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Spring clean your finances

Get on top of your savings this season

We have put together some tips to help you spring clean your finances.

  1. Consolidate your debt – Overcommitting financially can put a strain on any income. If you have multiple loans with varying fees and interest amounts, you may want to consider if consolidating your debts and reducing the amount of interest you pay will benefit your circumstances. For more information visit the MoneySmart web page.
  2. Consolidate your super – You may have lost track of some of your super if you have ever changed your name, address, job or lived overseas. Having more than one super account could mean you are paying more in account keeping fees than you realise. Remember that it is your money - don’t lose track of it.  Check your super via the ATO web page
  3. Plan a budget that works for you and adapt it to your lifestyle changes – It’s important to allocate yourself money for living expenses, savings and spending. However, it’s even more important to adapt your budget whenever you have a significant life change. For example; a wedding, a new job or a new house. You can develop a plan and track your budget with one of these helpful resources.
  4. Shop around – Doing some comparison research into the market may help you identify opportunities for savings. This is particularly relevant to your utilities, super and insurance providers.
  5. Downsize or downgrade – Assess your situation and look at things you could reduce or forgo that could help maximise your savings. This doesn’t have to be going from a four bedroom house to a two bedroom house - it could be as simple as making your morning coffee instead of buying it.
  6. Be sensible with any lump sum payment – If you are up for a bonus or are due a healthy tax return – divide this income by four. Contribute a quarter to your savings, a quarter to your personal debt (for example your HECS debt, credit cards or personal loans), a quarter to your mortgage or bills account and a quarter to your spend account. 

For more information on how you can reach your financial goals, book an appointment with one of our Financial Planners today.

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© Newcastle Permanent Building Society Limited 2015-2018. ACN 087 651 992 Australian Financial Services Licence / Australian Credit Licence 238273. 
Any general advice on this website has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on the advice, you should consider its appropriateness (having regard to your personal circumstances). Before deciding to acquire a financial product from us, you should also consider the relevant Terms and Conditions or Product Disclosure Statement.