March 14, 2022Spring Cleaning Your Finances

Spring cleaning your home is probably not new to you. You declutter the garage, clean windows, wipe down baseboards, clear out your basement, and more. But, what about your finances? It pays to spend some time spring cleaning your finances too. Below are seven ways to get your finances in order. 

1. Organize Your Financial Records

One of the first things to do when you organize your finances is to gather together all your information in one place. Certain things you’ll want to consider in this financial inventory include: 

  • Financial accounts 
  • Credit reports 
  • Monthly statements 
  • Debit and credit card details 
  • HSA and retirement accounts
  • Legal documents 
  • Insurance agreements 
  • Other investment statements  

If storing this information digitally, it’s a good idea to create a folder on your desktop where you can find and store your financial documents easily. Be sure to keep a hardcopy of your passwords and usernames for all financial accounts. If something ever happens to you, your partner or another relative will be able to access your files. Keep this document in a secure place.  

2. Set Up a Budget

Go over your spending habits from the last several months, or, preferably, year. Look for any improvement areas, whether in the saving or expense departments. Are there areas you can cut back on your spending? Did you allocate too much money in one place and not enough in another?  

This is the time to set up a budget — or review one you currently have in place. Consistently follow this realistic but effective budget to stay on track for the months and years ahead. 

 3. Review Your Expenses

Really dive in and review your expenses to find areas where you can cut back or reap discounts. Make phone calls to service providers, such as your insurance agency and cable provider, and see if there are any discounts available. Go through each, one-by-one, to see where you can potentially save. 

 4. Review Current Loans

Loans typically make up your largest monthly expenses. However, they also offer the best opportunity to save more each month. Consider switching your loans to PEFCU. By refinancing, you could take advantage of more competitive rates and reduce your monthly payments, paying less interest over the life of your loans.  

You should also perform an interest rate review. First, review the interest rates you’re currently paying on your loans. Next, compare these rates with the credit union’s offers to see where you could save. Then, compare the dividends you’re earning on your savings and investment accounts with our current rates. Both loans and investments are a great way to save and earn more money.   

 5. Automate Your Savings

One of the easiest and most effective ways to increase your savings is by putting it on autopilot. PEFCU members have access to tools to help accomplish this goal, such as payroll distribution and club savings accounts . 

You can choose how much money to transfer into your savings each month automatically using these services – you can even choose the frequency and dates of the transfer. Saving becomes a turnkey process with automation, and soon you won’t even realize money is coming out of your paycheck. 

6. Review Retirement and Investment Accounts

At least once per year, review your retirement and investment accounts. Do you need to adjust your strategy? Can you afford to increase contributions? If you have children, have you set up their college funds? Consider working with a financial advisor to help you create a detailed retirement plan for you and your spouse. 

 7. Set Financial Goals

While this is last on this list, it’s by no means least important. Set up both short-term and long-term financial goals. Setting financial goals is a key step to becoming financially secure. If you’re new to setting these goals or tend to struggle with staying on track, start with smaller goals. Doing so can help you build confidence and assist in finding the right system that works for you.   

We’re Here to Help!

The beginning of the year is a great time to get your financial house in order. Whether that means streamlining expense payments, setting up automatic savings deposits, or refinancing your loans, we’re ready to answer all your questions and help you save. 

To learn more, please stop by any of our convenient branch locations or contact us at 1-800-226-6673. 


Each individual’sfinancial situation is unique, and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; It does not constitute legal advice. If such advice or a legal opinion is required, please consult with competent local counsel.    


  • I got a $40+ penalty for paying down my Publix credit card. Why get penalized when I am reducing my budget account to help me not owe so much debt?

    Need Answers because the fees for earlier payment reduction is not on the Credit Card information site.

    Please CEO of PEFCU
    Pat Nastasi
    137 Up Yonder Road
    Sunset, SC 29685
    Publix Credit Union member since 2003

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