Top five ways to Spring clean your finances

Want to shape up for Summer? Don’t let your wardrobe or your waistline be the only areas of focus.

13 Aug 2019 | Personal finance | Share:

With less than a month until Spring, you might be thinking about cleaning out that wardrobe or joining a gym. But the change of the season can also be an opportune time to get your finances in shape too.

  1. Brush up on your budget Over time, your income and expenses change, so it’s worth doing and audit of your incomings and outgoings to keep your savings on track. Identifying where you are incurring unnecessary costs can make a big difference.

  2. Dust off your debts If you’ve let debts mount up over recent months, now is the time to do something about it.

    A consolidation loan might be a simple way to help better manage repayments so that you can be debt-free sooner and put a spring in your step as summer nears.

  3. Check you have everything covered While cleaning up and clearing out, you’re likely to hold on to a few things of sentimental – and economic - value.

    Updating your insurance policy means you can face the warmer months with peace of mind.

  4. Review and refinance After achieving the above, you’ll have a clearer idea of where you sit financially. So, it might be worth looking at your current home or car loan to see if there is a more suitable product out there. Online comparison sites, calculators or your local broker can help.

    Refinancing to a solution that better fits your current situation could free up extra cash for that summer holiday or help pay off your loans sooner.

  5. Clean up with confidence ASIC's MoneySmart Site has more handy hints and tools to help, and a Liberty Adviser will be able to help get you on the right track.