Spring Cleaning Your Finances

Spring is the perfect time to refresh not only your home but also your finances. Here are some effective ways to review your savings, budget, and utilize tools provided by B-M S Federal Credit Union (FCU) to help you achieve financial wellness.

1. Review Your Savings

Start by evaluating your current savings. According to a survey by Bankrate, 34% of Americans have no emergency savings[1]. To avoid falling into this category, consider setting up automatic transfers to your savings account. This ensures consistent growth without extra effort. Additionally, explore high-yield savings accounts offered by B-M S FCU, which provide competitive interest rates to maximize your savings[2].

2. Review Your Budget

Regularly reviewing your budget is crucial for financial success. Begin by listing your income and expenses. Compare your actual spending to your budgeted amounts to identify areas where you can cut back. According to NerdWallet, tracking your spending and adjusting your budget accordingly can help you save more effectively[3]. B-M S FCU offers online budgeting tools that allow you to monitor your spending and make adjustments in real-time[2].

3. Utilize B-M S FCU Tools

B-M S FCU provides a range of tools to help members manage their finances. Their mobile banking app allows you to view account balances, transfer money, pay bills, and even deposit checks remotely[4]. By taking advantage of these resources, you can streamline your financial management and make informed decisions.

4. Pay Down Debt

High-interest debt can be a significant financial burden. Use this time to create a plan to pay down your debt. According to the Federal Reserve, the average credit card interest rate is around 16%[5]. B-M S FCU offers debt consolidation loans with lower interest rates, which can help you save money on interest payments and pay off your debt faster[2].

5. Plan for the Future

Spring is also a great time to review your long-term financial goals. Consider contributing to retirement accounts, such as an IRA or 401(k). B-M S FCU offers retirement planning services to help you make the most of your investments[2]. By planning ahead, you can ensure a secure financial future.

Spring cleaning your finances involves reviewing your savings, budget, and utilizing the tools provided by B-M S FCU. By taking these steps, you can achieve greater financial stability and set yourself up for long-term success.

[2]: B-M S Federal Credit Union, "Services" [4]: B-M S Federal Credit Union, "Mobile Banking" [3]: NerdWallet, "28 Proven Ways to Save Money" [1]: Bankrate, "How to save money: 14 easy tips" [5]: Federal Reserve, "Consumer Credit - G.19"

References

[1] How to save money: 14 easy tips - Bankrate

[2] B-M S Federal Credit Union

[3] 28 Proven Ways to Save Money - NerdWallet

[4] B-M S Federal Credit Union - bmsfcu.org

[5] How to Save Money: 10 Expert-Backed Ways - U.S. News

[6] B-M S Federal Credit Union: Services - Updated March 2025

[7] How to Review Your Budget | Budget Blueprints

[8] How to Conduct an Annual Budget Review (and Why You Should)

[9] Year-End Financial Review: How to Reflect on Your Spending and Savings