(ARA) – Spring’s arrival might mean cleaning out the basement, attic and garage. But while you’re making a clean sweep, you might also want to consider other areas of your life that could use tidying up. One of the best places to start is with your finances.
National credit bureau TransUnion recommends using the spring cleaning impulse to see what areas of your finances you can clean up as well. Are your files bulging with statements going back to 2008 and 2009? But don’t stop there – think about taking a fresh look at your credit report itself.
Use the following tips to start cleaning up your finances:
* Clean out, throw out: Just as you clean out your closets during spring cleaning, take time to go through those things in your life that you financially don’t need or use anymore. Are there magazines or other monthly subscriptions that you no longer use, but continue to pay? Consider canceling them and saving that money or applying it toward paying down another debt.
* Get organized: The easier your finances are to stay on top of, the more organized and in control you’ll feel. Explore how you can simplify your finances by making savings and payments automatic, switching to online statements, and consolidating accounts if appropriate. The easier and more automatic it is, the lower the possibility of losing a bill or statement and then having a late payment harm your credit score or result in a late fee. Consider organizing for next year’s tax season now. Make a folder and keep copies of important tax documents so that this time next year, you’ll be that much more ready to file your taxes.
* Check your credit health: Consumers should check their credit once every three months. If you haven’t checked your credit report and score since just before your holiday shopping, obtain yours today at TransUnion.com. Check for inaccuracies, note all your outstanding debts and make a plan to pay them off. Pay off the credit cards with the highest interest first.
* Plan today for tomorrow: Build a spending plan for the rest of the year and make sure to save for the unexpected and future goals. Try to save enough each month so that you constantly have six months of expenses saved up in case you find yourself out of a job or dealing with the unexpected. Also, if there is a large purchase on the horizon, save now and pay more upfront later – helping you avoid charging the purchase to a credit card and accruing more interest.
To get started on cleaning up your finances, visit www.TransUnion.com.