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Spring Cleaning Your Finances

Spring Cleaning Your Finances

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Spring cleaning your finances is just as important as spring cleaning your home! Check out these tips for how to get your finances in tip-top shape! 

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Tidy Up Your Finances

Review Your Accounts

Look for clutter, like unused streaming services and subscriptions, inactive credit accounts, or old financial accounts that have a low balance. Before you close any accounts follow these tips:

  • When closing credit cards, start with department store cards and newer credit cards to minimize any impact to your credit score.
  • If you are closing unused checking or savings accounts be sure to check that there are no outstanding transactions you may have forgotten.
  • If you have many different IRA accounts or Share Certificates (CDs) you may want to consolidate these into one or two accounts. This may make money management a little easier and can help you keep track of your funds more easily.

Pull Your Credit Report

Clean up your credit files, look for inactive accounts, errors, or possible signs of identity theft. 

By law you are entitled to one free pull annually from each of the three major bureaus. Be sure to order using the only Federal Trade Commission approved source for your truly free credit report:


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Organize Using Online Services

Make managing your money and keeping track of your saving and spending easier by opting in to Online Services like E-Statements, Bill-Pay, and Account Alerts.

With Online Bill-Pay you can pay your bill automatically from your member account and choose your payment type:

  • Minimum payment due
  • Flat amount
  • Percentage of outstanding balance
  • Balance in Full

Visa® Purchase Alerts allow you to stay informed on your Visa Credit Card purchases and transactions, completely free. You can set up your desired alerts to be delivered via email or text based on:

  • The amount of the transaction
  • Location (purchases made outside of the US)
  • Method of transaction (phone or online)

Account Alerts keep you informed and can help you monitor your checking and savings accounts. Create Account, History, or Online Transaction Alerts to help keep your spending on track and protect you from fraud. It’s easy to get started and you can receive notifications via text, email, or secure message.

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Plan Your Next Steps

Refresh Your Budget

A budget is a critical financial tool. It can help you reach your financial goals and it shows if you may be overspending in certain areas. Spring clean your budget; scrutinize your spending, analyze your goals and adjust your plan as needed. If you don’t already have a budget in place get started today. UVA Community Credit Union Members can also create a budget, track spending, and set financial goals using Financial Tools in online banking.

Create a Plan to Eliminate Debt

Avalanche Method

List your debt from highest interest rate to lowest interest rate. Pay as much as possible on the highest interest rate debt, while paying the minimum monthly payment on the rest. As debts are paid move down the list. This strategy eliminates your most expensive debt first.

Snowball Method

With this method you pay off debts with the smallest balance first. This strategy may help beginners and can give you a motivational boost.

Consolidation Method

Consider consolidating multiple higher interest accounts into one personal loan with a set interest rate and term. Using this strategy may help you keep track of debt better, but be careful not to run up the debt on consolidated cards again.

Balance Transfers

A balance transfer provides the opportunity to transfer higher-interest debt to a lower interest rate card. This could help you pay down debt, save money, and simplify monthly payments. Learn More.

 Financial education content is intended for informational and educational purposes only and should not be construed as specific legal or tax advice.

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