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Five Ways to Spring Clean Your Savings

It is that time of year again: Time to clean out those closets, polish that furniture, and clear out that clutter! Spring is also the perfect time of year to review your saving habits and spruce up your saving goals. Here is how to spring-clean your savings in five simple steps.

  1. Assess your saving habits. First, take stock of how much you are putting into savings each month. If you believe you should be setting aside more of your monthly income toward savings, look for ways to cut back on your discretionary spending.
  1. Consolidate and simplify accounts. Next, look at the places where you keep your money. If you have multiple savings accounts, retirement accounts, or investment accounts, consider consolidating them to streamline your finances and reduce the hassle it takes to manage them all. Be sure to compare fees, rates, and other features before making changes.
  1. Reevaluate your financial goals. What are your long- and short-term saving objectives? Do you still want to go after them? If not, consider setting new ones. Think of your future wants and needs, as well as small pleasures you would love to enjoy in a few years, or even in a few months.
  1. Automate your savings. Now that you have your saving goals clearly defined, it is time to make it happen by itself. Set up automatic monthly transfers from your checking to your savings account(s) so you never forget to feed your savings.
  1. Use a savings app. Bring your savings into the 21st century with the power of a savings app. DoverPhila’s mobile banking app now has Debit Card Controls, so you can track your savings, review and analyze your spending habits, and help you stick to your budget without fail. Taking your savings to the digital level will make you more likely to stick to your goals,
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