While you're cleaning out your home, it’s worth your while to also give your finances a much-needed review. By giving your finances a thorough spring clean, you may find there are areas where you can easily cut back, negotiate a better deal and ultimately save money.
These tips can help de-clutter your finances this spring:
TIP 1: Review last year’s budget
Did you have a budget in place last year? Did you fail to stick to it? Are there areas where you could further tighten your spending? By reviewing what aspects of your financial management process worked and what didn’t, you can help yourself to create a leaner and more successful budget for the coming year. You may find there are certain expenses you can reduce or remove altogether, which will help free up your cash flow and pay down other debts you may have.
TIP 2: Consider debt consolidation
If you’re struggling with a range of debt repayments, rolling your other debts into your mortgage may help you to pay less each repayment period and gain some peace of mind. However, remember that those debts will be stretched over a longer period (i.e. your entire home loan term), if not managed well.
TIP 3: Get a free Home Loan Health Check
If you’ve been in the same home loan for an extended period of time, chances are that it may no longer be the right product for your current financial needs. A free Home Loan Health Check will help you work out whether your current loan is still the most appropriate product for you, and (where necessary) identify another solution that meets all of your needs.
Spring is the perfect time to check you’re still in the right home loan for your needs. So why not give your local broker a call to arrange a free Home Loan Health Check?