Spring Clean Your Finances
““A penny saved is a penny earned.” - Benjamin Franklin
Just like spring cleaning your home, you can spring clean your finances too. Old or young, most have a “set it and forget it” mindset when it comes to money. Be it savings, loans, bills, etc.
With spring here, it’s time to look at what you’re paying and see if you can start saving yourself some money.
HERE ARE A FEW IDEAS ON HOW TO REJUVENATE YOUR FINANCES
Mortgage - With the potentional for mortgage rates to drop (or rise), check to see if you are still getting a competitive rate.
Savings - Where is your money sitting? Could you be earning more interest if you moved your savings account into a term deposit or into another savings account? Make sure wherever your money is that you’re not paying more in fees than you should be.
Home and Contents Insurance - When was the last time you assessed the value of your home? Not just the property, but everything inside it and the renovations. If you’ve made any upgrades, the value of your home has probably changed.
Check out the Home and Contents Insurance offer for FiftyUp Members
Superannuation - Though you may not touch it until you retire, you should check your statements to see if you are being charged for fees that you shouldn’t be paying for. It’s also a good idea to make sure your personal details are up to date as well. If you have life insurance cover outside of your superannuation, check whether you are also paying premiums for life insurance cover through your super. You could be paying more than you need to.
Life Insurance - Has your cost of living increased but your life insurance cover has remained the same? It’s time to review your policy to see if it covers everything you need.
Check out the Life Insurance offer for FiftyUp Members
Budget - Now that you’ve gone through your finances, it’s time to look at your budget. Use a budget planner to help you track your expenses. MoneySmart.gov.au has a budget planner you can download and it’s easy to use.
The advice given in this article was prepared without taking into account your objectives, financial situation or needs, so before acting on it, you should consider the appropriateness of the advice having regard to your personal situation. You should also obtain and consider the relevant product disclosure statement and terms and conditions that apply to the products and offers on this website, which are available by going to the offer page.
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