Top 10 Tips to Declutter your Finances!

top10tips

Follow-up Frugal February with these Top 10 Tips to declutter your finances, and we guarantee you’ll save yourself time, energy and a big wad of cash!

1. Negotiate annual renewals: Make sure you diarise when all your annual premiums are up for renewal so you can negotiate a better rate. Use an insurance comparison site like iSelect or comparethemarket to see what’s out there, and then call your current provider – chances are they’ll happily reduce your premiums rather than lose you!

2. Review your home loan: This truly is one of the simplest ways to save a tonne of money. Even a 0.05% savings on your interest rate can mean thousands of dollars in savings and years off your mortgage. Email us or call us on 9887 8751 if you’d like to organise a complimentary review, we promise you’ll thank us for it!

3. Shred it: Unless you need the original for tax purposes, get rid of the paper trail. Those 10-year old utility bills, credit card statements, random shopping receipts and bank statements? They don’t need to be cluttering up your space! Make use of technology and store all your receipts using the ATO’s myDeductions mobile app – as a bonus, you can send info straight to us electronically when tax time rolls around!

And for small businesses we swear by Xero Accounting software… you’ll be amazed how much time this gem will save you when it comes to record-keeping, invoicing, payroll and other number-crunching business processes.

4. Ditch your subscriptions: Ok, maybe not Netflix… but go through your bank statements and make sure you’re not paying for subscriptions you don’t use!

5. Automate your payments: Car payments, insurance premiums, your mortgage and loan repayments – all of these payments can be automated, saving time and stress (never pay a late fee again!). Most providers now offer digital statements too, so you can keep track each month without the carbon footprint.

6. Automate your savings: Schedule automatic transfers from your pay account into a separate savings account – you’ll be surprised how quickly (and painlessly) it all adds up!

7. Budget: Boring, maybe – but necessary. Try Money Smart’s online budgeting tool to work out where your money is going and where you can save.

8. Review your insurances: When was the last time you reviewed your insurance essentials like Life Insurance and Income Protection? It’s good practice to review all your policies on a regular basis to make sure you have the right cover at the best price. This article will help you work out what you need. Save money where you can, but don’t scrimp on the important stuff!

9. Declutter your home: Go through your clothing, books and household goods and sell unwanted items online (Gumtree, eBay and Facebook marketplace are great places to start). Or try a good old-fashioned garage sale. Not only will you appreciate the freshly decluttered space, you can use the proceeds to pay off debt or save for something fun!

10. Just do something. It’s easy to feel overwhelmed when you don’t have a handle on your finances. Not knowing how much you’re spending, how much debt you’re in or what bills are due can give you a vague feeling of anxiety. But when you know the numbers, you can make changes – and taking action always makes you feel better!

If you’d like us to give you a hand decluttering your finances, simply email us, call us on 9887 8751 or book an appointment online.