Financial Matters: Spring cleaning

PORTSMOUTH, Va. (WVBT) - When we think of Spring cleaning, we usually think about our closets and our garage.

It's also a great time to do some spring cleaning with our finances.
Sylvia Sutherland is a Financial Counselor for BayPort Credit Union and she gives some ways to do some financial Spring Cleaning.

Make adjustments to your spending plan (budget)
-if you tracked your spending in February you have an idea of spending patterns. Since spending is the area that we have the most control over determine the areas you need to make adjustments. Ask yourself if you are making progress towards your goals. Make those adjustments now instead of waiting until the end of the year.

Use your regular spring cleaning tasks for financial gain...
-Go through your closets/ house and after deciding what you will keep and throw away determine what to give away (tax benefit for donation) or sell (garage or on-line). Remember one mans junk is another mans treasurer. You can use the money to fund a goal (getting out of debt/build an emergency fund). Consider having a swapping party with friends which allows you to get something new without spending money.

Clean Up Your Credit Report
-go to www.annualcreditreport.com and order a copy of your credit report from the three credit reporting agencies. Ensure that all information is correct. Dispute any items that are not accurate.

Get rid of the paper clutter by shredding financial documents not needed.
-Consider signing up for the electronic version of your statements to reduce the paper. Throw away old bills and consider signing up for Bill Pay with automatic payments to ensure payments are made on time. This will help to keep you organized with your finances. There is nothing worse than not paying a bill on time because you forgot that it was due.

Plant financial seeds now for the harvest that you want to see later in your finances.
-Start contributing to your 401k plan at work or increase your contribution. Consider opening an IRA account.

For more information, visit their website at www.bayportcu.org .