Spring Clean Your Finances
It is good practice to give your finances an annual ‘clean out’. Not only with you get things in order, you may be able to take advantage of new deals and save month at the same time. Here’s a few steps to follow:
- Get a better deal. If paying off your credit card debt is more of a priority than reward points, switch to a low interest rate car.
- Spot check your savings and investments. Collect statements from all of your savings and investment accounts and check them against last years to see how much they have changed. Then review them against your goals to see if they are still appropriate to your goals.
- Put some order into your money paperwork. If you haven’t already done so go out and buy a portable file or some folders and put all your bills, bank statements etc in an ordered filing system. It will take a bit of getting used to but once you get into the habit you won’t know how you survived beforehand.
- Monitor your mortgage. Run your eye down all of your statements and see if all payments etc are being put into your account properly. While you are there check out how many years you have to go before you pay off the loan. It may also pay to have a chat to a mortgage expert to see id there are nay better deals at that time as well.
- Check up on your health insurance. Compare your fund with the others in the marker and if you can find a cheaper alternative (for the same cover as you have now) and take it.
- Clean up your home insurance. Check to see if all your insurances are paid up and cover everything you think they cover you for.
- Ring up about a new phone deal. Don’t get mad at your phone bills – look for a better deal. Now with number portability in place there are great deals on offer so if you sport a cheaper deal take it.
- Get an update on your superannuation. With a great deal of activity happening in the superannuation industry it is a good idea to run your eye over your super statements. Make sure your current superannuation account includes the amounts from your previous jobs super policies.
- Re-check your goals. Things change and so do your needs and wants which therefore affect your goals. During your spring clean make it a special point to re-check your goals and if need be change them.
From Unlock the Secrets of your Money Personality by Greg Smith.
Unlock the Secrets of your Money Personality is a kick-up-the-bum for anyone who knows they should be sorting out their finances, but does know where to start. Through identifying your existing money habits and suggesting strategies for increasing savings through budgeting, investing and most importantly, learning about money, Unlock the Secrets of your Money Personality can transform you into a knowledgeable, money-savvy chick well on her way to financial independence and security.