Get a Jump on Spring-cleaning Your Finances! | First Volunteer Bank

The winter season is slowly coming to an end with the first day of spring on March 20. As a result, our team at First Volunteer Bank wants you to know that now might be the perfect time to start spring cleaning—and we are not talking about your closet!

Take a Fresh New Look at Your Finances

Who is ready for the sun to be shining more and the birds to be chirping with the beginning of a new season? Better yet, who is ready to start seeing more light at the end of the tunnel when it comes to their finances?

Let’s take a look at ways you can spring-clean your finances in order to put yourself on a better financial track for the year.

First, consider increasing your 401k contribution. When was the last time you made a change to the contribution amount to your 401k? If it’s been awhile, now is definitely the time to start looking at putting more money into your retirement account.

For instance, if you are currently only contributing 5 percent of your income, perhaps you need to increase it to 7 percent? Even if you just increase your contribution by 1 percent, that’s a big boost for your retirement fund!

Second, did you end up owing money this tax season? Were you in a jam trying to find out where the money would come from in order to pay the IRS? Don’t allow yourself to fall into that trap again.

Instead, go ahead and start preparing now for next year’s tax season, especially if you are a contract worker. If you’re self-employed, one of the best ways to prepare is to put back at least 25 percent out of your paycheck each month for taxes. You’ll want to pay that amount each quarter in estimated taxes.

That way, you will not be stressed about how to pay your taxes next time around. Also, go ahead and start a file to keep receipts for next year’s deductions.

Finally, if you are looking to replenish your emergency savings account, what better way to kill two birds with one stone by cleaning out your home and selling your unwanted items in a yard sale?

Then, you can put all the money into a savings account or perhaps even pay off any debt you may have accumulated over the holiday season. This would be a wonderful way to not only refresh your personal finances, but also clean out your home!

Do you need a place to put your cash for a rainy day? Visit the First Volunteer Bank website to learn about our savings account options so that you can be ready financially for any event that comes your way!