It’s that time of year again! 

As soon as the weather gets nice enough to open the windows, it feels like it's also time to clean out closets, polish furniture and clear out clutter! Spring is also the perfect time of year to review your saving habits and spruce up your saving goals.

Here’s how to spring-clean your savings in five easy steps.

1. Assess your saving habits
First, take stock of how much you’re putting into savings each month. If you believe you should be setting aside more of your monthly income toward savings, look for ways to cut back on your discretionary spending. It's a really good idea to automate your savings. Talk to us about having your paycheck split so 10% of it every month goes to a savings account automatically, or talk to us about setting up automatic transfers from your checking account to savings or an investment account.

2. Consolidate and simplify accounts
Next, take a look at the places you keep your money. If you have multiple savings accounts, retirement accounts or investment accounts, consider consolidating them to streamline your finances and reduce the hassle it takes to manage them all. Be sure to compare fees, rates and other features before making changes. If you've done your taxes already, you should have this information handy!

You should take advantage of our special Account-to-Account transfer feature inside digital banking! This allows members to transfer funds into and out of their CommonWealth One account to accounts they have elsewhere — yes, even at other financial institutions.

Plus, if you have one of our Kasasa Rewards Checking Accounts you will also have a Kasasa Saver Account, where you can earn 2.00% APY* on balances up to $100,000.

3. Reevaluate your financial goals
What are your long- and short-term saving objectives? Do your goals still make sense? If not, consider setting new ones. Think of your future wants and needs, as well as small pleasures you’d love to enjoy in a few years, or even in a few months.

4. Automate your savings
Now that you have your saving goals clearly defined, it’s time to make it happen by itself. Set up automatic monthly transfers from your checking to your savings account(s) so you never forget to feed your savings.

5. Use a savings app
Unlock the power of smart savings with CommonWealth One's MoneyTools, available within online banking and on our mobile app! Simplify your financial journey by seamlessly organizing your finances digitally. Embrace the convenience of digital savings and watch your financial goals become more achievable than ever as you set and track your savings goals effortlessly!

We're here For You, For Life — and we're happy to pitch in on your spring cleaning, too! Remember that we're always just a click or a call away to help you with budgeting, saving, investing and all types of loans. Happy Spring!

Disclosure

*Annual Percentage Rate (APY). Membership restrictions may apply. Account approval, conditions, qualifications, limits, timeframes, enrollments, log-ons and other requirements apply. No minimum deposit is required to open the account. There are no recurring monthly maintenance charges or fees to open or close this account. Advertised information and rewards are based on all account qualifications being met during each cycle period. Visit https://www.cofcu.org/kasasa-rewards/ for additional information, account details, restrictions, reward calculations, processing limitations, cycle dates and enrollment instructions.