For many the concept of spring cleaning can seem quite daunting, however this shouldn’t be the case in regards to doing a spring review of your home and personal finances. Here are some quick tips to help improve your financial habits and enable you to enjoy the rest of the year.
Budgeting – Coming up with a simple budget and tracking your spending is a great way to figure out where your money is going, and can enable you to improve your savings levels. This doesn’t have to be hard either, if you aren’t a fan of the traditional pen and paper there are a number of various mobile and tablet apps such as the government’s Moneysmart’s mobile app and Pocketbook that can be linked to your bank accounts and enable you to track spending dollar by dollar. Once it has been established where your funds are going, perhaps a review of spending can occur and any potential savings opportunities explored.
Shopping Around – Spring is also the perfect time to do some shopping around in regards to trying to negotiate better deals with service providers. Providers of insurance, gas and electricity are highly competitive –therefore doing some evaluation and comparison of different providers and even contacting them and asking for a better deal can often result in positive outcomes and even greater savings. Websites such as comparethemarket.com.au allow individuals to easily compare a range of different products from a large number of providers – check it out!
Review of Debt/Credit Cards – Consolidation of bank statements and reviewing debt can be an effective safety net against future traps in your credit journey. It can be quite easy to avoid and forget about debts owed to financial institutions; however, an efficient review at the beginning of the season can help you avoid any unexpected and negative surprises further down the track. It can also be worthwhile doing some shopping around for different credit cards at different rates – allowing individuals to reap extra benefits through lower rates. The downside of this is that it can be difficult to manage multiple credit cards so care needs to be taken.
Visiting a Financial Planner – Finally, if you as an individual are finding the Spring clean and review of your finances too difficult then perhaps a trip to a financial advisor could be in order. They can help with all of the above habits, and ensure financial sustainability in the future.
Overall, undertaking some or all of the above habits is bound to have positive effects on your financial position for the season of Spring. If this review of your finances has you thinking about purchasing your own home or about your current home loan situation, come and see us at New Start Finance in Osborne Park. We can help you through your financial journey.