By Ruth Sarreal | NerdWallet

Spring cleaning isn’t just for your closets or attic. It can apply to your finances, too. Taking the time to do a deep clean of your spending and deposits can help ensure you’re using minimal effort throughout the year to meet your saving and budgeting goals. Here are a few steps to take when you’re ready to spring clean your bank accounts.

1. Review account transactions from your bank

Look through your statements from the past few months for any penalties or charges that have been assessed by your bank. While some banks and credit unions have eliminated overdraft fees, yours might still be charging them. Some banks also charge an inactivity fee if you haven’t used your account in a while. Or your account might charge a monthly service fee.

If you’ve been charged an overdraft recently, try asking for a refund and consider what you can do to avoid those fees next time. Find an account that doesn’t penalize overdrawing your funds or charge any monthly or other fees. There are plenty of FDIC-insured banks that offer competitive accounts with no fees and no minimum requirements.

2. Hit ‘unsubscribe’

Scanning your bank account can be an effective way to see your subscription payments in one place. The cost of your subscription services can be much higher than you estimate. A survey done by market research firm C+R in 2022 of 1,000 consumers found that consumers, on average, estimated their subscription spending to be $86 per month. Their actual average monthly spending on subscription services was $219. So it’s a good idea to audit your subscription charges.

“One of the things I recommend that people do when it comes to subscriptions is to make sure you’re at the right level,” says Mical Jeanlys-White, CEO and founder of WealthMore, a firm that aims to provide accessible and affordable financial advisors for investment and financial planning services. She says to consider whether you need the subscription, and if you do, to see whether a cheaper plan might be enough. “Are you keeping a premium level where you may just need the basic?” she asks.

3. Take a holistic view

As you review your subscriptions, take time to look at all your transactions and expenses, including ones from your credit cards. Consider whether they all align with your money goals. “The biggest transfer of your wealth is your day-to-day spending. So be intentional,” says Jeanlys-White. “Do I want to transfer my wealth to this vacation? This retailer? This restaurant here? This wine bar?”

4. Go paperless

If you receive paper bank statements, consider switching to electronic statements. Some financial institutions charge a fee for paper statements, so it could be an opportunity to save a few dollars each month. If you’re not already receiving and paying bills online rather than by mail, you can set this up for yourself as part of your spring cleaning.

Anora Gaudiano, a certified financial planner and assistant vice president at Wealthspire Advisors in New York City, recommends also ditching paper checks, if possible. “Checks get lost and checks get stolen,” she says. “People can use online payment systems and wires to avoid this.” You can set up online bill pay or, in some cases, use peer-to-peer payment apps such as Zelle or Venmo if you’re paying someone you know and trust.

5. Automate your accounts to meet your goals

There’s a lot you can automate to make it easy to manage money in your bank accounts. You can set up automatic bill payments from your bank account for recurring expenses such as utilities, and set up direct deposit for your paychecks. You can even split your direct deposits so that a certain amount goes straight to your savings, for example; or you can set up recurring auto transfers from a checking account into savings. Jeanlys-White recommends turning that discipline of good financial habits to autopilot mode so you don’t have to think about it.

6. Streamline your bank accounts

Review the bank accounts you have open. For each, ask yourself, “Does this serve me? Is this aligned with my lifestyle and the goals that I want to accomplish?” says Lea Landaverde, Founder of Riqueza Collective, which makes bilingual financial education accessible to underrepresented communities.

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Investigate if your savings accounts still have competitive rates. The best rates right now are around 5% annual percentage yield, while the national average savings rate is just 0.46% as of February 2024. If you’re not earning as much as you could be, consider moving your money to a high-yield savings account or, for funds you won’t need in the near future, to a high-rate certificate of deposit.

Comb through to see if there are any accounts that you aren’t really using. Consider consolidating or closing accounts and moving funds where they can earn more interest.

Alternatively, you may find that you want to open another account in order to get streamlined. You can open two checking accounts, for example: one for paying bills and another for your spending money. Or you may find it helpful to have multiple bank accounts at different banks or credit unions to keep your savings at a different place than your checking account, so your funds aren’t easy to dip into when you’re tempted to spend more. “You can have multiple accounts,” says Landaverde. “There is no right or wrong with having 10 accounts versus two accounts.”

Don’t limit yourself to springtime to clean up your bank accounts

“I would suggest that you do a financial spring cleaning, summer cleaning, fall cleaning and winter cleaning,” says Jeanlys-White. Landaverde agrees that it’s a good idea to review your bank accounts more regularly. “You can set up a monthly reoccurring date with yourself on a Sunday or on a Friday when you get paid, to organize your finances to ensure that you kind of know where your paycheck is going,” says Landaverde. This way, reviewing your finances is less overwhelming, she says.

Whether you’re spring cleaning your bank accounts for the first time or you already have the kind of regular schedule that Landaverde and Jeanlys-White recommend, taking the time to consider whether you’re getting the most of your deposit accounts — and switching banks or accounts when necessary — can help you maximize your earnings and avoid fees.

 

The article 6 Ways to Spring Clean Your Bank Accounts originally appeared on NerdWallet.

Bears mascot delights students in Tinley Park

A special friend stopped by last week at the Lt. Joseph P. Kennedy School for Exceptional Children in Tinley Park to help everyone shake off the winter blues.

Staley Da Bear, the official team mascot for the Chicago Bears, danced his way through a crowd of cheering students and staff, exchanging high fives with a multitude of raised hands.

“You ready to have a dance party?” his handler asked above the roar. “Let’s go!”

School administrators invited Staley to stop by the school to help motivate students as they settle into the second half of the school year.

About 70 students attend the therapeutic day school, including students from Thornton Township District 205, Thornton Fractional District 215, Plainfield Community Consolidated School District 202, Crete Monee District 201-U, Consolidated High School District 230 and Flossmoor District 161.

Oak Lawn library, Tinley book store reunite for RomCon

Fans of romantic literature will be swooning Feb. 17 as the Oak Lawn Public Library presents RomCon, an afternoon event dedicated to the genre. Independent bookstore Love’s Sweet Arrow, in Tinley Park, is teaming up with librarians to produce the free mini-convention featuring eight romance authors along with book signing, author panels, raffles, trivia and book sales.

Love’s Sweet Arrow owner Rosanne Backlin recruited a diverse group of authors to visit the library, including Danielle Jackson, Kelly Farmer, Tinia Montford, Tamara Jerée, Rien Gray, Hanna Earnest and Sara Fujimura. Author Olivia Dade will be doing a virtual visit to the event.

Dade, who lives in Sweden, is the author of Avon bestsellers “Ship Wrecked” (2022) and “Spoiler Alert” (2020) and she has a new novel coming out, “At First Spite” in 2024. Bettcher says,

“It’s a really big deal for us to have her participate in RomCon,” said fiction librarian Emily Bettcher.

Oak Lawn’s RomCon is from 1 to 4:15 p.m. Feb. 17 from 1-4:15 p.m. Register in advance for updates and a special treat on the day, at 708-422-4990 or cal.olpl.org/event/10993047.

Hidden Oaks Nature Center to close for most of 2024

The Forest Preserves of Will County’s Hidden Oaks Nature Center, 419 Trout Farm Road, Bolingbrook is about to be transformed, but the process will require the facility to be closed for most of the year starting Feb. 19.

FPD officials said Hidden Oaks Preserve also will close on occasion for outdoor renovations during the year, as necessary, but the renovations will not affect Hidden Lakes Trout Farm, which is in the northern part of the preserve.

The interior and exterior work at Hidden Oaks Nature Center is designed to convert the former Bolingbrook Park District site, which was purchased by the Forest Preserve in February 2022, into a nature center tailored to Forest Preserve-type exhibits and activities.

Officials said the renovation will provide new design features throughout the first floor and a new permanent live animal tank for the nature center’s resident turtles, and an elaborate indoor bird-watching lookout deck will be installed.

Oak Forest High School earns diversity award

Oak Forest High School has earned the College Board AP Computer Science Female Diversity Award for achieving high female representation in AP Computer Science A. Schools honored with the AP Computer Science Female Diversity Award have expanded girls’ access in AP computer science courses, according to a news release from the School District 228.

Oak Forest High School was one of 225 institutions in the country recognized in the category.

“We are so proud of the unique perspective our female students bring to the fields of Math and Science,” said Oak Forest principal Jane Dempsey. “This is a recognition of our belief that anyone can succeed in any field. Our graduates are a testament to the impact created by opening doors to women.”

Oak Forest Raiders chosen to lead Fleadh

The Oak Forest Raiders instructional tackle football and cheerleading program for boys and girls ages 5 to 14, which has been operating in the area for more than 50 years, was chosen as grand marshals for the 15th anniversary edition of the Oak Forest Fleadh.

Players, families and coaches will lead the parade, which steps off at 11 a.m. March 2 at 151st and Central Avenue and heads to the Oak Forest Park District. The parade will be preceded at 8:30 a.m. by the CNB Oak Forest Fleadh 5K race, which starts and finishes at 155th Street and Betty Anne Lane. More than 500 people are expected to participate. Activities also are planned before and after the race at Fire Station 1, 5620 Jame Drive. Street closures are planned for the race and for the parade. More information is at www.oak‐forest.org.

Visitor’s Bureau video highlights Southland attractions

The Chicago Southland Convention & Visitors Bureau has launched its interactive destination video for visitors’ vacation and residents’ staycation ideas.

The video displays footage of Chicago Southland amenities with their corresponding logo and website link synced on the side of the screen. Users can also scroll through the vertical list of all amenities in descending order of appearance.

“This interactive video helps our tourists and residents peruse and visit many of Chicago Southland attractions in one source,” said Jim Garrett, president/CEO of the bureau. “The video includes nature centers, art galleries, restaurants, breweries, museums, sports facilities, golf courses, and performing arts centers to name a few.”

The CSCVB interactive video is available at www.visitchicagosouthland.com/#clicktivated.

By ANNE D’INNOCENZIO (AP Retail Writer)

NEW YORK (AP) — Target reported a 58% increase in fourth-quarter profits and handily beat Wall Street expectations as the retailer cut costs and maintained a lean inventory during the critical holiday season.

Revenue rose slightly from a year ago and also topped projections. Comparable sales — those from stores or digital channels operating at least 12 months — slipped 4.4%. But declines appear to be slowing compared with the 4.9% drop in the third quarter and 5.4% drop in the second.

The Minneapolis company offered a cautious outlook on sales and profits.

The results came out just hours ahead of Target’s annual investor meeting that should offer clues about its strategies for improving sales to customers being squeezed by inflation and high borrowing and credit card costs.

Target is more vulnerable than Walmart and other big box discounters. More than 50% of its annual sales come from discretionary items like toys, fashion and electronic gadgets, things that many Americans have stopped buying.

Target has been trying to strike the right balance between offering good value, while also infusing the stores with trendy goods. Last month, the retailer launched a new collection called Dealworthy, which features nearly 400 everyday basics, starting at less than $1, with most items under $10. They include clothing and accessories, home items and electronics.

At the same time, Target’s deal, struck last year, with designer Kendra Scott to offer exclusive collections of earrings, necklaces has resonated with shoppers. So has its new kitchenware brand under the discounter’s own label Figmint.

The company said Tuesday that it was launching a membership program but didn’t offer details.

Target has been laser focused on inventory levels after being burdened with heavily stocked warehouses in the summer of 2022. The inventory glut forced it to discount heavily to clear out those goods.

Target reported net income of $1.38 billion, or $2.98 per share, for the three-month period ended Feb. 3. That compared with $876 million, or $1.89 per share, for the year-ago period. The bottom-line results for the latest quarter well surpassed estimates of $2.42 per share, according to FactSet.

Revenue rose 1.7% to $31.92 billion, above projections of $31.83 billion.

Traffic for both stores and online combined fell 1.7% during the latest quarter, but that was an improvement from the 4.1% drop in the third quarter.

For the current quarter, Target expects a comparable sales decline of 3% to 5%. Analysts are expecting a 3.6% drop, according to FactSet.

It forecast adjusted earning per share to be in the range or $1.70 to $2.10. Analysts expect $2.08 per share.

For the full year, Target anticipates a modest increase in comparable sales in a range from unchanged to a 2% increase. Adjusted earnings per share should range from $8.60 to $9.60, Target said. Analysts are expecting $9.15 per share, according to FactSet.

Shares rose more than 8% early Tuesday.

The Supreme Court has unanimously concluded that Colorado can’t keep Donald Trump off the ballot.

Section 3 of the 14th amendment, which says that a former officeholder who becomes an insurrectionist can’t hold federal office, won’t save us from a potential second Trump presidency. The court correctly rejected what I would call the National Treasure theory of the U.S. Constitution, according to which an obscure, almost discarded provision could have determined the outcome of a presidential election. Now it’s up to we the people to save our democracy.

The court’s opinion was an unsigned per curiam, which means no single justice has authorship. In one of its two parts, the court held that a state — in this case Colorado — doesn’t have the authority under section 3 of the federal Constitution to decide whether a candidate for office is disqualified for insurrection or rebellion. In the other part of the opinion, the court held that, for Section 3 to go into effect, Congress would have to pass a law specifying the procedures that would be required to determine whether a candidate was in fact disqualified.

The three liberal justices concurred in the court’s judgment, meaning that they agreed Colorado can’t disqualify Trump. They did not, however, join the court’s opinion. Instead, Justices Sonia Sotomayor, Elena Kagan and Ketanji Brown Jackson wrote a joint concurring opinion, signed by all three, protesting that the majority had unnecessarily said that Congress would have to pass a law for Section 3 to go into effect. They would’ve preferred the court to restrict its holding to saying that a state like Colorado couldn’t disqualify a candidate on its own.

Justice Amy Coney Barrett agreed substantively with the liberals. She wrote a separate concurrence that joined only that part of the per curiam that addresses Colorado and noted that she would have gone no further. But Barrett chided the liberals for the tone of their reproach of the majority, writing in her concurrence that, “in my judgment, this is not the time to amplify disagreement with stridency,” and arguing that “the message Americans should take home” is that “for present purposes, our differences are far less important than our unanimity.”

In practice, Barrett is surely correct that unanimity should be the main takeaway here. All nine of the justices thought it would be a terrible idea for states to go around on their own excluding presidential candidates under Section 3.

If the court had followed the view of these four justices and avoided saying that Congress must act for Section 3 to go into effect, that would have left open the possibility of a federal court suit claiming that Trump was disqualified for the presidency under Section 3. That suit would certainly have ended in the court rejecting the argument — so the practical outcome would have been the same. The difference would have been the ongoing uncertainty, the remote possibility held out by liberals, and maybe the feasibility of a political argument being made by Democrats that Trump was disqualified by Section 3 notwithstanding the failure of the Colorado gambit.

Given these possibilities, it is at least understandable that the majority wanted to take Section 3 off the table. To get there, the court relied, albeit not in a full-throated way, on the only precedent of any importance: Griffin’s Case, an 1869 circuit court decision written by then Chief Justice Salmon P. Chase in his capacity as a circuit justice. At oral argument, Justice Brett Kavanaugh was the one pushing this precedent, and it’s a fair assumption that his view prevailed among the other conservatives excluding Barrett.

The reason the court didn’t trumpet its reliance on precedent is probably that the decision isn’t all that well reasoned, as the conservative originalist scholars who put the whole Section 3 question on the public agenda noted. The most important legal and constitutional takeaway of Trump v. Anderson is that, when it comes to the weight of precedent, strong reasoning actually isn’t and shouldn’t be all that important.

The bottom line is that Griffin’s Case has shaped the thinking of everyone who bothered with Section 3 since 1869. In 1870, Congress did in fact adopt legislation implementing Section 3, which stayed on the books until it mysteriously disappeared during a revision of the U.S. Code in 1948.

Given that background, it would have violated basic principles of constitutional order and precedent to hold otherwise. The entire point of precedent is to create a gradual evolutionary process and a high degree of predictability in the Supreme Court’s interpretation of the Constitution. That’s a big part of why it was so fundamentally wrong for the court to overturn Roe v. Wade, beyond the moral wrongness of the Dobbs decision.

It’s time to bury the fantasy of thwarting Trump by the discovery of a lost constitutional provision. It’s time to save us from a president who tried to break democracy by using the one tool on which democracy ultimately depends, namely the will of the people.

Noah Feldman is a Bloomberg Opinion columnist. A professor of law at Harvard University, he is author, most recently, of “The Broken Constitution: Lincoln, Slavery and the Refounding of America.”

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