Dust off the cobwebs - it’s time to spring clean your finances!

Yes, it’s true - it’s not just your cupboards that can benefit from a good spring clean. Dust the cobwebs off your finances this spring and you’ll be surprised how much you could save for those summer holidays, life goals or other epic adventures... 

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.

Follow these simple tips to see how much you could save this spring:

Give your bank statements the once over

Giving your recent bank statements the once over is a great way to pick up those spending leaks like unused gym memberships or entertainment subscriptions that you might still be paying for without even knowing. If you haven’t run an eye over your account transactions for a while, including your credit card statements) you could be surprised what you find. You could save a bundle just by taking some time out this spring to go through your transactions with a fine tooth comb and cancel any of those recurring payments for services you no longer use, or could go without if it meant more dollars in your pocket for summer fun and savings. 

Reboot your budget

There’s nothing like a spring budget reboot to get your financial fitness on track. Don’t have a budget yet? No problem, now’s the time to get started. Make sure your budget covers all of your earnings and living expenses (including those quarterly and annual bills), to make sure it’s as accurate as it can be. That way you’ll have a realistic idea of how much you can put away each month to reach your goals sooner, like that new set of wheels to fuel your summer adventures. Rebooting or creating your budget gives you the perfect opportunity to identify places you can cut back on spending too - do you really need more camping gear? Can you cut back by packing your own lunch more often? 

Make sure your home loan still adds up

Since home loans are usually taken out over long periods of time, it’s likely that you’re no longer getting the best rates or home loan features since you first took out your current loan. Could you save a bundle on interest and take advantage of flexible loan features like offset or redraw facilities that meet your needs better and might let you pay down your loan faster? Getting a free health check on your current loan is a great way to find out.

Our Lending Specialists can help you size up your home loan options and find the best deal for your needs, either over the phone, in person (covid depending) or via video call. 

Talk to a Lending Specialist to see how much you could save if you switched to a new home loan. 

Simplify your super 

Do you have more than one superannuation account? Do you even know how many you have? Over the years many of us end up with multiple super accounts with different funds, sometimes without even realising it. But maintaining multiple accounts can mean money down the drain because you pay account fees for each super account. Rolling over your super into the one account is a no brainer and a great way to save yourself some dollars this spring.

Run an eye over your energy bills

While you’re in spring cleaning mode, why not run an eye over your energy plans to make sure you’re not over-paying. When we first sign up for a plan we often get lower rates or a good deal that can lapse after the initial ‘honeymoon period’ when it rolls onto a less competitive plan. With those summer cooling costs just around the corner, now's the perfect time to check your plan to see how much you could save for summer.

Ready to dust off your finances this spring? Even taking one or two of these tips on board could help you save hundreds.