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Spring cleaning your finances can put you in a better financial position for the rest of the year.

A guide to 'spring cleaning' your finances
4/9/2012 4:38:55 PM
Category: Money Management

Spring cleaning is a common tradition in the United States, and after the bedrooms and garages are cleaned out, people may also benefit by organizing their financial houses. Taking a thorough look at where they stand and getting necessary documents in order is a great way to assess financial progress, determine strengths and weaknesses and implement new strategies.

Individuals can start by gathering all of their household paperwork, including financial statements, insurance policies, retirement accounts, credit card statements and tax forms. Organizing this paperwork into records that should be kept and statements that can be tossed will not only clear out some space, but also allows people to see where they stand financially. Those who have set money management goals can also rely on their financial statements to show them how close they are to reaching their goals.

Examining their current accounts is another way people can make sure they are getting the most out of their service providers. Individuals may consider shopping around for better interest rates and services. There are several financial service providers that offer different terms and products, so shopping around for different options can help people find the ones that benefit them the most.

People who want to put a stop to their paper statements and manage their affairs electronically can also contact their service providers during this spring cleaning session. Bill pay services are a great way to remove some of the clutter of paper statements, while still meeting their financial obligations. People can also simplify their lives by enrolling in direct deposit with their bank or financial services provider. Once enrolled, consumers can have their paychecks directly deposited into checking or savings accounts as well as onto prepaid debit cards.

Simplifying day-to-day transactions is only one piece of the puzzle. People can also prepare for their futures by assessing their retirement accounts. Whether it means increasing the amount of their retirement contributions to a 401(k) or IRA, or purchasing an annuity, there are several options consumers can consider to boost their growing nest egg. In other cases, people who have maxed out their retirement contributions for the year may choose to learn about other types of wealth-building investments, such as traditional stocks and bonds to certificates of deposit and money market funds.

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Financial Education (36)


Chores and allowance may help teach kids about money 4/27/2012 5:11:58 PM When it comes to teaching kids about money, many parents take one of the two approaches: informational or proactive.
Finding the right auto insurance policy 4/27/2012 4:56:09 PM Auto insurance is an important component of a person's overall financial health.
Credit cards vs. prepaid debit cards: Which is the best option? 4/25/2012 4:35:52 PM Many people who carry both credit cards and prepaid debit cards may question which payment method is the best option.
Financing your child's college education 4/20/2012 4:41:44 PM Many parents start determining how to pay for their children's college educations years before their kids graduate, and there are several types of financing to choose from.
Organizing your finances to buy a home 4/18/2012 4:30:46 PM Purchasing a home is a milestone that many consumers look forward to.
Financing options for your small business 4/17/2012 3:55:47 PM Starting a small business or expanding current operations is an exciting time for business owners.
Top considerations when obtaining a loan 4/6/2012 3:55:20 PM Consumer loans are viable options used to cover a variety of expenses, ranging from home remodeling projects to summer tuition costs.
Small business owners have a variety of funding options 4/4/2012 11:46:20 AM Developing a business plan and forging partnerships with vendors and suppliers are typically the first responsibilities a new business owner undertakes.
Financial planning for your vacation 4/3/2012 4:06:37 PM Most Americans look forward to summer so they can take a vacation with friends and family.
How to exchange money in different countries 3/23/2012 3:37:10 PM Whether you are spending a summer on vacation in a foreign country or moving overseas for a year, you will need to know how to spend your money abroad.
Understanding direct deposit and how it works 3/7/2012 9:14:25 AM While banks offer a variety of financial services, direct deposit is one that can help reduce the possibility of overdrafting your checking account around payday and is also a solution to problems caused by lost checks.
The history of the credit card 2/24/2012 5:20:21 PM Look in any adults' wallet and you will most likely find a credit card bearing the MasterCard, Visa or American Express logo.
New financial aid system could help student debt 2/23/2012 5:44:44 PM In order to cope with the rising price of attending college, a number of institutions are choosing to make it easier for households to afford what can be a costly expense.
Itemizing deductions can lead to tax-time savings 2/21/2012 5:29:04 PM Sometimes, one can find a way to save money in a way they never would have thought they could save. One primary example of this is a tax savings tip offered by Bankrate.com, which explains that by itemizing deductions, a person can actually garner some savings when it comes time to file.
Common repayment plans for direct student loans 2/13/2012 9:21:09 AM Still paying for those student loans? Your investment in higher education can come with a steep price tag, and if you are making a monthly payment to pay off student loans, you may wish to consider if your payment plan is the best option for you.
How to pick a Certificate of Deposit 1/30/2012 9:08:31 AM Once you have determined that a Certificate of Deposit (CD) is the low-risk investment opportunity for you, you may be wondering where to go from there.
What are the common varieties of Certificates of Deposit? 1/27/2012 9:18:04 AM Considering a new investment? Investors seeking a low-risk investment opportunity may wish to research Certificate of Deposits (CD).
The risks involved in investing in municipal bonds 1/24/2012 10:24:08 AM If you are thinking about municipal bonds as a primary investment, there are a considerable number of variables to consider.
What is a municipal bond? 1/23/2012 9:39:31 AM If you are looking to diversify an investment portfolio, municipal bonds may be a potential opportunity to consider.
What is an annuity? 1/20/2012 3:27:07 PM Annuities are a potential retirement strategy if you are looking for an even distribution of money throughout your life to mimic receiving a paycheck.
Retirement saving tips for any age 1/19/2012 7:54:41 AM Modern healthcare and advances in technology have increased life expectancy. A proper savings plan is needed to fiscally prepare to live an average of 20 years past retirement.
Considering retirement in 2012? What to expect 1/18/2012 4:20:56 PM This year marks important fiscal changes involving 401(k) and retirement plans - just in time for the oldest baby boomers to turn 66.
Index funds explained for the investor 1/16/2012 9:31:38 AM An index fund describes a type of mutual fund. It offers all of the variety of a mutual fund, so an investor may reap the benefits of diverse holdings, but allows for more passive participation.
How to pick a mutual fund 1/16/2012 9:27:50 AM Choosing to invest in a mutual fund can offer a variety of financial opportunities to someone looking to diversify his or her portfolio with limited liquid cash.
What is a mutual fund? 1/13/2012 8:56:21 AM A mutual fund is a pool of money from hundreds or thousands of investors to compile a portfolio of stocks, bonds, real estate and other securities.
What a credit score really means 1/11/2012 9:09:52 AM A credit score is the numerical representation of consumers’ predicted ability to pay back lines of credit or other debt. Based off of that number, banks will determine whether to lend money to them and at what interest rate.
What is FAFSA? 1/6/2012 9:02:50 AM Federal Student Aid is an office that resides inside the U.S. Department of Education and works to ensure that all eligible individuals have the opportunity to benefit from federally funded financial assistance for higher education.
What is market liquidity? 1/5/2012 4:48:11 PM Market or trading liquidity is the ability of an item to be transformed into another asset without a loss of value.
What is the difference between national debt and a deficit? 1/4/2012 5:07:40 PM Becoming knowledgeable on the terms commonly used by reporters and politicians can assist in bettering one's understanding of national issues concerning the state of the economy.
What is the role of the U.S. Department of the Treasury? 1/3/2012 5:32:08 PM The United States Department of the Treasury acts as the executive agency responsible for managing the monetary resources of the nation.
The difference between stocks and bonds 12/30/2011 10:46:28 PM New investors just beginning to learn the lay of the land may wish to do a bit of research on the different types of investment opportunities that may be available to them.
What is the FDIC? 12/30/2011 10:39:33 PM The Federal Deposit Insurance Corporation (FDIC) was created in 1933 to preserve, protect and promote public confidence in the United States financial system following the Great Depression.
What is FINRA? 12/30/2011 10:34:34 PM The Financial Industry Regulatory Authority (FINRA) is the non-government organization that works as an independent regulator of all securities firms working within the United States.
Sound financial practices to add to your New Year's resolutions 12/30/2011 8:46:04 AM It's almost time to create resolutions in the effort of creating a better self for the New Year. While many individuals strive for physical improvements, financial ones may be just as important and beneficial in the long run.
How to create a monthly budget 12/30/2011 8:41:42 AM Budgeting can be an important facet of a consumer’s financial stability at any stage of life.
What is a federal credit union? 12/29/2011 9:56:59 AM A federal credit union is a cooperative financial institution that is chartered by the federal government and owned and run by its members.
Tips for choosing a mortgage 12/29/2011 9:49:23 AM A home can be considered one of the most important purchases a consumer will ever make. The investment can provide a wealth of financial stability for the rest of the homeowner's life.

Future of Money (9)


Some credit card providers propose using prepaid cards for credit reporting 4/26/2012 4:52:43 PM Lenders are seeking out new strategies to appeal to Americans who prefer cash products, such as prepaid credit cards, rather than credit cards.
Tablets may be an underutilized outlet for banks and financial service providers 4/23/2012 4:49:52 PM Mobile technology has been at the forefront of new financial transactions and purchases, especially after the introduction of the electronic wallet.
Mobile phones may become 'all-in-one' payment device 4/19/2012 4:40:01 PM As mobile technology begins to play a larger role in the way Americans communicate, bank and conduct financial transactions, industry analysts say smartphones may soon emerge as an "all-in-one" payment device.
Government switch to paperless benefits is in progress 4/16/2012 3:57:07 PM More consumers are making the switch to paperless billing, mobile payments and online banking for convenience and greater access to their funds.
Desire for single payment method may fuel mobile wallet adoption 4/5/2012 4:11:44 PM Mobile technology has emerged as a leading platform consumers use to manage their day-to-day finances.
Incentives may drive mobile wallet adoption 4/2/2012 4:15:29 PM Mobile platforms have become more commonplace in recent years, but the adoption of contactless mobile wallets has not been as widely received as developers have hoped, according to a recent Bloomberg article.
How come some businesses still only accept cash? 3/20/2012 3:15:04 PM It happens to consumers all the time: they walk into a store or restaurant, make their purchases, and when it comes time to pay, they assume their credit cards will be accepted.
Advertisements could change the future of ATM banking 2/28/2012 5:23:47 PM Millions of American consumers are familiar with the fees charged by using an ATM machine that is outside of their bank's network.
Credit cards could remain as new mobile payment technology takes hold 2/28/2012 5:21:58 PM A report from the Wall Street Journal says traditional plastic credit cards won't become archaic anytime soon.

Money Management (22)


Actions to take before loaning money to adult children 5/1/2012 4:45:04 PM Some adult children often come to their parents for help first when they're just getting started in life.
Common ways to chip away at student loan balances 4/25/2012 4:31:47 PM Many Americans carry student loans into their 30s and 40s, or work to help their recently-graduated children start making payments.
Make your emergency fund work for you 4/24/2012 4:38:11 PM An emergency fund is a time-honored strategy that many consumers use to protect themselves from financial ruin when sudden expenses arise.
Developing a retirement checklist 4/23/2012 4:55:36 PM Growing a healthy nest egg and getting their finances in order before retirement are two goals many consumers take on early in life.
Combining finances after getting married 4/13/2012 11:37:56 AM Getting married is one of the most memorable and happy days of individuals' lives, and once couples have tied the knot, they typically start combining their finances and opening joint accounts.
Make your tax refund work for you 4/12/2012 4:39:55 PM Taxpayers who learn they are getting a hefty tax refund back from Uncle Sam have several options when it comes to maximizing their return and cementing their financial position.
Mobile apps become new money management resource 4/11/2012 4:13:42 PM Mobile technology has cemented itself as a new tool consumers can use to conduct financial transactions.
Preparing your finances for a new baby 4/10/2012 4:32:04 PM Having a child can be one of the most exciting experiences for a couple and many start early when it comes to getting their finances ready for the new addition to their families.
A guide to 'spring cleaning' your finances 4/9/2012 4:38:55 PM Spring cleaning is a common tradition in the United States, and after the bedrooms and garages are cleaned out, people may also benefit by organizing their financial houses.
Reassess your budget every month 4/5/2012 4:16:11 PM Sticking to a budget is one of the most effective wealth-building strategies Americans use, and creating a fresh budget each and every month is a great way consumers stay on top of their finances amid changes and seasonal spending trends.
Options for paying your tax bill 4/3/2012 4:03:20 PM When it comes to paying Uncle Sam this tax season, the method consumers choose to use can impact their overall bill.
Things to keep in mind when shopping online 3/29/2012 4:07:04 PM For many consumers, shopping online offers more convenience than driving to a mall, parking and waiting in lines to check out.
Alternate tools for managing your budget 3/22/2012 4:07:39 PM When it comes to creating a budget, many factors play a crucial role in making your new money management system both functional and realistic.
Helpful tips for boosting your retirement fund 3/19/2012 4:11:56 PM Whether you're only at the beginning or middle of your career or nearing the end, there are many basics you should know about that can help you amp up your savings and become more prepared for retiring.
Apple's recently acquired NFC patent exemplary of future of electronic payments 3/12/2012 4:35:19 PM American Banker reports that Apple's new patent for near-field communication is one of the first mobile phones that will allow consumers to use their phones as wallets.
Ways to spend less on car insurance 3/8/2012 5:06:21 PM If you are trying to reduce your monthly expenses, you may not think of evaluating how much you are paying for car insurance but it is one area that can save you a significant amount of money.
Helpful ways to teach kids about money 3/6/2012 5:27:50 PM While many parents feel the same way, it is crucial that you teach your kids about money, and the lessons can also help you improve your finances along the way.
How to create a budget for your home 3/2/2012 4:46:48 PM Whether you recently purchased a new home and are trying to cut back on expenses or are just trying to gain a better grasp on your finances, you should invest time in creating a home budget and a plan on implementing better money management skills.
How to ensure you get the fastest tax refund 3/1/2012 6:27:05 PM While filing early can help ensure a quicker return, there are other ways you can get it fast without additional hassle or costs.
Financial advice for expecting parents 2/29/2012 5:26:59 PM While there are many events that can take place in a lifespan that can provide a shock to a person's finances, some say that having a baby and adding a new member (or two) to a household is one of the most significant.
How younger consumers can start saving 2/27/2012 4:56:13 PM Saving money is a great way to stay ahead of the financial curve.
The potential fiscal benefits of attending a higher education institution 2/10/2012 4:01:31 PM Those years spent at a university or college can greatly increase the amount of a person's "work-lifetime" earnings.