By Janet Currie
Special to the AFRO
Spring is a great time to dust off more than just your shelves. While you’re tackling closet clutter, consider doing the same for your finances. With a few simple, strategic moves, you can tidy up your money habits and leave your financial life feeling fresh and organized.
Credit: Courtesy photo
Scrub Your Subscriptions List: Just like cleaning out a cluttered closet, it’s worth
reviewing your monthly expenses and clearing out the ones you no longer use. Take stock of your subscriptions, streaming services and memberships—cancel or downgrade anything that’s not serving you. The money you save can be redirected toward your savings goals or paying down debt.
Refresh Your Budget: Just as you refresh your home, take time to refresh your budget by taking a look at how you’ve been doing during the first few months of the year. Are there any adjustments you can make based on the economic environment? Could you put more toward savings? Conducting a budget check-in can ensure that your financial plan stays aligned with your goals.
If you need to build a budget from scratch or do a full reset, Better Money Habits, Bank of America’s free financial education platform, has a guide on how to create a budget.
Dust Off Your Emergency Fund: Life is unpredictable. While you may not know what it will throw at you next, having an emergency fund helps you be more prepared for those unexpected moments. If you’ve been neglecting your emergency fund, use this season to build it back up. Begin with small, consistent contributions and aim to save three to six months’ worth of living expenses. Better Money Habits’ guide to building an emergency fund can help.
Declutter Your Wallet: For the everyday expenses you do have to make, be sure you’re being rewarded. Start by decluttering your wallet—remove any cards you don’t currently use or that don’t offer meaningful perks. Then, focus on using a credit card that aligns with your spending habits. For example, the Bank of America Customized Cash Rewards card offers 3 percent cash back in the category of your choice including, gas/EV charging, online shopping, dining, travel, drug stores or home improvement/furnishings; 2 percent cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter); and 1 percent cash back on all other purchases.
Pro tip: Earn even more rewards on your shopping by making sure you’re enrolled in
your bank’s loyalty program.
“Clipping” for a Cleaner Budget: Swap garden clippings for digital ones to give your budget a fresh start. Many grocery stores and retail apps now offer easily accessible discounts right from your phone, no scissors required. Taking a few minutes to browse and “clip” digital coupons before shopping can lead to significant savings over time, especially on essentials like food, toiletries and household goods.
Enjoy the Season, Free: Don’t forget, as you “clean” your finances this spring, to take time to have some fun! Save money by taking advantage of free offerings in the area. For instance, Baltimore’s AFRAM Festival, the city’s official Juneteenth celebration, takes place June 21 and June 22 at Druid Hill Park. The festival features free musical performances, arts and cultural experiences. Also, during the first weekend of every month, Bank of America offers its cardholders free admission to The Reginald F. Lewis Museum of African American History and Culture and the Maryland Science Center through its Museums On Us program. So, step out and enjoy some free fun.
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