Financial Spring Cleaning

Spring has sprung here in Calgary! (Fingers crossed) You have begun the spring cleaning in your home, but have you considered cleaning up your finances as well?

There are five main areas that you should look at spring cleaning every year to help you save money and maintain a good credit rating.

1. Credit Cards & Debt

Spring cleaning is the time to go over your current statements and asses your financial position. Check what rate you are paying each month and see if there are better options out there. If you have debt and don’t have a payment strategy it’s time to deal with that as well. It’s important to be informed of all aspects of your debt and how/when you are going to pay it off. The faster you do, the better your credit rating, and the easier it is for you to secure some big purchases down the road.

2. Investments & Retirement

If you have a stable job and you don’t have your retirement plan linked to it, look into consolidating accounts through your place of employment. This can help rebalance things and save you the hassle of transferring around money from your paycheque every month.

3. Insurance

Cars, home, and life itself all require insurance to protect our assets. This bit of your financial spring cleaning will take a bit of research to see if what you’re paying for insurance is reasonable. If you have policies with different companies, you can look at having them all housed under one company which will usually come with a discount. It’s important to keep all insurance policies up to date as well with accurate information to ensure you are properly covered.

4. Estate Planning

If you don’t yet have a will in place, it may be time to look into starting one. All of your property needs to be listed in a will to ensure that it all goes to the right people if the worst is to happen. There are many books on the market that are great for drafting living wills and power of attorney documents to help you get started. The more expensive option is to meet with a lawyer. This is a great option if you’ve already invested in some expensive items or investments.

5. Everyday Banking

Now is the time to consolidate accounts and ensure all of your payments are happening electronically through your online banking system. This simple fix makes it easy for you to track all of your finances in one convenient location. When cleaning out your everyday banking, also consider your bank itself and the fees you pay. Have things escalated and you’re paying too much interest? Maybe there are benefits you aren’t taking advantage of or you are using the wrong financial product.

So what are you waiting for? Get going on your financial spring cleaning today! If you need any help don’t be afraid to come into AC Lending Group and visit your bank to discuss ways they can help.