Spring Cleaning Your Finances: Make a Fresh Start with Ridgewood Savings Bank

May 8, 2024

As the gentle breezes of spring waft through the air, spring-cleaning is on the mind. But it's not just our homes that need a thorough scrub, our finances, too, can benefit from a seasonal refresh. At Ridgewood Savings Bank, we believe in empowering our customers to take control of their financial health, so here are some suggestions for how you can help spring clean your finances effectively:

1. Review Your Budget

The cornerstone of financial health is working with a solid budget. Take time to review your income and expenses. For the latter, are there subscriptions or services you no longer use? Are you taking advantage of introductory sales on items you most need? Are you willing to adjust your spending in certain categories such as entertainment or travel? Use this time to reset your budget to reflect your current financial goals and priorities. Ridgewood Savings Bank provides a host of budgeting tools to help you navigate the process.

2. Check Your Credit Report

Spring is a perfect time to check your credit report to ensure all information is accurate. Credit scores and reports provide a snapshot of the financial habits that financial institutions, cell phone companies, credit card companies, and others may use to get a sense of your creditworthiness. With Ridgewood Savings Bank Credit Score by Savvy Money, you can receive real-time credit scores and unlimited access to reports, monitoring & alerts to empower better decisions, score analysis to uncover important insights, and personalized financial tips and recommendations to help plan for future financial goals such as buying a home or paying off debt.

3. Paying Down Debt

A large majority of Americans are currently in debt. Whether it is caused by credit card spending, student loans or mortgages, not understanding how debt works, knowing where to go for help and making a plan are the keys to help you better manage your debt. Ridgewood’s free and online Ridgewood Financial Academy provides an intuitive tool to help determine what strategy works best for your financial situation.

4. Set Financial Goals

What financial achievements would you like to reach by next spring? Whether it’s saving for a down payment on a home, paying for college, or building an emergency fund, setting clear, achievable goals can help you to maintain good financial habits throughout the year. Ridgewood Financial Academy offers a host of tools including a section entitled “Investing in Your Future,” which features helpful advice on “Building Emergency Savings” and “Paying for College.”

5. Automate Savings

One of the simplest ways to ensure that you're saving consistently is to automate the process. With Ridgewood Savings Bank, you can set up automatic transfers from your checking to your savings account, making saving effortless and helping you consistently build your financial cushion. To help boost savings, Ridgewood's "Multiply the Change" program rounds up each purchase on the Ridgewood Debit Mastercard and transfers the difference from a checking to a savings account.

6. Schedule a Financial Check-Up

Finally, consider meeting with a Financial Consultant at Ridgewood Financial Services. A professional can offer personalized advice and help you create a financial plan that aligns with your long-term goals and objectives.

Spring cleaning your finances can refresh and rejuvenate your financial life. By taking these steps, you can help set your financial house is in order, allowing you to face the coming year with confidence. Ridgewood Savings Bank is here to help you every step of the way by providing the tools and support you need to achieve your financial dreams. Let's make this spring the beginning of your best financial year yet!

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