Key Takeaways

• • • • • • Start your spring financial refresh by reviewing your budget and cash flow.
          • Cancel any payments you no longer need and work on reducing your debt.
          • Use automatic payments and financial tools to make managing money easier.
          • Don’t forget to check your credit report and update your insurance coverage.

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    Spring is here! While you’re cleaning your home and getting rid of clutter, don’t forget to give your finances a good spring cleaning too. Set aside some time to organize your money matters, check on your financial goals, and make adjustments for a fresh start. Here are some helpful steps to get you started.

    Review Your Budget and Cash Flow

    At least every year, look at your budget to make sure your expenses—like rent, utilities, groceries, and car payments—are still accurate. Adjust for any changes, like a raise or new expenses, and increase your savings if you can.

    If you don’t have a budget, now’s the perfect time to create one. Write down your income and expenses to plan how much to save and spend each month. Don’t forget to include savings in your budget to build an emergency fund. Aim for three to six months’ worth of expenses to help with unexpected costs.

    Examine Payments

    Review your bank and credit card statements for automatic payments. Are there subscriptions or memberships you no longer use? Canceling those can free up extra cash.

    Tidy Up Your Debt

    List all your loans and credit cards along with their interest rates. You may be able to consolidate debts into one loan with a lower rate or transfer balances to a credit card with 0% interest to save money. 

    Automate Your Finances

    Make managing your finances easier with tools that do the work for you. Lake City Bank Digital lets you set up automatic bill payments and transfers to savings. You can also use Financial Tools within Digital to create a budget, track your spending, and see all your finances (even across different financial institutions) in one place.

    Don’t Forget Your Credit Report

    Check your credit report for accuracy, and correct discrepancies. Many credit card companies and other lenders provide your credit score for free. Check your statement or provider websites for how to get your score. You can also request a free report once a year from Experian, Equifax, and TransUnion at AnnualCreditReport.com.

    Go Paperless

    Switching to eStatements lets you view bills and statements online while cutting down on paper waste. It’s a win for your finances and the environment.

    Review Your Insurance

    Life changes, and so do your insurance needs. Look at your policies for life, home, car, and disability insurance. You might save money by bundling coverage or dropping policies you no longer need. 

    Ready, Set, Clean!

    A little time spent organizing your finances now can make a big difference for the rest of the year. You’ll feel more in control—and you might even find ways to save money.