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Tidying Up Your Finances

Marie Kondo has been all the talk lately from her Netflix Series Tidying Up with Marie Kondo to her statement of getting rid of bibliophiles beloved collection.

Her main thing about decluttering your life is always asking, “does it bring you joy”?

And whether you love her, hate her or don’t even know who she is, one word she does have right is: declutter.

While your finances might not bring you joy, you can declutter them while you’re decluttering your home, closet, and life.

Here are a few things to consider decluttering.

Your Health Insurance Policy

When was the last time you actually read what your health insurance policy covers? Are you still paying for obstetrics when you are well past the point of childbearing age? Call up your provider and go through your policy line by line and remove what no longer serves you and you could significantly lower your premium.

Your Life Insurance Policy

This is another insurance many people have a tendency to “set and forget”. If you took out your premium 10 years ago, things have probably changed for you since then. Upgrade to a new home or downsized into a smaller one? Add to your family or have a loved one pass? It’s generally a good idea to look at your life insurance policy every 2 years and adjust accordingly. By doing so, you could also lower your premium costs.

Your Energy

When was the last time your energy provider called you and said, “hey, heads up, we’re lowering your rate?” Probably never right? Maybe you’ve been with the same provider since you moved into your home or maybe you can’t even remember when was the last time you actually looked at what you’re paying for or what discount you get. Grab that bill and just like with Health Insurance and Life Insurance, sit down with it and look through it with a fine tooth comb. What’s your discount? If you don’t see one, you might not have one. Is your discount off usage? Supply? Both usage and supply? If you’re not appalled or crying in tears at your energy bill, congratulations. If you’re the first, it’s time to start shopping around for a new provider.

Other things you can look at is your Home Insurance and Car Insurance and while there are tonne of other finances you can declutter. These will get you started and could save you money you weren’t aware you could save.

 

Any advice contained in this article is general in nature and does not take account of your particular objectives, personal circumstances or needs. If in doubt about your own situation you should seek appropriate advice.

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Robert
Robert from NSW commented:

I do this at least annually, and check out the offers in between. And as for electricity, check the daily supply rates ( cents per day ) and usage rates ( cents per kwh ) and then the discount applied, You might get a horrible surprise. 

Peter
Peter from NSW commented:

This is sensible advice for those people who have the "set and forget" mentality. 

Kevin
Kevin from VIC commented:

When decluttering make sure you check your old Click 50 up deal. Their Vic energy prices went up recently, (mercury) but their new 50 up deal (Saturn) signs you on at the old (cheaper) rates. 

Peter
Peter from NSW replied to Kevin:

Their prices are still way too expensive even with the huge 40% discount. 

Gilbert
Gilbert from QLD commented:

All good sensible advice, thankfully I have don e most of this... 

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