SPRING is a beautiful time of year.
There’s a sense of renewal in the air as plants jump into growth mode and provide a colourful backdrop for the city.
It’s also the perfect time to rejuvenate your finances.
Christmas isn’t far away and then we’ll be launching into New Year resolutions which normally revolve around fitness, fun, family, and finances.
Here are some ideas to get your financial spring clean started.
Just like decluttering your home, take a look at your financial world.
Start with Budget
Are there any expenses for things you no longer need or use?
Can you reduce costs and redirect funds toward your financial goals?
It’s also a good time to shop around for a better deal on your utilities and insurances.
Check your goals
How are your financial goals ticking along? Are you on track to meet them?
Or do you need to get moving again?
Of course, if you don’t have any current Money goals, then now is the time to put them in place.
It could be a savings or investment goal, paying down your debt, or looking forward to a holiday.
Paying Down Debt
Tackling your consumer debt (think credit cards, buy-now-pay-later, and personal loans) is a crucial step toward financial wellbeing.
Start by listing all of your debts from smallest to largest. Pay the minimum payment on everything but throw every extra dollar possible at the smallest debt.
This builds real momentum and soon you’ll have that first one gone. Then roll all that repayment power onto the next one, and repeat.
Check Investments
This applies to your Super and other investments. Review your portfolio and check that you are well diversified, rather than having too many eggs in one basket.
Spring is a good time to ensure that your investment approach has the right balance of risk and growth so your money can grow.
Automatic Savings
Automate your savings to make it an easy part of managing your money.
Using automatic transfers to a savings or investment account will ensure that you are consistently getting ahead.
