As spring cleaning season comes to an end, the American Bankers Association has encouraged consumers to put these six tips into action to organize their finances.
1. Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.
2. Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving and stick to it.
3. Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate. Visit annualcreditreport.com to request your free credit report.
4. Download the First Mid mobile app. From the palm of your hand, you can make a deposit or access a record of all your recent transactions. Be sure to download the latest updates when they are available.
5. Sign up for e-statements, paperless billing and text alerts. Converting to paperless billing will help keep your house, physically and financially, more clean and organized and will help protect you from fraud.
6. Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.
