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Spring is the season for cleaning and that shouldn’t just end at home. Your finances should go through a little spring cleaning themselves. Having an organized financial life can help you better understand the flow of your money. Tracking your income, how you spend it, and how much of it you save can give you the information you need to set financial goals for yourself.

So, while you’re decluttering your closet, remodeling your back patio, consider some financial spring cleaning, as well.

Here are some ways to organize your finances this spring (or anytime, really):

financial spring cleaning

Review and Establish a Budget

To ensure your finances are in order and that they remain that way, it’s best to set up a balanced and realistic budget, if you don’t have one already. Review your monthly income and expenses then establish what your financial goals are. You could be saving for a long-term investment like a down payment on a home or you could be saving for a new gaming system or a getaway.

Whether it’s a long-term or short-term goal, budgeting is essential to making sure those goals are achieved. Organize your budget on a simple spreadsheet and review it often to ensure you are on track.

Having a budget will make it easier for you to reach your savings goals because it’ll help you determine how much money you can spend and how much you need to put away. You don’t need to plan out the rest of the year perfectly but instead start by creating a monthly budget, then track your finances for that month. Once you get into the habit, you’ll find yourself becoming a budgeting expert.

organize your finances

Set up a Money Pool/Automated Savings

One way to keep yourself organized financially is to set up automated savings, or an interest-earning Money Pool, like the one we offer at Marygold & Co.

Having a Money Pool allows you to separate and categorize your finances all within one account, making it easy for customers to track multiple savings goals at once.

Each individual can customize their automated savings to best align with their goals and current financial standing.

You can choose to contribute to your savings goals on a bi-weekly or monthly basis, and the amount you deposit is up to your discretion as well.

Automating your savings will help prioritize your goals and will reduce the temptation to overspend. You don’t even have to worry about making those regular deposits, it’s all done for you!

Pay Off Outstanding Payments

Look over any outstanding payments, if you have the means to pay them off, then do so. If not, this is the time to work out a way to pay your debts off.

Is there anything laying around your house you could sell? Are there extra shifts you could pick up at work?

Find opportunities that’ll help you earn that extra income to help you pay off your debts.

If you are unable to pay everything off right away, setting up a debt repayment plan can help you stay on track. While you may not pay everything off in one go, at least you have taken steps to reduce that debt and eventually eliminate it.

Make sure you include your debt payment plan in your budget.

This will help you stay on top of your payments by ensuring there is money available in your checking account to contribute to this payment plan.

Automatic Billing and Investments

Having your bills automated can help you ensure that they are always paid on time and that you’re not rummaging around for extra cash to meet your phone bill payment at the end of the month.

The best part about automatic billing is you don’t even have to think about it, it is automatic after all.

Additionally, you can even set up automatic deposits to your IRA or 401k investments. Automating deposits into these accounts will ensure you’re continually investing your funds.

The advantages of investing your money include reducing your taxable income for the year.

control your spending

Analyze Your Spending Habits

Analyzing your spending habits will help you point out your spending habits, bad and good. When looking over your spending habits, you might find some patterns that are preventing you from achieving your financial goals.

An important step while spring cleaning your finances is to look over your spending habits and find areas where you can save.

Are there any unnecessary monthly subscriptions billed to your credit card?

Are there unnecessary transactions you can eliminate?

These are important questions to ask yourself when analyzing your spending habits. Find areas in your daily life where you can save. Maybe pack a lunch instead of ordering out every day, you’ll definitely see big rewards from the small changes you make in your daily habits.

If you lack financial discipline, the Marygold & Co. app can help. The customizable security dashboard allows customers to limit where the card can be used.

Accounts can also be turned on or off – which can also remove the temptation to unnecessarily spend.

Clean Up and Shred Old Paperwork

It’s easy for those paper bills and bank statements to pile up on the corner of your table.

Marygold & Co. can help you keep your finances organized. The best part about the Marygold & Co. app is that you won’t have to worry about paper – checks, receipts, pay stubs, etc.

Take the time to shred and discard any old paperwork. Make sure you dispose of these documents properly as they contain very sensitive information including personal information and bank statements. We recommend using a shredder to ensure these documents are properly destroyed.

Marygold & Co. Makes It Easy

Marygold & Co. can help you sort your finances and keep them organized throughout the year through an innovative new app launching this spring.

The FDIC-insured fintech app offers customers interest-earning savings accounts and allows them to send, receive, spend and save securely through their mobile device.

Control and organize your finances easily with Marygold & Co.

Your finances will never have to go through a spring cleaning again – instead, you can keep them clean and organized.

If you’ve ever opened a savings or checking account at a banking institution, you’ve likely stumbled across the phrase “FDIC insured”, but what does that mean for you and your assets?

What Does it Mean to be FDIC Insured?

The term FDIC-insured means that your banking institution, whether brick-and-mortar or online, is insured by the Federal Deposit Insurance Corporation (FDIC).

If your bank is federally insured, more specifically, backed by the FDIC, your money remains protected in the event your banking institution goes under. Accounts covered by FDIC insurance are covered for up to $250,000, which means the FDIC pays customers of failed bank associations up to this insured limit.

Although bank failure in the U.S. has been particularly rare in recent years, it’s better to be safe than sorry. Choosing a financial institution with FDIC insurance, such as Marygold & Co. is one of the best ways to ensure protection for your money.

history of FDIC

The History of the FDIC

The FDIC is an independent federal agency established in 1933 by the U.S government in response to the bank failures that occurred during the Great Depression. Triggered by the stock market crash of 1929, people quickly rushed to banks to withdraw their assets, which further plummeted the already broken financial sector. When banks couldn’t pay customers back their deposits, Americans were quick to lose confidence in the banking system.

The main purpose of the FDIC was to promote public confidence in the banking system and to minimize the economic impact of a possible bank failure. To this day, the independent agency provides federal protections for the money customers deposit in banks. Since its founding in 1933, the FDIC claims that not one penny of insured deposits has been lost.

How Does the FDIC Work?

When you deposit your money at the bank, they then invest that money to earn revenue. These investments include loans to other clients, stocks, and other types of investment. Banks tend to play it on the safer side when investing. However, each bank is different, and with any investment comes the chance of losing money.

If a financial institution’s investment results in a big enough loss, they might be unable to meet the demands of customers who want to withdraw their money. When this bank failure occurs, the FDIC steps in.

FDIC insurance

What Does FDIC Insurance Cover?

If your bank goes under and is unable to return your cash deposits, the FDIC will reimburse you the amount of your held assets, even if the bank completely becomes, oddly enough, bankrupt.

The FDIC covers your common depositor’s accounts, but it’s important to note that not all financial products are covered. Here is what’s covered and what’s not:

Covered accounts:

  • Checking Accounts
  • Savings Accounts
  • Money Market Accounts
  • Certificates of Deposit
  • Retirement Accounts
  • Trust Accounts

Ineligible for insurance:

  • Mutual Funds
  • Annuities
  • Life Insurance Policies
  • Stock & Bond Investments
  • Municipal Securities
  • Safety deposit boxes and their content

FDIC Limits

The standard coverage limit is $250,000 per account holder in each ownership category included in the list of covered accounts above.

If you hold accounts in more than one ownership category, you may be qualified for a coverage larger than $250,000. For example, a couple with a joint FDIC-insured savings account are eligible for insurance up to $250,000 each. Additionally, if one of those individuals is the holder of a separate FDIC-insured depository account, that individual is also entitled up to the insured federal limit for that account.

Where Does the Money Come From?

The FDIC is funded by premiums paid for by financial institutions in return for deposit insurance coverage. Virtually every bank and savings institution in the country is insured by the FDIC, totaling trillions of dollars in deposits within the U.S financial system.

FDIC insured bank

What Else Does the FDIC Do?

In addition to protecting cash deposits, the FDIC also provides oversight for banks and thrift institutions to ensure activities promote safe banking environments. They are also responsible for sourcing other banks to take over the accounts of failed institutions.

Does the FDIC Protect You From Identity Theft?

Although customers are insured up to $250,000 on eligible depositor’s accounts, the FDIC does not protect against identity theft or the losses that accompany it. To protect yourself against identity theft and fraud, it’s best to practice safe online banking methods such as using a secure network and having a strong password.

Safe and Covered

Marygold & Co. delivers a digital alternative to physical branch banking that allows clients to control their finances and earn interest anytime, anyplace, and with no minimums or credit checks.

Additionally, FDIC-insured debit and savings accounts through Marygold & Co. are available to anyone in the United States, helping clients all over the country send, receive, spend and save money securely and safely through their mobile devices.

**Marygold & Co. is a financial technology company and not a bank. Depository services provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”). Deposits insured by the FDIC up to the allowable limit. LendingClub Bank is not an affiliate of Marygold & Co. (“Marygold”) and is not responsible for the products and services provided by Marygold. The content on this page is for informational or advertising purposes only and is not a substitute for individualized professional advice.