Check Your Pocket After Spring Cleaning Your Home

As economic times remain uncertain, people can’t be blamed for being hesitant to make impulse purchases. Groceries, clothing, and gas – which could surpass $5 a gallon this summer – are all typically given extra scrutiny when it comes to deciding what kind of expenses are necessary. I would advise budgeting carefully in these areas but remember not to ignore the importance of keeping a close eye on your bank accounts too. As spring is here and a bit of spring cleaning may be taking place, take the opportunity to tidy up your finances by seeing if there are any advantages of having checking and saving accounts with your bank.

Is is time to get an interest bearing checking account as hedge to inflation?

When was the last time you compared rates to see if you were getting a decent return on your money by allowing the same bank to hold your money for eight, nine, or maybe fifteen years? If it has been a while, now is the perfect time to shop around for a better deal. You can compare rates on everything from home equity loans to mortgages to checking accounts using Bankrate.com’s easy-to-use rate comparison feature.

Do you have interest-earning checking and savings accounts whose rates have changed as a result of the Federal Reserve lowering rates? Even if you decide to stay with the same bank, this spring cleaning/comparing exercise will make you aware of the interest rate, and you should commit to checking back every month or two to see if it has changed.

There are some banks that do not require you to maintain a minimum balance or pay a fee to keep an interest-earning checking account open if you have a free checking account. Isn’t that great? While some of you may feel loyal to your current bank, features such as that make it worthwhile to switch. They would do the same if they were in your shoes.

I suggest you keep up with the latest interest rates because it pays off to be aware of what you’re earning. Yes, news about the financial sector can be alarming – but you can also look up deals and offers in major newspapers and magazines. That’s how I got wind of an amazing offer from a credit union that I qualified for; so I joined without hesitation.

Financial Literacy Month

The month of April is Financial Literacy Month, which means staying on top of your money is more important than ever. Do you know how to earn money while you sleep? Switching to a higher-yielding bank account will certainly allow you to do that. Get educated, compare rates, and decide. Take some additional time over the next 30 days to learn something you don’t know, that you’ve always wanted to know, that can help you improve your financial situation.