal can help.
• Are you getting the most from your credit cards or are they using you? Review your accounts and take note of the rewards offered and interest rates charged. Chances are, there’s a better way. The Arkansas Federal Mastercard credit card offers low rates and charges no fees.
• Review your home, auto and life insurance coverage. As life situations change, insurance coverage should reflect those changes. Is full, comprehensive coverage necessary for an older-model vehicle driven a few times a year by a college student home on break?  Have life events dictated a change in your life-insurance beneficiaries? Arkansas Federal operates a full-service, independent insurance agency that can shop home, auto and life insurance from prominent, national carriers.
• Close or consolidate old, rarely used banking accounts. Arkansas Federal offers competitive checking and savings accounts that could make a switch worthwhile.
• Finally, take a look at your spending. Review your TV and cell-phone usage for starters. Are you paying for services you don’t really use? The advisors at Arkansas Federal can assess your financial situation and determine just what needs to be done to spring-clean your financial house. Not a member? No problem. Membership is open to all Arkansas residents and joining our community of members is easy.