As Americans kick off the spring season by cleaning, sorting and tidying up around the house, Lincoln Savings Bank is encouraging consumers to add financial organization to their spring cleaning to-do list. To help, we have highlighted six tips for organizing your financial house.
“People are motivated to get things done when the weather warms up and the flowers bloom, which makes it an ideal time to look closely at your savings and spending habits,” Erik Skovgard, President and CEO of Lincoln Savings Bank, “Putting in the work now will help you live your best life in the months ahead.”
Lincoln Savings Bank recommends these six tips to help customers organize their finances:
- Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it, LSB’s Ledger can help with management of your finances.
- Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.
- Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.
- Sign up for e-statements and paperless billing. Converting to paperless billing will help keep your house—physical and financial—cleaner and organized, and will help protect you from fraud.
- Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.
- Manage your money on the go. Utilize Lincoln Savings Bank's mobile banking app to check your balance, pay your bills, transfer funds, deposit a check and send money to friends from wherever you are.
These spring cleaning tips will help you refocus and organize your finances with LSB. If you have more questions about Lincoln Savings Bank’s offerings, contact us or talk to one of our personal bankers at one of our locations.
Lincoln Savings Bank, Member FDIC
