Spring has arrived and with it brings a flurry of spring cleaning. Spring cleaning your house is good, but spring cleaning your finances makes good sense!
So what can you do to whip your finances into order? Take a seat and let’s get started.
- Financial Plan
Grab your financial plan and check that you’re on track? What are your investment balances and returns over the past 12 months? what fees are you paying? Do you have cash sitting idle that could be working harder? How long is it since you reviewed your financial plan?
If you don’t have a financial plan, call me and we can get started on it with you!
What’s your interest rate? What are your fees? How long since you’ve reviewed your loan? Are you paying for features you don’t need? Could you benefit from additional features like an offset account? Can you take advantage of low-interest rates and make additional repayments now? If you haven’t talked to your mortgage broker in the last two years, make a phone call today. You could save thousands.
How much equity do you have in your home? While you’re talking to your broker about your interest rate and home loan, ask them to calculate your borrowing capacity for an investment loan. Leveraging the equity in your home is a great strategy for building wealth.
Do you have all the insurance you need? What are you paying for it? Could you get a cheaper premium or do you need to increase your cover? Whether it’s health, home, car, life or income protection insurance, don’t just set and forget. Proactively take an interest.
How long is it since you had a conversation with your phone, gas or electricity supplier? Are you under contract? When does it expire? Do you really need a new phone when your contract is up or could you slash your phone bill and hang onto your phone for another 6 months? Again, being proactive could save you a ton of money.
My number one tip when you’re reviewing your finances is to use any additional money that you’ve found wisely. Don’t just let it fritter away on daily expenses. You’re already surviving without it – so why not invest it? You could use to top up your super or make additional mortgage repayments or put it in a savings account.
Your finances deserve your attention. Give it what it deserves and it will look after you in return.