Four tips for spring cleaning your finances
08 September 2017
Let's talk: Messy money
Spring is here, providing an excellent opportunity to sweep out the financial cobwebs and turn messy money into a tidy budget to achieve your goals.
Let's talk: Spring clean your finances
Amanda: My name is Amanda James and I'm the local market manager at the Carindale Concept Store.
Spring is a perfect time of year to revisit your finances, straight after tax, and I find that I have the confidence then for the year ahead.
It's amazing what can change in a year. I'm always really guilty of paying for subscriptions and memberships that I no longer use so I find this time of year really useful to review that and make sure I'm only paying for things that I need.
I find it a really good time for myself to revisit my insurance to make sure I'm adequately covered because it's that time of year where although weather events are coming up the bushfires, cyclones and storms and so I no longer need to worry.
How I like to manage my paperwork after tax time is to file and scan anything that I need to keep and to throw out anything I don't.
So I find it really useful chatting to my friends and family to make sure that my goals are aligned and that they can support me to reach those goals.
Reviewing my budget constantly and making sure that I've got confidence in my budget and then I can stick to it really helps me achieve my goals.
Health check your accounts:
It’s easy to underestimate how much can change in a year. If you’ve experienced a big change like starting a new job, adding a family member or moving house, you might have out of date account details, expense structures or direct debits. This is also a great opportunity to check in on your super and see if there’s an opportunity to consolidate accounts or if you could be making additional contributions towards retirement.
Prioritise your paperwork:
With tax time in the rear-view mirror, there’s a good chance you’ve got stray paperwork floating around. Take the time to file or scan what you need to keep, and shred what you don’t. If you’re still getting paper statements, check to see if you can opt for online versions to help reduce the clutter.
Revisit your insurance:
The start of spring also marks the arrival of another important period for many of us: bushfire, storm and cyclone season. As well as making sure you’ve got your home and contents adequately insured for these big events, now is the perfect time to revisit your level of cover across the board. Review changes to your policies and ensure they’re up to date in terms of who and what’s covered. Don’t forget you can often get multi-policy discounts or change your excess to reduce premiums.
Make time to talk:
Once you’ve finished giving your finances a good spring clean, start a conversation with your loved ones about your financial goals for the next year. Start new savings targets, measure yourself against old goals, and align your budgets. Friends and family can be important allies for achieving dreams and growing financial confidence, and if you have any joint savings plans it’s especially important to make time to talk and keep each other on track.