Financial Spring Cleaning Tips

March 20, 2017

 

Spring Clean Your Finances with these tips from Maspeth Federal Savings…

We want you to make well-informed decisions when managing your money so here are a few tips to stay on top of your finances:

Create a budget (& stick to it!)

  1. Make a list of your necessities such as rent, mortgage payments, car insurance, groceries, utility bills, etc.
  2. Make a list of non-essential expenses such as eating out at a restaurant, designer shoes or concert tickets.
  3. Take note of your income and decide if you can afford everything on both of your lists. If not, cut back on your non-essential list for the time being.
  4. Set a time-frame that makes the most sense around your lifestyle & pay schedule. Are you paid weekly or bi-weekly? Would it make more sense for you to have a weekly, bi-monthly or monthly budget?

Build budgets that allow you to save

  1. Incorporate savings into your budget for important things such as unplanned emergencies or retirement.
  2. Set up automatic payments so that you stay consistent with your deposits without having to think about it.
  3. Start small. Put a few dollars into a savings account every week.
  4. Gradually, increase your deposits to meet your savings goal as you become more comfortable with your budget.

Go green and avoid the clutter

  1. Most companies offer the option to send you a bill electronically. Make sure you select that option next time your shopping online.
  2. Ask your employer if they offer direct deposit to eliminate pay stubs (and keep you from immediately cashing your pay check).
  3. If you have an account with us here at Maspeth Federal Savings, you can enroll in e-statements, which cuts back on the amount of paper we send you and is also more secure than sending your financial information             through the mail.
  4. Go through your old financial documents. Organize what you need to keep and shred anything you no longer need. You can safely shred your documents at our Earth Day event on April 22nd.

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