Spring clean your finances this September
Analaura Luna If you've let your finances hibernate this winter now is the perfect time to take a look at how to breathe a little life into them so that you can enjoy all of the benefits of taking a fresh approach to your money management!
Spring is all about new beginnings … and when it comes to getting your money management in order, ‘spring cleaning’ your finances is a great way to blow off the cobwebs and create a fresh new start! And we can even give you a great reason for wanting to blow the cobwebs off your money managing … getting everything sorted out now will give you more free time (and money!) to spend doing the things you really want to do when summer comes! Here are five things you can do this September to get your money in order so that your money management will be in sizzling form by summer!
Get your taxes sorted
Getting your taxes sorted out is much easier if you’re not trying to scramble around doing everything at the last minute! If you’re planning on grabbing a Tax Pack and taking a DIY approach, you need to have your return lodged by the end of October, so now’s the time to start organising those receipts, group certificates and other important pieces of paper you’re going to need to get the job done. If filling in financial forms isn’t your ‘thing’ and you’d prefer to have a tax agent handle your return, you will have a slightly longer deadline, but that’s no excuse for putting off organising your tax papers! It’s also the perfect time to jump online, or speak to your tax agent, to find out exactly what deductions you could be entitled to so that you can hunt down all of the necessary receipts that you’ll need to have on hand. If you have school age kids make a point of finding out all you can about the Education Tax Refund so that you can claim back some of the small fortune you’ve spent on getting everything they needed for school this year!
Get organised!
Did the thought of finding all of your tax papers chill you more than winter did? Perhaps it’s time to start organising all of your paperwork so that you can put your hands on everything you need quickly and easily next time you need to find something. Here’s a great system that’s easy to set up and easy to use: get an expanding file and have a section for each day of the month. As paperwork comes in, file it on the day you’d need to do something about it and make a point of checking your ‘in-box’ each night to see what you need to do the next day. Next, get some ring binders or manilla envelopes and dedicate one to bill, statement or account and transfer things from your in-box to this permanent filing system once they’ve been dealt with. If you really don’t want to deal with your bills, or have difficulty remembering to pay them on time, set up an auto debit system to make sure that you don’t get slugged with late fees again.
Set up your ‘freedom fund’
Have you ever caught yourself saying ‘I’d do X if I had the money’? Now’s the perfect time to build your ‘freedom fund’ by putting money aside to grow so that you can do all of the things you always wished you could afford! Do some research to find the account with the best saving rate possible and set up an automatic debit into that account each payday so you can’t forget to feed your freedom fund. While you’re at it, arrange an extra automatic debit into your mortgage (if you have one) each pay cycle – even a few extra dollars a week will make a difference to the interest you’ll be charged, and wouldn’t you like to pay a little more now so you can avoid paying a lot more overall? How much can it save you? Take a look at some online mortgage calculators to find out – and be ready for a shock when you see what a huge difference a small amount can make!
Send your money to boot camp
It’s natural to tend to want to slow down and hibernate a little over winter, but now it’s time to get your money back into shape! Make your money work harder by making sure that you’re getting the best possible deals on the most your mortgage, credit cards, personal loans and savings accounts. Have a chat to your bank about the ‘best’ deal that you can get and then head online and see if you can do better elsewhere … but once you know what your options are, give your bank the change to win back your business before going elsewhere. You might just be surprised by what your bank is willing to offer to keep your custom.
Detox your finances
There are 30 days in September, which makes it the perfect month to start working through the 30 Day Challenge! Our simple, step-by-step money management detox is the ultimate financial spring cleaning program that will put the spring back into your step by streamlining your expenses and giving you more money to put toward doing the things you really want to do!
If you liked this article
you might
also be interested in taking a
look at these articles about money management:
Take control of your debt
Is
credit consolidation right for you?
Want more? Take a look at the rest of our money management advice articles.
Share your thoughts,
ideas and tips with the rest of the YFYM
community ... visit our live forum
to have your say!
Make sure you get the latest money management advice - bookmark YFYM today!
Tags: money management, best saving rate, 30 day challenge, thirty day challenge
|
 |
|
Analaura Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.
|
 |
