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For many, rising temperatures, melting snow and an influx of new greenery are not only signs that spring is here, but that it's time to clean house and get rid of all the dust and dirt that accumulated over the winter.
The wintry financial climate of the past year has probably seen quite a bit of grime build up on your finances as well, so, like your home, they could probably use a good scrubbing.
Luckily for you, cleaning up your financial situation doesn't involve mops and brooms -- just a few phone calls, a few pieces of paper and perhaps a few dollars.
Here are five areas where a little time and effort can make keeping up with your money easier and save you serious cash.
| While you're attacking those cobwebs in the corner of the spare bedroom, take a swipe at the dust collecting in these five rooms of your financial house. |
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| 5 potentially messy areas |
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1. |
Banking |
2. |
Credit cards and debt |
3. |
Estate planning |
4. |
Retirement accounts and investments |
5. |
Insurance |
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Banking
- What to do: Consolidate accounts,
streamline with online statements and bill pay, toss old statements
and checks.
- Time involved: A solid hour will get the ball rolling, but you may need to follow up during the next
few weeks to make sure the changes you've made have taken effect.
- Cost: Some banks have small fees to close accounts -- usually less than $30 -- if you've had them for
less than six months.
- Details: If you've moved a few times, you may find that you have several bank accounts -- and an
overwhelming number of monthly statements. "It's easy to keep a bank account open," says Galia Gichon, author of the "My Money Matters Kit."
"But the downside is that you may be incurring fees every month, and those can be avoided."
While some financial whizzes use different accounts for different reasons, piling up benefits and perks, most will benefit by
streamlining accounts with a single financial institution.
After you've determined which bank best suits your needs, be sure to switch any automatic payment plans to that bank, such
as gym memberships, car payments and Internet service -- or risk hefty fees when payments don't go through.
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