12/31/2023 0 Comments Financial spring cleaningThe image below shows other significant sources of stress.ĭon’t let your past money mistakes haunt you and stress you out. Here are some ways you can tidy up your finances and in turn will help boost your retirement savings.įinancial Spring Cleaning Tips That Actually Worksįinancial Spring Cleaning Tip 1: Be kind to yourselfĭid you know that one of the major stressors in life is money?Īccording to a recent survey by American Psychological Association, 62% of Americans find money as one of the leading causes of their stress. Now, it’s time to review and reassess those goals and see what’s working right for you and what’s not. Spring is the perfect time to spruce up your finances since you’re only a few months away when this year started when you set your financial goals. (Yes, this exists.) Aside from continuing the tradition of overhauling your overflowing pantries and closets, you can go beyond cleaning living spaces by fine-tuning your finances. You may find that that there are other home loans available that better meet your needs.įind out how you can save money on your home loan.Spring is officially here, which means it’s time to do some financial spring cleaning. If you have a home loan, make sure it's still working for youĪ lot can change in a year, so take some time to review your home loan’s fees, interest rate and features. It may be helpful to seek expert advice to ensure you have the right insurance for your circumstances and that you are adequately covered for life’s unexpected events.ĥ. Put aside some “rainy day” savings – easily accessible funds you can draw on in an emergency. This is a good subject to discuss in greater detail with a financial planner but here are two simple ways to get started: It is important to ensure that you have a “safety net” in place in case of any unforeseen circumstances, such as sudden job loss or illness. If 2020 taught us anything, it’s that the unexpected can happen. If detailed spreadsheets aren’t for you try: As Marie Kondo would say, assess whether something “sparks joy” for you or whether you should let it go and cut out unnecessary expenses.īudgeting is not a one-size-fits-all exercise and the best type of budget is one you use and can stick to. While living within your means is important, so is doing the things you love – such as going out for a nice meal. If your bank account has fees, consider switching to a low or no fee bank account. Look out for unused subscriptions that no longer serve your needs and identify areas where you could you cut down. Going over your expenses with a fine-toothed comb is an important part of understanding where your hard-earned dollars are going. Make sure you tick off your small wins along the way – seeing what you’ve achieved is always good motivation. Keep your plan on hand and revisit it regularly so you can keep on top of your goals. What are the steps you need to take to achieve the smaller goals? For example, to save $1,000 in one year you’d need to put aside about $20 per week.What would you like to achieve over the next month or year? What are some of the smaller scale goals? For example, boosting your savings or clearing some debts.Imagine your ideal lifestyle, your home and what you would ideally spend your time doing. Start with a long-term vision – think as big as you like. If you find goal-setting difficult, try breaking it down into smaller pieces: What are you waiting for? Grab a pen and paper and get started! The research also showed that sharing your goals with another person can increase your chances of success. Research from the Dominican University of California* revealed that people who write down their goals are 42% more likely to reach them than those that don’t. Set realistic financial goals – and write them down Here are five financial spring-cleaning tips to help you to get on top of your finances:ġ. As the days start to get longer and warmer, it’s a popular time to dust off the cobwebs and give the house a thorough spring clean.īut what about your finances? Revisiting your financial goals to ensure you are heading in the right direction and checking in on your household budget is an important task.
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