This step can help you simplify your finances by moving all investments to a single place, and you can consolidate several into a new brokerage firm that may have lower fees or better investment choices. With workers changing jobs more frequently, layoffs from Covid-19 and current layoffs playing out all over the country, financial planner Vincent Grosso of Pascack Capital says now is a good time to consolidate multiple retirement accounts you may have from previous jobs. For example, the Bask Bank Interest Savings Account offers a 4.85% APY on cash savings with no monthly fees. If you’re looking for a place to store your cash savings, you might consider a high-yield savings account due to high interest rates. “Protect your future self from these uncertainties by prioritizing any extra dollars you have for your emergency fund,” he says. Mecham says that, between the pandemic, inflation and a potential recession, having an emergency fund is increasingly important. In the meantime, spring is a good time to look at your emergency financial reserves to see if they’re enough for your needs. You can also use an app like Acorns that automatically rounds up all your purchases and invests the money on your behalf. If you really want to clean up your spending this spring, you can dive into the world of budgeting and start giving each dollar you earn a “job.” This advice comes from Jesse Mecham, who is the founder of the money management app YNAB.ĬIT Bank Savings Connect: Grow your money with one of the best yields on the marketįortunately, many major online banks let you set up automatic transfers to savings that take place on a given day of the month. Then, look at where you can make some cuts. Other spending habits that could need the ax (or at least some trimming) include money spent on dining out or entertainment, frequent online shopping or even hobbies that add up quickly in cost without you realizing it.Įither way, you won’t know how much you’re really spending each month unless you check, so that’s where you’ll want to start. “This is a simple way to reduce your spending by potentially hundreds of dollars a month,” says Heineman. Financial planner Kurt Heineman of Vision Casting Financial Planning says he recommends starting with the purchases you have made over the last few months by pulling out your bank statements and credit card bills and reviewing your spending.Īs you review all your regular purchases, see if there are any subscriptions you no longer need or even have duplicates of. If you’re chasing financial freedom but can never seem to get ahead, now is as good a time as any to look at your average spending to see if you can make some cuts. Hate budgeting? Make a spending plan instead. Here’s a rundown of ways you can improve your financial life this spring. We may not relish in seeding the lawn or laying mulch, but most of us do it anyway. That said, the experts we interviewed suggested strategies like poring over your bank statements, rolling over old retirement accounts, getting a handle on your debts and checking your credit reports to get yourself in the best possible shape.Īnd while personal finance may not be a ton of fun, that makes it a lot like spring chores. How can you spring clean your finances? Pretty much any step you take to save more, spend less or plan for the future can leave you better off next year than you are now. However, the earliest parts of the year are also a good time to “spruce up” your financial life, particularly if you feel like you can’t get ahead or don’t have financial goals on your road map. Spring is here, and that means it’s time to clean out your flower boxes and fertilize the lawn. Enrollment may be required for select American Express benefits and offers. Terms apply to American Express benefits and offers. We may receive a commission through our affiliate partners if you apply and are approved for a product, but our reporting is always independent and objective. Your CNN account Log in to your CNN accountĬNN Underscored reviews financial products based on their overall value.
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