Spring clean your financial habits

Key takeaways:

• By doing some quick spring cleaning to your finances, you can save time and become more efficient.
• Online and mobile banking tools allow you to efficiently pay bills and transfer funds from your computer or mobile device.
• Keeping an updated budget is a great way to organize your finances.

“Does it spark joy?” Many people have asked themselves this question as they frantically de-cluttered their lives, thanks in large-part to Marie Kondo’s book The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing and Netflix show “Tidying Up.” While it’s easy to focus on the tangible items such as clothes, accessories and miscellaneous items that clutter our homes, we believe finances are just as important.

As you organize and spring clean your home, consider adapting new methods that empower you to keep your finances organized and your time productive.

Set up online banking

First, if you’re not already using online banking, take a few moments to set it up. Convenient and secure online banking platforms allow you to monitor your accounts, pay your bills, transfer funds and review monthly statements all from the comfort of your own home.

Within your online banking platform, you can enable simple time-saving tools that will “de-clutter” your life. One example is automated payments. You can also decide to skip paper bills and opt in for emails and alerts for any reoccurring bills you have.   

Use your mobile device whenever possible

Next, consider utilizing mobile banking. If you think online banking is a step up, then you’ll love the ability to pay your bills from your mobile phone or tablet using the MidWestOne Bank app. Rather than making a trip to the bank to deposit a check, you can simply snap a photo of the check on your mobile device. Plus, you have instant access to balance information and timely alerts, which allows you to actively monitor your account.  

Zelle® is another way you can increase efficiencies in your finances. The person-to-person (P2P) payment platform allows you to quickly pay your family, friends and people you know on your phone directly from your bank account. Gone are the days where you search for exact cash or have to remember to repay your friend for something he or she paid for weeks ago.

Set time for money management basics

An organized budget can do wonders to help you stay on top of your finances. It’s important to know where your money goes. Setting up a budget can help you track your spending habits. A budget also allows you to understand how much you’ll need to save to achieve your financial goals.

If you’re saving up for a large purchase, home or car, consider using the online calculators that help easily compute how much you’ll need to save. It’s just another way you can save time using online tools rather than tediously going through your finances.

With organized financial habits in place, you can spend more time on the activities that bring you joy. If you’re interested in making your banking more efficient, the MidWestOne team would be happy to help. Visit MidWestOne.com or stop in to see us at any of our locations.

MidWestOne Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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