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Spring Clean your Finances

Something is in the air… Was it the beautiful weather that teased us all the other day or the gale force winds Sydney has presented us with today? Regardless it’s Spring. Spring represents new beginnings for me personally, for others it’s the start of warmer days, later nights getting us ready for summer. Whatever spring represents for you it’s no better time to get those finances in order, it’s the same concept as Spring Cleaning – and for some odd reason we all crave it! Prioritise your Expenses We all know from now till December it gets a little crazier and a little more expensive. Spring brings people out of their hibernation mood and that can be dangerous for your finances. Write a list of all your expenses: bills, presents, entertainment, food for the week etc and set a budget. Write a list of Christmas presents and put them in your budget instead of running around last minute trying to figure it out. Clean Up Accounts Consolidate all your accounts – get rid of unused accounts and more importantly throw out old statements. If you have multiple bank accounts consider closing some that are rarely used. And last but not least if you are unhappy with your bank now is a great time to research and make the switch to another. Transfer Debt If you are struggling to get rid of credit card debt maybe consider transferring your debt to a lower interest rate or a free interest offer may be beneficial for you. Cancel the old card and use the interest free time to pay down your debt. Make it Automatic Make your savings contributions automatic – talk to your payroll officer to direct debit savings from your pay before you see it and then you won’t miss it. Simple! Be realistic and start off with a small amount that is achievable, and that can be increased eventually. Review Insurance Get new quotes for car, home and life insurance policies – you never know if you don’t research it there may be a better offer out their for your circumstances. And even if there isn’t a better offer for you it’s a peace of mind that you are on the right track.   Image source: eqevents