Spring Cleaning Your Banking

Now I have another Financial Spring Cleaning tip for you, where we will cover how to get your banking life in order.

Here are 5 steps to get you moving in the right direction.

#1: Simplify your banking…

By using just 1 checking account, 1 savings account and 1 credit card.

You see the old school way of banking is to have accounts at different banks or credit unions, just in case one goes under.

The FDIC insures our money now, so that is no longer needed.

So close accounts you do not need, but check to see if they will charge you fees first.

#2: Use online banking…

Online banking today is much safer and easier to use. Most major banks and credit unions offer this service for free. Moving more of your transactions online will save you a lot of time, and provide you with better tracking and record keeping.

#3: When it comes to keeping bank and financial statements remember this rule of thumb: 7-1.

Anything that has to do with your taxes, you will want to keep for 7 years.

Any statement with no tax consequence should be kept for 1 year.

And when disposing of statements, always remember to use a crosscut paper shredder to prevent identity theft.

Click here for the best way to clean your financial house

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Mutual Funds: Two Words You Must Know

Please share your comments and questions