Time to give your finances a spring clean?

Spring is the perfect time to dust off the cobwebs and get your house in order before summer comes along, and your finances are no different.

All it takes is a few hours to give your money matters the once over this spring and you could save hundreds of dollars every year — that’s time well spent, right?

Disclaimer: The information contained in this article is of a general nature only and should not be taken as financial or legal advice on any of the topics discussed. Always consult a financial adviser before making any investment decisions.

Simple ways to give your finances a face lift this spring:

Dust off your bank statements

Could there be payments you’re still making for services or subscriptions you no longer use? Think entertainment subscriptions like Netflix, or gym and yoga memberships. If you haven’t run your eye over your account transactions for a while, take some time out this spring to do just that. Taking just a few minutes now to cancel recurring payments for services you no longer use or don’t really need could help you save hundreds of dollars.

B is for Budget

While you’re in spring cleaning mode, it’s a great time to review your budget, or if you don’t have one, to create a simple budget from scratch. Setting up a realistic budget based on your ongoing income and regular expenses lets you see how much you actually have left over at the end of each week or month to put towards your savings goals like that summer holiday or new set of wheels. It’s a good idea to look at areas you could cut back on spending when you’re reviewing your budget too. Can you swap takeaway for cooking more at home, pack your lunch more often or buy fewer takeaway coffees? Cutting back on the little things can really add up to big savings over the course of a year. 

Could you save on your home loan?

Since home loans are usually taken out over 25 or 30 years, the chances are the home loan you signed up for may not offer the best interest rate or the right features (like offset or redraw facilities), for where you’re currently at in life. Reviewing your home loan each year is a great habit to get into to make sure you’re not missing out on lower interest rates that could save you a bundle as well as the loan features that work best for you and your current financial circumstances.  

Why not let the experts put your home loan to the test with a free home loan health check? Our Lending Specialists can help you weigh up your options, compare home loans and find the best value loan for your needs, either in person (covid depending), over the phone or via video call.

Book a call back online to see how much you could save.

Consolidating your super

It’s common to have multiple superannuation accounts that you’ve accumulated over the years through different jobs or employers. But what you might not be aware of is how much you're paying in unnecessary fees for each super account. Rolling your hard-earned super into the one account is a simple thing you can do this spring to save yourself from multiple fee money drain.

Review your energy plan

When you first signed up to your current energy plan, your provider might have been offering the best deal on the market, but many plans will lapse after an initial ‘honeymoon period’ (often twelve months) and roll over onto a less competitive deal.

With summer energy costs like aircon, pool, fans and more just around the corner, now’s the time to check your energy bills and review your plans to make sure you’ve got the best deal on the market.

Ready for some fresh spring savings? Taking even one or two of these tips on board could put you on track!

This article was originally published in November 2018 and updated in October 2021.