Spring Clean Your Finances

With the winter storms behind us, spring is the perfect time to crack open your windows and deep clean your home. While you’re at it, you may want to take a fresh look at your finances and make sure they’re in order.

Here are some areas that you may want to review this spring:

• Credit report. If you haven’t already this year, request a free copy of your credit report. Compare it to the last time you reviewed your report. Make sure that your name is the only one listed and that your address is correct.
• Inventory. When is the last time you looked at your assets and liabilities? Do you know exactly how much you owe and what your investments are bringing in? Get in tune with your debts and what you own. If you don’t already have a financial plan, now is a good time to put one together.
• Budget. If you set a budget at the beginning of the year, are you on track? If you haven’t set one up, it’s not too late! A tool like Personal Financial Manager (PFM) in Pinnacle’s Online Banking can help you set a budget, categorize transactions and track spending throughout the year. PFM gives you a broad look of all of your accounts—checking, savings, loans, mortgage, credit cards and more—from Pinnacle and external sources. It’s easy to enroll—just log into Pinnacle’s Online Banking, click the "PFM" tab and follow the steps to get started. If you are not an Online Banking user, you can find a demo and enrollment instructions here. 
• Unnecessary expenses. When you take a look at your budget, determine whether you’re spending money on items you don’t need. For example, that gym membership you signed up for in January but don’t use. American drivers overpay an average of $368 each year for car insurance, according to a 2013 NerdWallet survey. Ask an insurance advisor to review your coverage and see where you could save.

These simple measures should help let you know where you stand. And just like decluttering a home, keeping your finances in order will help you feel organized and give you peace of mind.

Barbara McCullough can be reached at 615-849-4233 or barbara.mccullough@pnfp.com.