Spring clean your finances
Spring is in the air. Which means a lot of people are getting out the mops, vacuums and dusters for a little spring cleaning. But don’t forget about your finances.
The new season and the warmer weather are the perfect opportunity to clean out your financial cobwebs and set yourself up for success as we roll into Christmas and the New Year.
Here’s how to get started.
1. Declutter your bank accounts
If you have several accounts spread across multiple banks you’re doing it wrong. It just means more statements, more fees and more confusion. Which makes it harder to keep track of your finances.
An easy way to start your decluttering process is to close bank accounts that no longer serve a purpose. And if you’re going to consolidate with a single financial institution make sure you choose one with the right mix of benefits, convenience, fees, and features for your needs.
2. Reclaim lost money
Is there an unclaimed pile of cash with your name on it? Only one way to find out. Visit the Government's MoneySmart website and you’ll be able to search for unclaimed money, including lost bank accounts, shares, investments and life insurance policies in your name.
3. Consolidate lost super
There’s approximately $21 billion in unclaimed super sloshing around in government coffers. Some of that could be yours.
Consolidating multiple super balances into a single fund lets you save on fees and unnecessary life insurance premiums.
You can search for lost super and consolidate it by logging into the MyGov website.
4. Shine a light on your home loan
Home loan interest rates may be at record lows, but that doesn’t mean you’re getting the best deal.
Have a close look at your statement and the interest rate you’re currently paying. In a competitive market it’s likely you could do better, especially if you’ve had your home loan for several years
Either way, it pays to check in on your home loan.
Looking for a better deal?
If you’re a Catholic Super member be sure to check out the special banking offers available through our 100% owned bank, MyLife MyFinance.
5. Find a better credit card
While home loan interest rates are at historic lows, some credit cards are still charging 20% per annum. If you have credit cards debts and haven’t shopped around there’s a good chance you’re paying more than you need it.
Consolidating your cards and opting for a zero-interest term with one card is a popular option. But don’t forget to look at ongoing interest and fees. Whatever you choose, the lower the interest rate the quicker you can pay back the amount.
That’s it. Five simple steps that can help you find lost money, avoid unnecessary fees, and boost your savings. If you’ve set aside time to clean the home, try and do the same for your finances, the savings can be significant.
Our financial planners can help you plan-ahead and chart a course for success. To find out more please check below.
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Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010). The information contained herein is general information only. It has been prepared without taking into account your personal investment objectives, financial situation, or needs. It is not intended to be, and should not be, construed in any way as investment, legal or financial advice. Please consider your personal position, objectives, and requirements before taking any action.
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