5 Steps to Spring Clean Your Savings

It’s that time of year again: Time to clean out those closets, polish that furniture and clear out that clutter! Spring is also the perfect time of year to review your saving habits and spruce up your saving goals.

Here’s how to spring-clean your savings in five easy steps.

1. Assess your saving habits
   • First, take stock of how much you’re putting into savings each month. If you believe you should be setting aside more of your monthly income toward savings, look for ways to cut back on your discretionary spending.
2. Consolidate and simplify accounts
   • Next, take a look at the places you keep your money. If you have multiple savings accounts, retirement accounts or investment accounts, consider consolidating them to streamline your finances and reduce the hassle it takes to manage them all. Be sure to compare fees, rates and other features before making changes.
3. Reevaluate your financial goals
   • What are your long- and short-term saving objectives? Do you still want to go after them? If not, consider setting new ones. Think of your future wants and needs, as well as small pleasures you’d love to enjoy in a few years, or even in a few months.
4. Automate your savings
   • Now that you have your saving goals clearly defined, it’s time to make it happen by itself. Set up automatic monthly transfers from your checking to your savings account(s) so you never forget to feed your savings.
5. Use a savings app
   • Bring your savings into the 21st century with the power of a savings app. You can choose from any number of money management apps that will allow you to track your savings, review and analyze your spending habits and help you stick to your budget without fail. Some savings apps will allow you to invest and save within the app. Taking your savings to the digital level will make you more likely to stick to your goals.
6. Bonus step, utilize the Fort Financial app!
   • Our mobile app gives you the ability to create and manage savings goals, review your spending habits and trends with Spending Analysis, and get financial health checkups.
     • With our Savings Goal feature you can create a goal for your next vacation, future education expenses, or start an emergency fund.
     • The Spending Analysis tool breaks down all your spending over time so you can get better insights into where your money is going and make changes as needed. You can also connect other financial institutions so you can track your spending in one place!
     • The Financial Health Checkup software tracks your overall financial health using 7 indicators to create a score of your current financial situation.

Spring is in the air – it’s time to make your savings sparkle! Check out our short video on spring cleaning tips here.

Check out our Financial Resource Center or blog for more self-help resources. Need some more help? Give us a call at 260.432.1561 or visit a branch for additional help.

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