April 14, 2014
Bank of New Hampshire encourages consumers to clean up their finances when thinking of spring cleaning!
“Spring is a great time to take a hard look at your finances and identify ways to manage them more efficiently,” said Ann Nichols, SVP - Senior Retail Banking Officer. “By getting your financial house in order, you can set the stage for a stronger, more successful future.”
Below are eight tips to help cut back on financial clutter this spring:
Bank of New Hampshire, founded in 1831, provides deposit, lending and wealth management products and services to families and businesses throughout New Hampshire. With 21 banking offices throughout New Hampshire and assets exceeding $1 billion, Bank of New Hampshire is the oldest and largest independent bank in the state. Bank of New Hampshire is a mutual organization, focused on the success of the bank’s customers, communities and employees, rather than stockholders. For more information, call 1-800-832-0912 or visit www.BankNH.com.
“Spring is a great time to take a hard look at your finances and identify ways to manage them more efficiently,” said Ann Nichols, SVP - Senior Retail Banking Officer. “By getting your financial house in order, you can set the stage for a stronger, more successful future.”
Below are eight tips to help cut back on financial clutter this spring:
- Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. If there are better rates available now, consider requesting a lower credit card interest rate or refinancing your mortgage. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.
- Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or have become a single income household, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving and stick to it.
- Check your credit report. Every year, you are guaranteed one free credit report from each of the three bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can potentially lower your credit score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.
- Sign up for e-statements and paperless billing. Converting to paperless billing will help keep you organized and reduces the risk of having sensitive data compromised by unauthorized parties.
- Shred outdated documents. Bank of New Hampshire is hosting free mobile shredding days in May. Visit www.banknh.com/shred for more information.
- Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set up your bill payment schedule so that it occurs on the same date each month or as a recurring payment.
- Consolidate your accounts. Managing several accounts can be challenging. If you have open credit accounts that you rarely use, consider closing them. It’s important to note that cancelling accounts may come with a fee or impact your credit score so do your research. Other options include consolidating all your accounts with a single bank, or using a bill management service that allows you to view all of your financial accounts, bills, subscriptions and travel rewards in one place with a single password.
- Download your bank's mobile app. Many banks now offer mobile apps that allow consumers to manage their finances from the palm of their hand. With the click of a button, you can make a deposit or access a record of all your recent transactions.
Bank of New Hampshire, founded in 1831, provides deposit, lending and wealth management products and services to families and businesses throughout New Hampshire. With 21 banking offices throughout New Hampshire and assets exceeding $1 billion, Bank of New Hampshire is the oldest and largest independent bank in the state. Bank of New Hampshire is a mutual organization, focused on the success of the bank’s customers, communities and employees, rather than stockholders. For more information, call 1-800-832-0912 or visit www.BankNH.com.
