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TAKE A HOLISTIC VIEW As you review your subscriptions, take time to look at all your transactions and expenses, including ones from your credit cards. Consider whether they all align with your money goals. “The biggest transfer of your wealth is your day-to-day spending. So be intentional,” says Jeanlys-White. “Do I want to transfer my wealth to this vacation? This retailer? This restaurant here? This wine bar?” GO PAPERLESS If you receive paper bank statements, consider switching to electronic statements. Some financial institutions charge a fee for paper statements, so it could be an opportunity to save a few dollars each month. If you’re not already receiving and paying bills online rather than by mail, you can set this up for yourself as part of your spring cleaning. Anora Gaudiano, a certified financial planner and assistant vice president at Wealthspire Advisors in New York City, recommends also ditching paper checks, if possible. “Checks get lost and checks get stolen,” she says. “People can use online payment systems and wires to avoid this.” You can set up online bill pay or, in some cases, use peer-to-peer payment apps such as Zelle or Venmo if you’re paying someone you know and trust. AUTOMATE YOUR ACCOUNTS TO MEET YOUR GOALS There’s a lot you can automate to make it easy to manage money in your bank accounts. You can set up automatic bill payments from your bank account for recurring expenses such as utilities, and set up direct deposit for your paychecks. You can even split your direct deposits so that a certain amount goes straight to your savings, for example; or you can set up recurring auto transfers from a checking account into savings. Jeanlys-White recommends turning that discipline of good financial habits to autopilot mode so you don’t have to think about it. STREAMLINE YOUR BANK ACCOUNTS Review the bank accounts you have open. For each, ask yourself, “Does this serve me? Is this aligned with my lifestyle and the goals that I want to accomplish?” says Lea Landaverde, Founder of Riqueza Collective, which makes bilingual financial education accessible to underrepresented communities. Investigate if your savings accounts still have competitive rates. The best rates right now are around 5% annual percentage yield, while the national average savings rate is just 0.46% as of February 2024. If you’re not earning as much as you could be, consider moving your money to a high-yield savings account or, for funds you won’t need in the near future, to a high-rate certificate of deposit. Comb through to see if there are any accounts that you aren’t really using. Consider consolidating or closing accounts and moving funds where they can earn more interest. Alternatively, you may find that you want to open another account in order to get streamlined. You can open two checking accounts, for example: one for paying bills and another for your spending money. Or you may find it helpful to have multiple bank accounts at different banks or credit unions to keep your savings at a different place than your checking account, so your funds aren’t easy to dip into when you’re tempted to spend more. “You can have multiple accounts,” says Landaverde. “There is no right or wrong with having 10 accounts versus two accounts.” 4 5 6
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