Now is the time to give those finances a thorough Spring cleaning! At the Rocky Mountain Law Enforcement Federal Credit Union we are big fans of setting financial goals and achieving financial success. To help you we have assembled your financial Spring cleaning checklist!
- Until you can completely pay off your credit card bill, there are still a few things you can do.
- Pay your bill the day you get it. Grace Periods usually only exist for those who pay their balance IN FULL EVERY When you do this, you won’t be charged interest.
- Always pay more than the minimum when you can.
- If you are not eligible for a low interest rate card like our RMLEFCU credit cards, apply for one with a teaser rate (1 year or less) ONLY DO THIS if you know you can pay off the entire balance before that attractive rate disappears.
- Discrepancies on your credit report
- Contact Experian, Trans Union and Equifax for a free credit report once a year at: https://www.annualcreditreport.com/index.action
- If you are on track. Did you curb your spending for the first quarter of 2015? Did something big happen? Perhaps a new job, new health insurance? Your financial reality is not static. Take a quick assessment of what could derail you or what life changes must be factored in.
Car shopping? Remember that credit unions typically charge a lower interest rate than banks. Whatever you do, don’t tell the dealer how much you can spend each month. They will tinker with the interest rate or the price while still matching your monthly rate. This means you might end up paying $220 a month for five, not four years. Also, be sure to tell them you’re with RMLEFCU!
- Whether you need to hang on to those cell phone bills.
- Shred what you won’t need for taxes and make digital copies if you’re unsure. Quick tip: Use your smart phone to take pictures. Who the heck has a scanner at home anyway?
- Hanging on to items you never use.
- Rather than selling gift cards online at resell sites like Cardpool or Gift Card Granny, sell them on Craigslist, NextDoor or Big Tent. Next Door is like a Craigslist for neighborhoods and Big Tent organizes groups to an even greater degree. i.e. Neighborhood Moms who like to barter. You can likely trade for a card of equal value or at least recoup 85% or more of the card’s value vs. 80% on the reseller’s sites.
- If you need to have so many accounts.
- Are there brokerage accounts that can be consolidated? Bank accounts you rarely use that should be closed? 401K or 403b accounts from previous employers that should be rolled over?
- How you spend your time.
- If your pastimes include browsing REI.com or Sierra Trading Post, consider swapping these out for more of the activities pictured on their websites. Spring and Summer are the time to get out and enjoy the Colorado weather and an abundance of hiking trails. If your friends only like to get together for drinks and dinner, perhaps you need to trade them in too!