Financial Spring Cleaning Checklist

Published Thursday, March 21, 2024

Financial Spring Cleaning Checklist

Freshen Up Your Finances with this Spring Cleaning Checklist

While the tradition of decluttering and organizing our homes is well-known, often the season slips away without our finances receiving the same diligent care. Don’t let this spring breeze by without seizing the opportunity to review and refresh your finances. This can pave the way for success in the months ahead. We’ve made this process as simple as possible by integrating features already at your fingertips through the Midwest Heritage mobile app (MHBank2Go) and online banking platform. Consider it that extra push you’ve been yearning for to reassess your financial goals for the year, saving both time and money along the way!

Review Your Budget:

Budget, a word that might cause people to roll their eyes or feel scared about the restrictions it can cause, but a budget doesn’t have to feel that way. Tracking what you are bringing in and spending can open saving avenues that you didn’t know existed. If you don’t have a budget, our mobile app can make one for you based on your income and spending habits. To access go to our online banking app and click financial tools>budget. This feature provides live tracking of your income and expenses making budgeting easier!

If you already have a budget created, have there been any changes in your income or expenses since you last updated it? Make any adjustments as needed to ensure your budget reflects your current financial reality.

With tax season underway, it’s an opportune time to maximize your tax efficiency. Contribute to tax-advantaged accounts such as IRAs and HSAs, and take advantage of any available tax deductions and credits. This can help keep more of your money in your pocket!

Declutter Paper:

Do you have a mountain of paper clutter somewhere in your home? Say goodbye to unnecessary documents that are simply taking up space and gathering dust. Go through each paper and check for the date of the document and if you still need to keep it. It is recommended that you keep certain financial documents anywhere from a year to seven years to a lifetime.

It’s crucial to ensure sensitive information is handled with care – opt for eStatements to minimize the accumulation of paper and utilize advanced safety features. eStatements provide a more secure way to receive your bank statement with sensitive information on it. Identity theft has been on the rise for years and reducing a paper trail that has sensitive information, including your bank account number, helps keep your identity and assets more secure. It also can make collecting all the documents needed for taxes easier by having everything secured digitally instead of trying to sort through a stack of papers to find what you are looking for.

Don’t forget when you’re sorting to identify what needs to be shredded. Anything with your social security number, account numbers, passwords, signature, and any other sensitive information should be shredded. Now that you have all the documents ready to declutter make sure to take advantage of our dedicated Shred Day event on May 11th at both our Grimes and Chariton branches. Decluttering paper leads to a tidier and more efficient financial future!

Check Your Credit Report:

Your credit report plays a crucial role in your financial health. Once a year you can request a free copy of your credit report from one of the three major credit bureaus—Equifax, Experian, and TransUnion—and review it carefully for any errors or discrepancies. Make sure your name, address and any debt listed on the report are correct. An error on the report can negatively impact your credit score, which can lead to higher interest rates.

You can also monitor your credit through our mobile app with our partner, SavvyMoney. With SavvyMoney you can set credit score goals, learn more about how to manage your score and see your score updated monthly. This is located conveniently on the home page of our app right under your account overview.

Evaluate Your Savings Goals:

Assess your progress toward your savings goals, whether it’s building an emergency fund, planning for retirement or saving for a vacation or downpayment on a home. Consider increasing your 401(k) contributions for retirement or exploring other savings vehicles like certificates of deposits (CDs)* for other savings goals.

Additionally, if you’re considering home improvements or need funds for a major expense, you might explore home equity loan options. These can help you build a home you love while also increasing the value.

Optimize Your Subscriptions:

Do you know how many subscriptions you have? The average person holds 12 subscriptions. Check in with your subscriptions and cancel any unused or unnecessary ones. This is a great time to refresh what you use and don’t use to help you save to achieve the goals you outlined in the previous step.

If you are switching payment information for your accounts in the process, you can save time by utilizing CardSwap. This is a single spot on our mobile and online banking platform to update your card on file for subscription and streaming services.

Review Insurance Coverage:

Review your insurance policies, including health, life, auto, and home insurance. Ensure your coverage adequately protects you and your loved ones against unexpected events, and consider adjusting your coverage levels if needed.

Bundling insurance is a great way to get additional discounts. And who doesn’t want to save money, especially on insurance? At Midwest Heritage, we save customers on average $563/year when bundling their home and auto.** You can get a free quote to ensure you have the best deal on the insurance needed to cover you and your loved ones.

Plan for the Future:

Finally, planning is essential for the short term and long term. If you are planning a trip, utilize our Card Controls feature. You can turn your card on or off, report a lost or stolen card and set up travel notifications to notify Midwest Heritage of your travel plans so your card is ready to travel with you. Card Controls offers many travel safety features that help you stay on vacation mode.

Every year you should think about your long-term financial goals. Whether it’s updating your estate plan, setting up a college savings account for your children, or exploring long-term care options, proactive planning can provide peace of mind for you and your family. You can plan your future with one of our financial advisors to help your goals and future align.*** If you want to check in on your net worth to have a quick look at where you are sitting financially, go to our mobile app and click financial tools>net worth. This can help you see how you align with your long-term goals.

Now that you’ve walked through our checklist, it is time to get to work! If you need any assistance along the way, don’t forget to leverage the convenient features of our mobile app or reach out to our team which is here to support you every step of the way. Happy financial cleaning!



This information is general in nature and is provided for educational purposes only. Midwest Heritage encourages you to consult a professional for advice applicable to your specific situation.

*Deposit products, including certificate of deposits, are FDIC insured. Member FDIC

**Products offered by Midwest Heritage Insurance Services are not insured by FDIC or any other Federal Government Agency, are not a deposit or obligation of, or guaranteed by Midwest Heritage, may involve investment risks, including possible loss of principal amount invested, and may lose value.

***Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory Services offered through Midwest Heritage Financial Advisors. The Midwest Heritage companies and the Securities America companies are independent entities. NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE • NOT A DEPOSIT • NOT INSURED BY ANY GOVERNMENT AGENCY