4 Ways To Spring Clean Your Finances
With spring almost upon us, now is a great time get the house in order. It is also a great time to spring clean your finances. There are several ways to ensure everything is running how it should be. Make sure you get the most out of your money and don’t pay more than you have to.
Review Your Investments and Superannuation
If you have had several jobs, there is a good chance you have several superannuation funds. Having multiple funds means multiple fees. This could easily mean your superannuation is not working as hard as it should be. Simply due to the additional burden of fees. Talk to a qualified Financial Planner about how you can consolidate your various superannuation funds into just one. A good financial planner can look at various options when it comes to your investment portfolio. If you don’t have one, let us know and we can put you in touch with someone.
Put Some Fresh Eyes On Your Insurances
Insurance is very important when it comes to home ownership. If something were to happen, you need to have good insurance cover to get things back to where they were. Insurance is a competitive market with a multitude of options available. Check in with your insurance broker, or go on-line to review various policies available. Don’t just renew your policy when it becomes due. Make sure you review what you have to what is available, making sure you are getting the best value for your money.
In areas where there have been flood, fire, or storm, make sure your insurance cover is still current and suitable. Once there has been an insurable event, premiums are often affected. Simply rolling over your current insurance could cost you more each month. Or more, if recent events have become excluded and you don’t realise. Spring clean your finances by making sure you have the right insurance every year.
Clean up your paperwork
The financial year means completing a tax return. This can be daunting, as well as a drain time and resources. By keeping your paperwork in order during the year, you will find tax time a little less overwhelming. Using a financial program like XERO or MYOB, or Excel spreadsheets can help you budget better. Make sure your receipts and invoices are filed away for easy access. Scanning and saving with a good naming convention is easy to do. Have a look at Genius Scan or HP Smart in the App store as easy to use ways to store without having a scanner. Spring clean your finances now by getting your paperwork together.
Spruce up your mortgage
A good broker should be in contact with you a minimum of once a year to do a Home Loan Review. You need to ensure you are getting the . If you have a fixed rate at present there is not much you can change without costs. However, you can still be prepared for when the fixed rate expires.
By switching your loan to one with a cheaper interest rate will mean a lower repayment each month. However, if you are happy and able to continue with your current repayments, you can save a LOT of money by keeping your payments the same.
The Home Loan Comparison Co. compares home loans from a much wider variety of banks than most people have time to consider, and we find the loan that suits your goals.
We are experienced, knowledgeable and dedicated to building ongoing relationships to keep on providing personal and valuable service that is rarely experienced when dealing with the banks.