Five Steps for Cleaning Up Your Minnesota Finances Spring is in the Minnesotan air, which means it’s time to scrub your home for a fresh start to summer. Just like your home, your finances can always use some spring cleaning. Cleaning up your finances is essential for financial success. It can be difficult to know where to begin, but here are five steps to get you started. STEP 1: GATHER YOUR FINANCIAL DOCUMENTS Whether you have your documents stored online or have paper copies, make sure you have all of your financial documents gathered and ready to organize. You will need receipts, tax documents, loan documents, and bills for reference. Depending on your income and expenses, you’ll need documents ranging from the last few months to the last few years. STEP 2: ORGANIZE Creating a filing system for each type of document is great for getting what you need quickly. Open a folder on your computer to securely store electronic documents (with easy-to-follow labeling). For physical documents, consider a small, locking filing cabinet. Pay attention to when documents are dated and throw away any unnecessary financial documents to avoid clutter. Keeping yourself organized makes it easy to do things like create a budget or file your taxes. STEP 3: CLEAN OUT UNNECESSARY EXPENSES Going through your documents can reveal where you have unnecessary spending. Whether it’s old subscriptions you don’t use anymore or habits you should break, it’s time to clean your spending up. Look for possible fees associated with your loans, banks, or credit unions. Evaluate all of your spending to find more places where you can save money. If you are having a hard time finding the right expenses to cut, talk to one of our financial advisors. STEP 4: SET YOUR FINANCIAL GOALS It’s important to set financial goals if you're looking to stick to a budget.. You want to find a goal that is simple, measurable, and has milestones along the way. For example, one of your goals could be to afford a car or home. To start, set dollar amount goals for each quarter leading up to your goal completion. Then, calculate the amount you will have to put away each paycheck to get there. While creating these goals can be easy, keeping them is difficult. Planning each milestone will keep you on track to succeed. STEP 5: CREATE YOUR BUDGET With your goals in place, it’s time for the budget. Organizing your income into different financial areas can be challenging, especially if your goals are set with very little time to achieve them. Your budget should always include your necessary monthly expenses, your emergency fund, retirement savings, debt payments, and your goals. If any of these amounts overtake what you want your budget to look like, it’s time to re-evaluate your options. Learn more about loans on our loans page, check out our article on emergency funds, or learn more about understanding your finances with our article about financial literacy. If you have any questions about how to clean up your budget, contact one of our financial advisors. We’re happy to help you make the most of your financial situation. CONTACT YOUR FINANCIAL ADVISOR JUNE 15, 2021 0 LIKES Previous How to Budget for Home Renovations HOME IMPROVEMENTS Next Why Is It Important To Check Your Credit Union Accounts Daily? How to Avoid Common Scams and Fraud Nov 15, 2021 Minneapolis Fall Home Maintenance Checklist Oct 29, 2021 How to Plan Your Finances for the Last Quarter of the Year Oct 3, 2021 How to Avoid Phishing Scams in Your Email Inbox Aug 24, 2021 Four Tips to Keep Your Budget While on Vacation Jul 22, 2021 make a paymentmobile bankingratesfaqprivacy & disclosuresdocumentscareersshared branchingfind an atmcontact Routing number: 291073503 NMLS: #623955 Blaine 10210 Baltimore St NE Blaine, MN 55449-6049 Coon Rapids 11465 Robinson Dr NW Coon Rapids, MN 55433 Columbia Heights 843 40th Ave NE Columbia Heights, MN 55421 Phone: 763-404-7600 Lobby hours (appointments preferred): Mon - Fri 9:00am - 5:00pm Blaine & Columbia Heights: Sat 9:00am - 12:00pm Coon Rapids: Closed Saturdays Drive-through hours: Mon - Fri 9:00am - 5:00pm Blaine & Columbia Heights: Sat 9:00am - 12:00pm Coon Rapids: Closed Saturdays We are closed on major U.S. holidays. Financial One Credit Union Proudly serving Anoka, Hennepin, Ramsey, and Washington Counties in Minnesota. Website Design by One Wheel Marketing By using this website, you agree to our use of cookies. We use cookies to provide you with a great experience and to help our website run effectively.