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Truity Credit Union Blog > March 2020 > Spring Clean Your Finances

Spring Clean Your Finances

  • 3/12/2020

Springtime is about more than just cleaning out the attic and sprucing up your home

It’s also about cleaning up and clearing out your finances. Truity is your partner in helping you reach your money goals and getting your family’s financial future secure. Below are four ways to get your financial information in tip-top shape.

1. Prune the credit cards

Experts say that most people only need one or two cards. For those who pay off their balances each month, it makes most sense to stick to only one card – preferably one that pays cash rewards or frequent-flier miles. Limit your spending to one card and you’ll reap the rewards much quicker. For people who tend to carry over their balances, the two-card approach might work better. Use one card for purchases that can be paid in full every month. Use the second one for rolling over outstanding debt. Of course, you should try to get the lowest possible interest rate on that second card so that what you owe doesn’t grow more than you can handle. Truity offers credit cards that best fit your situation- with no annual fees, low interest rates and rewards at your fingertips.

2. Consolidate banking accounts

Many families have multiple bank accounts – checking, savings, certificates, money market accounts, etc. You can often earn higher interest rates or qualify for loan discounts by moving all of those accounts to a credit union. Did you know that Truity offers all of these accounts and more? Call, click, or come in- we’d love to help you move your accounts and get the most out of your credit union membership.

3. Cut back on the mutual funds

According to the Investment Company Institute, households that have mutual funds hold an average of seven of them. Holding so many from various sources can add up to a large expense because you’re likely to be paying fees for each investment management company. Start looking at your funds and decide their roles in your portfolio. Many times, investors can clone that same strategy by investing in one to three diversified funds. And, if you look in to consolidating all of your funds with one company, you might find that it saves you a significant amount of money.

4. Merge or roll over your 401(k) accounts

If you have multiple 401(k) accounts leftover from various employers, take the opportunity to roll them over into one account or with one investment company. It will usually give you more flexibility when it comes time for withdrawals.