Hey there, Urban Housewives! Hope you guys enjoyed that little bought of summer we got our way in ol’ New York this past week! It may only have lasted two or three days, but it was just what I needed to be reminded that spring is indeed here and summer won’t be too far behind. It’s about this time each year that I start thinking about my annual spring cleaning – out come the pots and pans for reorganization, and my closet stops looking like a bomb has just exploded. But there’s one area of my life that needs the most spring cleaning of all, and that my friends is my bank account. Finances deserve their own dusting off every now and again, so we’re going to take a look at three question you should ask to ensure financial good health and organization this spring!
Are You with the Right Bank?
I know this sounds like a silly question, because let’s face it – most banks are essentially all the same, right? Wrong! Each bank comes with its own savings plans, benefits tiers and personal style, so consider whether yours is really working for you. Research bank account options online, and be honest with yourself about what you find. It’s really important for me personally to have an easy to read, well-laid out online account summary, so that’s what’s most important to me. You may be different. Just keep in mind that no bank should make you feel like you don’t know where your money is or why.
Do You Have the Right Account For You?
Once you feel sure that you’re with the right bank in the first place, you can start thinking about whether or not the account type you have is right too. It’s important to select the best bank account with regards to your financial goals. It’s also important at this stage in the process to identify your personal financial strengths and weaknesses, because the types of accounts that you’re working with will always maximize one and minimize the other – you just want to make sure it’s your strengths being maximized! I was recently told by someone at my bank that I had a “lazy savings” account, meaning that I could have been earning more money on my savings just by switching the type of account that I had. Voila – I’m now maximizing the savings I have!
What Are Your Financial Goals?
This is a hard one, perhaps the hardest, because we all want to hide our heads in the sand a bit about what our financial goals should be. But it’s important to identify them and do your best to stick with them. Make it a priority this year to set some financial goals – even if they’re not unbelievably lofty. In fact, it’s better to try and set realistic, attainable goals that will serve to frame your spending and saving rather than shame it. It’s the same mindset one must use to lose weight. Saying “I want to lose weight” isn’t as likely to yield positive results as saying “I want to lose three pounds” is. Set hard, realistic goals and work toward hard, realistic results thing spring!