Financial spring cleaning

Spring is making itself at home. Whilst many people are literally dusting away the winter cobwebs, we reckon it’s also the ideal time for a financial spring clean. Take stock, minimise spending where you can and convert that excess spending into your bottom line. Here’s how (it’s really quite simple).

Smooth out the big stuff.

In a “top to bottom” approach — just like a household clean — start with the big jobs. Review your home loan interest rates, insurances premium, and regular bills first. Initiate “bill smoothing” — this is when you average out your utility bills and prepare them weekly or monthly. This means you pay as you go, in small amounts, instead of having to fork out a lump sum on a due date. Most utility companies offer bill smoothing now — you can ask them about it individually.

Tackle the small stuff.

With the big stuff looking spick and span, it’s easier to see what small jobs need to be done. This comes down to patterns of spending and looking at luxury items (e.g. streaming services, eating out, shopping sprees) that can be minimised to save money. 

Tracking your spending is a good place to start. You’ll quickly be able to see patterns of behaviour, learn a lot from them, a with a bit of determination and willpower, change them. Once you’ve pinpointed some excessive spending, ask yourself, do I still need this? Have my circumstances changed? Is this something that you actually get any benefit or joy from? Often, making lots of small changes results in huge savings!

You can also check out our article from last month with more practical savings tips. 

How can Ascent Accountants help here?

Great question! We work with trusted financial advisors who can help you with a thorough financial spring clean so you can maximise your savings. Contact us to talk about this in more detail — we’d love to help set you up with a reliable financial advisor that we can personally vouch for.