Along with warmer days and the smell of jasmine Spring brings with it a certain kind of itch.
It’s that seasonal urge to clean up, throw out, and spruce up and it infects everything from our thoughts about our home to our hairdo. Finances too.
So if you’ve got a serious case of Spring cleaning fever here’s how to make the most of it.
Take a tip from Marie Kondo, author of The Life-Changing Magic of Tidying Up, and focus on the things that spark joy.
Following these six steps to Spring cleaning your finances could just work like a charm.
Commit to cleaning up your finances
Sometimes the negative feelings about our spending come from the sneaking suspicion that we’re spending more than we should. Or we’re paying too much for a particular item. Or bought something on impulse. Getting clear insight into where our money is going and committing to some positive changes feels a lot better.
Know what brings you joy in life
Want to reduce that eek reaction when you look at your bank balance or credit card? Think about what brings you most joy in life. How do you actually want to be spending your money? Are travel experiences important to you? Or is it entertaining family and friends? Do you want to commit to lifelong learning? Or have a home with beautifully designed furniture?
Once you know what is important to you it’s easier to see the things that don’t rate so highly.
Clear out anything past its use-by date
Are there direct debits you’ve forgotten about? Have you signed up to subscriptions you don’t use? The gym, Netflix, a club or membership body? They can all seem like a great idea at the time but are they still peaking on your joy-o-meter now? Time to take action: use it or lose it.
Tidy up, one bill at a time
Run your eyes over your ongoing financial arrangements. Fees and interest on financial products rarely contribute to our enjoyment of a purchase or a product. A few small shifts in behaviour can help plug the leaks caused by late fees, non-ATM network fees, and interest charged for paying by credit or using a credit card that’s not right for you.
Are you happy with your current providers? Do you still have a good deal on insurances or utilities? When did you last see your financial adviser or accountant? Are you still on a market-leading interest rate? Is your credit card reward scheme still earning its keep? Could you simplify your financial arrangements?
Bring in a better system
If your finances are always in a jumble you’ll find tax time daunting and find it hard to stay on top of here you’re really at. Whether it’s an app, a spreadsheet, envelopes, or an old-fashioned filing cabinet, putting a system in place ill add an extra dimension of ease to your financial world.
Bring joy to your financial world
Regularly review how you can add more joy to your life. If you love to read but are spending a lot on buying books, use a library or start a book sap circle. If you want to buy your first home research saving and investing opportunities. If you’re wanting to retire early, what saving or tax planning can help you make that happen?
If you’re feeling the urge to do more with your finances, check in with your financial adviser who will be happy to assist.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.