Tips to spring clean your finances
Spring is here and it’s the perfect time to refresh many things in your life. Clearing the clutter around your home can be good for the soul, but reviewing your finances can potentially bring greater rewards. Here are some handy tips to spring clean your finances.
Get your money working harder
Tidying up your finances can make a real difference to your household’s bottom line. Have a look at your bank account statements to see what fees and changes are eating away at your savings. If you’re paying too much, switch to a transaction account that doesn’t charge monthly account keeping fees or transaction fees. A couple of accounts even offer full refunds on international and overseas ATM charges while you’re travelling or shopping online on international websites. While you’re looking at your statements, cancel any regularly debited subscriptions (gym, streaming TV, etc…) that you don’t need or may not use as much. It’s a simple way to save some dollars.
Once you’ve saved some money on fees and expenses, why not look at whether you can earn some interest on your savings? While transaction accounts traditionally offer no or lower interest rates, you can always add a linked savings account that delivers reasonable returns. In some cases, you could earn bonus interest for the savings account just by having your salary deposited regularly into your linked transaction account. Consider using a Savings Top Up feature where a set amount is put into a savings account each time you spend money from your transaction account.
Clean up your budget
Giving the rest of your household finances a good going over can also be beneficial. Pull out your budget and go through all your incomings and outgoings – they can change quickly over time, particularly expenses. Start by looking at recent bills and update your budget with all the new amounts. Add in any new expenses and think about the ones you could go without. It’s also worth reviewing your insurances to make sure you aren’t paying for more than you need. Working with an up-to-date budget can help you track your spending more effectively and help you reach you savings goals sooner – like a summer holiday! Of course, if you need a little help budgeting, here’s a simple calculator.
Freshening up your finances this spring can bring many positive rewards. So why not make some time to clear the clutter and make the most of your money?