While spring is the ultimate time of year to start afresh and get fit for bikini (or should we say speedo) season, don’t forget about one of the most important parts of your life – money.
A financial spring clean is well worth it, especially when you consider revising your budget and trimming back on your spending can plump up your wallet by thousands.
So strengthen your bottom line with these 7 top money tips:
1. Create a healthy budget
Whether you’re saving for a leisurely vacay to Bali at the end of the year or pressies for the kids at Xmas, the best way to reach your savings goal is with a little bit of financial legwork. Take the time to sit down and use an online budget calculator to get a complete idea of your financial situation and how much you can afford to spend and save.
2. Swap gym fees for outdoor exercise
Do you really need that gym membership eating away at your cash stash? The sun is shining, the birds are chirping, so grab your runners for some outdoor squats and burpees and save yourself around $1,000 in yearly gym membership fees.
3. Hold a garage sale
Lunge into financial fitness by selling your used items for cold hard cash. If you’re selling used clothes make sure you pick threads for the season because there’s no point trying to sell your faux fur when summer is just around the corner.
4. Kick account keeping fees to the curb
If you’re getting slogged with a bank account keeping fee, it’s time to give your account the chop because right now in Mozo’s bank account database there are 58 out of 99 fee-free bank accounts.
5. Give up a vice
How much are those winnie blues costing you a week? Punching in the numbers into Mozo’s vice calculator showed $50 worth of cigarettes a week will set you back a steep $2,600 a year. By giving smokes the flick you’ll improve your health and your savings balance.
6. Ditch debt
Wipe out credit card debt by switching to a 0% balance transfer credit card and once the intro period has ended and the plastic reverts to the higher cash rate, search the market for a low interest credit card.
7. Tackle your tax return
With the taxman expecting your tax return in by the 31 October, it’s a good idea to start organising your paperwork – group certificates, government payment statements, rental property income etc. It’s better to have the tax return money in your savings account now accruing interest, than in the ATO’s account.
How will you flex your financial muscles this spring?