Spring into action with your finances
With spring now upon us and Christmas fast approaching, now is a great time to re-evaluate your finances. For those of us who usually don't pay much attention to our financial situation, Spring is a great time to stop and take some time to streamline it and making things easier to understand and manage. Consider implementing these 5 key strategies:
1. Get organized. If you are still using a manual system (aka the shoebox) now is the time to upgrade. Set up a basic filing system to include monthly bills, statements, tax return copies and receipts. That way, when tax time rolls around, you'll be prepared. And you'll save heaps of time when you know where to find it.
2. Review bills for hidden fees. Over time many companies introduce sneaky fees and increases that may slip by. Take some time to review your bills and statements to see if any strange fees have been charged and sort them out.
3. Shop around for deals. Make sure you're paying as little as possible for on your services like Insurance, Foxtel, mobile phone and even credit cards. Sometimes when switching suppliers you can get introductory deals or big reductions in what you're paying now. If you do make a switch, try to avoid signing a long-term contract, which can make it tougher to jump ship should you find something better down the road.
4. Look for your money leaks. Disorganized finances can develop leaks. Look for areas where you could plug these and save some money. If you rent a storage unit for all that "stuff" you never use, clean it out, sell what you can and donate the rest. Sell unwanted items, look at ways to save electricity to reduce bills and if you don't have one already, set up a simple budget so you can track where the money is going - you might be surprised!
5. Put a limit on your activities. Set an annual limit for your activities and stick to it. If you limit yourself to an annual contribution, you can justify resisting those impulse decisions you feel the urge to make when you're in a hurry or on the spot.
Effectively managing your finances can seem difficult and time-consuming, but the reward justifies the effort. Once you've set up system that works for you, make sure you stick to it. Set yourself up for financial freedom today.
If you'd like to discuss these or other ways we can help, give us a call on 3357 5553.