Spring cleaning for your finances

BIRMINGHAM, Ala. (WIAT) — After sending off that tax return the last thing you probably feel like doing is crunching more numbers. But having financial information at hand may be the best time to do some spring cleaning for your finances. Finance experts say a common obstacle to money management is also one of the easiest to overcome.

“So many people have no idea what money is coming in the door and what money is actually going out the door, and you can’t begin to manage your finances, unless you have this basic stuff down.” - Vera Gibbons, Personal Finance Expert

After a budget, tidy up a credit report. And also look for areas you can improve, like high balances or delinquent accounts. Gibbons also says creating an online calendar, like in Google, it a great way to track payments, “that way you’re sent automatic reminders as to when those bills are actually due, so you won’t be hit with late fees, no penalties, and no credit score consequences.”

Cleaning your finances is also a chance to take inventory of auto-pay options for subscriptions and other items you simply may have forgotten about and might want to clean out of your budget.

Copyright 2014 WIAT-CBS42

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