It’s officially spring and whilst you may spring clean your home, you should also look at spring cleaning your finances.
The Festive Season is Around the Corner
The festive season has a way of creeping up on us and some retailers start stocking Christmas items from October and end of year office parties happen in November. With this in mind, it is a good idea to use September to get ready by drawing up a detailed festive season budget. This can help to make sure you don’t overspend and when the silly season hits, you will be ready with your budget and a plan.
What Are You Going to Do with Your Bonus?
It is not always guaranteed that you will receive a year-end bonus, but if you are counting on one then you should start planning now about how you will be using that extra money. You may want to top up your retirement annuity, keep it as an emergency fund or pay off high interest debt.
Get New Quotes for Short Term Insurance
It’s a good idea to shop around for short-term insurance, to make sure that you are getting the best deal. There are plenty of products on offer and it can be confusing, so you should consider seeking the help of an independent short-term insurance broker that can get comparative quotes for you. You may find that you can save money on your short-term insurance and use these savings to boost your investments.
Check You Cellphone Contract
Many of us would have had our cellphone contract for years and we don’t really pay much attention to it or the small print when we upgrade. However, check your cellphone usage and go to your nearest service provider to seek advice on the best package for you. Service providers are now able to tailor make a package for you based on your usage and may be able to save money by changing your package.
Your Loyalty and Rewards Programmes
It can be time-consuming to keep track of all your benefits offered from rewards and loyalty programmes, but spend some time with these and make sure you are maximising your benefits.
You should avoid the trap of spending to save. This is where you are only rewarded after you spend at a certain level. This can result in you buying things you don’t need just for extra rewards.
What Are You Subscribed to?
Nowadays there are a number of subscriptions on offer to us like DStv, Apple Music, Spotify, Netflix, Showmax and so on and these can drain our monthly budget. So, time to spring clean your subscriptions and see what you are subscribed to, how much you are paying and if you are actually using these subscriptions to their full value.
If you find that you are not using some of your subscriptions then cancel them, it will save you money.
Get Rid of Your Old Documents
It is important to have a good filing system, but keeping everything can cause inefficiency. Scan and file tax and financial documents that you legally need to keep, but the rest you can shred.
Get Your E-Filing Done
The deadline for e-filing is December 4th, so you have plenty of time to get your tax returns submitted. Get all your documentation together now so you can file your returns on time and receive any refunds as soon as possible.
See Your Entire Financial Picture
There are apps now that will help you to see your entire financial picture at once. These apps help to track your income and expenditure as well as list your assets, liabilities, track your money goals, draft a budget and plan your investments.
Clean Up Your Wallet
Having an organised wallet can help you to feel more in control of your finances. File all those receipts that you are keeping in your wallet, cut up any old cards and remove any unnecessary items. Your wallet doesn’t need to be full of old receipts, business cards and coins, so get organised.
What is Your Bank Charging You?
This is the perfect time to assess your bank and what they are charging you, because there are now newer and more innovative banks in the marketplace. You may find that by shopping around you are able to get a better deal. Take stock of what your bank is charging you and then do some research into what other banks are offering.
Plan for Black Friday
Black Friday is taking place on November 29ththis year and is a sale day where retailers and big brands offer huge discounts on products ranging from food to appliances and more. Black Friday happens less than a month before Christmas and many use this time to do their Christmas shopping and often use their bonuses to fund their purchases. There is a lot of hype around Black Friday and it often means that we end up spending our money on items that we don’t really need.
If you are planning to shop on Black Friday then get a list together of everything that you need, make a budget and stick to it.
Take the time now to sort out your finances, make sure everything is in place and tackle the rest of the year with a financial plan.