5 ways to spring clean your finances and save money year-round
‘Tis the season for spring cleaning. These five tips go beyond just organizing your wallet, and they can actually save you money in the long run.
Your spring cleaning to-dos don’t only have to be for your house. Doing a spring refresh to tidy your finances can be just as important. These five tasks can help you shave off unnecessary expenses and save you a bit of extra cash each month.
1. Spend gift cards with low balances
It’s rare that spending is a piece of financial advice, but when it comes to those gift cards taking up space in your wallet, it’s a definite to-do. Move the cards with small balances to slots in your wallet where you’ll see them so you can use them and throw them away. If you need to use up pre-paid debit gift cards, use them all on one purchase on something you’re already planning to buy, like groceries. It’ll clear up space in your wallet, and save you some cash on a purchase you’d be making anyway.
2. Switch to online statements and bill pay
If your card statements and paper bills are piling up and causing clutter, switching to online bill pay and paperless statements can help clean things up. The U.S. Bank Mobile App allows you to set up automatic bill pay and review your all your monthly statements online, for a much-needed spring clean.
3. Consolidate debt
If you’re paying off debt across multiple accounts and credit cards, debt consolidation can help lower the monthly interest you pay on each loan. This process can take a while, so set aside some time to review your repayment plans or work with a banker to figure out next steps. Once all of your debts are combined into a few, or just one single place, it may be easier to keep track of repayment progress and monthly charges.
4. Review bills to see where you can save
The charges for all those streaming services can add up. Take a closer look at your monthly spending and check to see if there are any memberships or subscriptions you can live without. Cancelling just one or two of these services can save you hundreds of dollars in the long run.
5. Invest in home improvement projects
Sometimes, spending money up front can save money later. If you’ve just had a winter full of expensive energy bills, investing in things like new windows, roofing or insulation can lower your expenses year-round. Plus, these updates can put equity into your home that will play to your advantage if you decide to sell.
Make the most of your cost-cutting measures by investing your savings in a U.S. Bank savings account today.