Spring is the ideal time to refresh and tidy up, not just your home but your finances too. Just as decluttering your home brings a sense of order, a financial spring clean can help you regain control of your money and improve your financial wellbeing. From reviewing your budget and knowing what you owe, to checking in on your KiwiSaver and insurance cover, follow these 5 simple steps to get your finances in better shape this Spring.

1. Review your budget

Start with a closer look at your budget to review your current spending and identify opportunities to save. Are you paying for things you no longer use – like online subscriptions or memberships? It’s easy to let these small costs pile up over time, but cutting out unnecessary expenses will free up cash to be used elsewhere. Like paying off your debt or building a savings fund.

2. Know what you owe

Keeping on top of debt can be overwhelming, but knowing what you owe is an important part of prudent money management. List all your financial commitments, including credit cards, personal loans, and rent or mortgage payments. Are you struggling with high-interest debt or multiple repayments at different times of the month? Consolidating your debt into one manageable loan could make repayments easier, and potentially save you money in the long run.

3. Check your KiwiSaver

KiwiSaver is an effective way to save money for a first home or retirement, yet many people never take the time to review their investment. One of the simplest steps you can take is to check you’re in the right KiwiSaver fund for your risk profile. Are you still in a default or conservative fund? This may not be the best option for your long-term goals. A quick chat with your KiwiSaver provider about the right fund for you, could lead to tens or even hundreds of thousands of dollars added to your retirement savings.

4. Assess your insurance cover

As life changes so too should your insurance, which is why it’s essential to regularly review your insurance cover to check it still fits your current situation. Are you doubling up on your insurance cover or do you have policies that are no longer necessary? Get help assessing your insurance cover and make sure your life, health, and home are adequately covered for your needs, especially if you’ve had a major life change – like a new home or a bigger family.

5. Review your mortgage strategy

As your biggest financial commitment, making sure your mortgage is set up correctly is vitally important. With interest rates dropping back down again, it’s worth checking that you’re still getting the most appropriate interest rates for your situation. Book in a mortgage review with a mortgage adviser, and find out if refinancing is right for you. It could save you thousands of dollars of interest over the life of your loan, and shave off several years too.

A plan for the future

Now that you’ve tidied up your finances, take time to plan for the future. Whether you’re saving for an overseas holiday, building an emergency fund, or considering investing in property, setting clear financial goals will help keep you on track.

For more advice on budgeting, insurance or refinancing your mortgage, contact Mortgage Express today to connect with an Astute Insurance Adviser or mortgage adviser. Our team of experts can guide you through every step of the process.