--- title: How to Give Your Finances a Spring Cleaning description: Springtime means spring cleaning, and a great place to start is with your finances. Here's how to get your financial life looking a lot sunnier. image: https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-29T155931.266.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - 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[Teens (6)](https://go.hfcu.org/blog/topic/teens) - [Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # How to Give Your Finances a Spring Cleaning ** [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) ** Mar 29, 2021 ![woman and child watering spring plants](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-29T155931.266.jpg) The freshness of spring motivates a lot of people to throw open the windows and doors, and conduct a thorough spring cleaning. Spring is a great time to take stock of what you have, organize it so everything’s more accessible, and ditch the clutter that’s keeping you from enjoying your space. While you’re at it, why not dive into a bit of spring cleaning for your finances, too? ### **Check Your Tax Withholding** Maybe you've just filed your income taxes. If you got a big tax refund, that’s the good news and the bad news: good that you didn’t have to write a check to the IRS, and bad because a big refund means you overpaid. Basically, you’ve been shorting your take home pay to give the government an interest-free loan. So, examine the personal allowances you claimed on the W-4 form you completed for your employer. If you’re consistently getting big tax refunds, it’s likely you’re claiming too many allowances and, thus, having more money than necessary withheld from your paycheck. The Internal Revenue Service (IRS) even has a online tool to help you, called the [Tax Withholding Estimator](https://www.irs.gov/individuals/tax-withholding-estimator), that can help you determine the correct amount to have withheld from your paychecks. ### **Review Insurance Policies** You want to make sure that you have the right types and amounts of coverage. For example, you may have purchased a home or gained other assets since you first took out your auto policy. If so, it may be wise to increase your liability coverage. It may cost you more in the short term, but you’ll be glad you had proper coverage if you need to make a claim. On the flip side, if you have auto and home policies with different companies, you may be paying too much.  You may be able to save by [bundling both your auto and home insurance policies](https://go.hfcu.org/blog/7-ways-to-save-on-car-insurance) with the same company. ### **Evaluate Your Credit Cards** If you’re carrying credit card balances, you’re throwing away money, so make a strategy to pay off that debt. Lots of credit card issuers want your business, and periodically run [balance transfer promotions](https://go.hfcu.org/blog/5-steps-balance-transfer) that let you consolidate your balances onto one card that carries a super-low rate for a fixed period of time – sometimes as low as 0%, with no balance transfer fee. If you’re able to do this, be sure to pay off the debt before the interest rate goes back up to the regular rate. And remember, don’t close those old credit card accounts, because that could ding your credit score. Instead, once you’re free of credit card debt, use all of your cards periodically to keep them active, and discipline yourself to pay off all your balances each month. ### **Consolidate Retirement Accounts** ** **If you’ve been fortunate to work for companies that offer [401(k) retirement plans](https://go.hfcu.org/blog/the-411-on-401ks), you may have several accounts for various employer-sponsored plans. While diversifying your investments is always a good idea, it’s easier to manage them if they’re consolidated in one place. You have a couple of options. Your current employer may allow you to roll over other accounts into your current 401(k), but only do that if your current plan offers low fees and solid investment choices. You can also roll over those old 401(k) accounts into an Individual Retirement Account (IRA), where you have a broad range of low-cost investment options. Just be sure you do a direct rollover, so you don’t incur any tax penalties.   When you're ready to give your credit report a spring cleaning, we can help. Hanscom FCU members can access their credit scores and reports at no cost. One of our credit experts can explain your report and offer ways to improve your score. Schedule your virtual appointment [here](http://www.hfcu.org/score). [![Get a free Credit Score Review](https://no-cache.hubspot.com/cta/default/118438/b13728df-1cb3-4aea-a79e-dfdfc42dfb2a.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/b13728df-1cb3-4aea-a79e-dfdfc42dfb2a) *Others are reading:* - [The Difference Between Traditional and Roth IRAs](https://go.hfcu.org/blog/the-difference-between-traditional-and-roth-iras) - [Keep Tabs on Your Money With Account Alerts](https://go.hfcu.org/blog/keep-tabs-your-money-with-account-alerts) - [The Difference Between Good Debt and Bad Debt](https://go.hfcu.org/blog/the-difference-between-good-debt-and-bad-debt) - [How to Redeem Your U.S. Savings Bonds](https://go.hfcu.org/blog/how-to-redeem-your-u.s.-savings-bonds) - [How to Protect Your Personally Identifiable Information](https://go.hfcu.org/blog/how-to-protect-your-personal-identifiable-information) ** [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance), [Credit Score](https://go.hfcu.org/blog/topic/credit-score), [Credit Report](https://go.hfcu.org/blog/topic/credit-report) [** 2 Ways the COVID Pandemic Can Hurt Your Credit Report ](https://go.hfcu.org/blog/pandemic-credit-report) [** What You Need to Know About Your Federal Tax Bracket ](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. Related Posts [![Navigating Financial Challenges After a Job Loss](https://go.hfcu.org/hubfs/iStock-1444494544.jpg) Navigating Financial Challenges After a Job Loss ](https://go.hfcu.org/blog/job-loss) [![Three Tips to Build a Financial Safety Net](https://go.hfcu.org/hubfs/2-2.png) Three Tips to Build a Financial Safety Net ](https://go.hfcu.org/blog/safety-net) [![Traveling this summer? 9 credit card tips to know](https://go.hfcu.org/hubfs/two%20women%20at%20cafe%20on%20vacation.png) Traveling this summer? 9 credit card tips to know ](https://go.hfcu.org/blog/traveling-this-summer-9-credit-card-tips-to-know) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/how-to-give-your-finances-a-spring-cleaning/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/how-to-give-your-finances-a-spring-cleaning/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/how-to-give-your-finances-a-spring-cleaning/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. 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Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. 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The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Hanscom Federal Credit Union" }, "dateModified" : "September 22, 2021, 9:37:29 PM", "datePublished" : "2021-03-29 20:00:47", "description" : "Springtime means spring cleaning, and a great place to start is with your finances. 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