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Spring has sprung, an old children's poem goes, which means many people are knee-deep in spring cleaning -- scrubbing
floors, clearing out the garage and tossing all the clutter that's gathered over the winter months.
It's also an ideal time to consider sprucing up your financial life.
It's not just about tossing out old paperwork; it's
about doing the regular maintenance to ensure that you're getting
the most out of every dollar. A regular checkup can help you get
-- and stay -- on track with your finances.
Spring is an ideal time to schedule in a few hours
for your financial review. Clearing out the financial clutter won't
just make your life simpler; it could save you some serious cash.
Here are five good areas to get started.
| 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 places to get your financial
house in order |
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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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