Spring Clean Your Savings for a Fresh Start

Spring is the perfect time for a fresh start, not just for your home - but for your finances, too! Just like you declutter your closet or deep-clean your living space, your savings could use a little tidying up. Over time, multiple accounts, scattered funds, and outdated savings strategies can leave your finances feeling messy. A little organization now can help you streamline your savings, earn more, and set yourself up for a stronger future.

Think of it as a financial refresh, clearing out what no longer serves you and replacing it with strategies that support your goals. Whether you’re saving for a big purchase, building an emergency fund, or just looking to grow your nest egg, this spring is the perfect time to dust off your savings plan and give it new life.

Declutter & Consolidate Your Accounts

Over the years, you may have opened multiple savings accounts across different financial institutions – including many you no longer use. Just like that junk drawer filled with old receipts and expired coupons, these accounts might be collecting dust and possibly maintenance fees. 

Take time to list and review all your financial accounts and close any that are inactive or unnecessary. Consolidating funds into fewer accounts can give you a clearer picture of your savings and make managing your money much easier.

It’s important to note that you don’t have to close everything outside your main financial accounts. For example, many people like to have separate accounts for different savings goals, which is an excellent strategy. The key is to ensure every account has a purpose and to eliminate those that don’t align with your goals.

Organize Your Savings for Growth

Not all savings accounts are created equal, and keeping your funds in the right places is like organizing your home, every item should have its proper place. Begin by listing your current financial goals and organizing them into short and long-term categories. Then, choose the accounts that are set up best to help you achieve those goals. For example, consider the following options:

Short-Term Savings

A traditional Savings Account works well for near-future expenses, like saving for vacations or holiday shopping. The money is kept separate from your everyday funds yet is easily accessible when you need it.

Long-Term Savings

If you’re saving for a new car, home, or other big purchase, consider a Money Market Account or Certificate Account. You’ll earn higher interest or dividend rates while allowing your money to compound and grow over the years.

Emergency Fund

You never know when life will throw you a financial curveball. That said, you want your emergency fund to be easily accessible, so you have instant access to the funds when needed. However, since these funds sit idle most of the time, you also want to ensure you’re earning a significant return on your money. 

Just like sorting and labeling storage bins, organizing your savings into dedicated accounts makes it easier to track progress and stay on top of your goals. 

Sweep Away the Stress with Automation

One of the easiest ways to grow your savings consistently is to take the guesswork out of the equation. Use automation tools like Automatic Transfers or Payroll Deductions to put your savings on autopilot. The “set it and forget it” approach makes saving effortless, turning it into a habit rather than another task on your to-do list.

Automatic Transfers

You choose a specific amount of money to transfer from your checking to your savings account. The transfer(s) can take place on the day(s) you choose, for example, the 1st and 15th of the month. You can set these up through Online or Mobile Banking with Genisys. 

Payroll Deductions

Payroll deductions function like automatic transfers, but the transfers are tied to your paycheck. You can choose a set dollar amount or percentage of each paycheck to deposit directly into your savings account.

Strategic Saving: Plant Seeds for Growth

Spring is a season of renewal and growth, making it the perfect time to adopt a smarter savings strategy. Certificate Laddering is a great way to make the most of your money while ensuring accessibility. Instead of locking all your funds into one long-term certificate, divide them into multiple certificates with staggered maturity dates. This way, you’ll benefit from higher rates while having funds available regularly.

For example, you might open certificates with 6-month, 1-year, 2-year, and 5-year terms. When one matures, you can reinvest or use the funds as needed. It’s like planting flowers at different stages - you’ll always have something blooming when you need it!

Spring cleaning isn’t just about dusting and decluttering - it’s about setting yourself up for success. By consolidating accounts, organizing your savings, automating contributions, and maximizing your earnings, you can give your finances a fresh start. Like a well-maintained home, your savings should be tidy, purposeful, and set up for long-term success. So, roll up your sleeves and give your finances the refresh they deserve!

For help with cleaning up your finances please stop by any branch location or call 248-322-9800 extension 5 to speak with a team member today.

 

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