Time to spring clean your finances

While spring may typically be the time of year you give your home an overhaul, it’s also the perfect opportunity to do the same for your finances.

By dedicating just a few hours to review your financial situation, you could end up saving hundreds over a year—that’s time well spent, wouldn’t you say?

Here are some of the top ways to give your cash stash a boost this spring:

Run an eye over your bank statement

If you haven’t assessed what is going in and out of your bank account for a while, there may be some payments you’re making for services or subscriptions you no longer use (like that unused gym membership as an example).

So take the time this spring, to look over your bank statement and cancel any payments that are an unnecessary drain on your money.

Create a budget

Now is also the perfect time to create a budget or if you already have one re-evaluate it. A budget will allow you to see how much you have left over once your expenses are deducted from your income, which you can put towards your savings goals—say that new car or end of year holiday.

When creating a budget, also look at areas you can cut back on like swapping takeaway dinners for healthy cook ups at home or opting for Netflix and chill at home over going to the cinemas.

Review your home loan

As home loans last over such a long period—typically 25 to 30 years—chances are the home loan you originally signed up for may not have the best rate or the features you need at this stage of your life like an offset account or redraw facility.

That’s why it’s important to review your home loan on a yearly basis, to ensure you’re signed up with a package that’s right for you.

Consolidate your super

If you have multiple superannuation accounts that you’ve accumulated over the years, keep in mind you’ll be paying fees on each account.

By simply rolling your varying superannuation accounts into the one account you’ll save yourself from this multiple fee money drain.

Check your energy plan is still competitive

While your energy plan may have been market leading when you first signed up, many plans will often roll over to a less competitive deal after the first year comes to an end.

Make spring the time you check your charges and whether they are still competitive in the market, so that your post summer energy bill doesn’t take a significant chunk out of your savings.

Even if you only take on one or two of the above tips, you’ll be on your way to serious savings this spring!