Spring clean your finances

Creating the rich life you dream of takes planning and disciplined work. So, in the same way that your house doesn’t just clean itself, your finances require regular organising and attention. Set aside some time to clean up your finances to get you set up for the new year. Here are some of our tips:

Clean up your paperwork

Holding onto any old or unnecessary paperwork creates clutter and may lead to additional stress. Opt-in for electronic statements and email correspondence where you can, or use an online management system or app for any key pieces of paperwork you are required to hold on to.

Review your cash flow

Establishing a cash flow system to create consistency and transparency with your day-to-day expenditure, without you being required to “do a budget” only to ignore it and wonder where the money went. We can assist you with this.

Please see Cashflow Management System in the Knowledge Centre for more information.

It is also important to review what you have coming up – any adhoc or big ticket expenses such as a holiday, home renovations or even the Christmas period. If the source of funds is your personal cashflow, ensure that you factor this in by increasing your regular allocation to that account or adjusting your discretionary spending.

Automate as much as possible

Whether it is your savings, an automatic investment plan, loan repayments or having your bills direct debited out of your account, the less you are required to physically think about and do, the better your experience will be.

Cancel unused or unnecessary subscriptions

List every single subscription that you pay for, whether monthly or annually – video streaming, music streaming, Foxtel, gym, newspaper, phone applications, extra iCloud storage, antivirus software. There are probably far more than you initially think. Once you have the list together, apply a simple test: how often do I use this subscription, and does it make my life noticeably better? If the answer is no, cancel it.

Check your home loan interest rate

With interest rates at an all-time low, there is no better time to shop around for a cheaper interest rate. If you have an older home loan, there’s every chance that your bank is offering a lower rate to new customers. If they won’t give you a better rate, get into contact with another lender who will.

While team can help by keeping you on track with the bigger picture items like goal-setting, it is often the small things that make all the difference in achieving those goals. We are always here to help with whatever it is that our clients need. If you have any questions or require any assistance, please get in touch.