Spring is the perfect time for a fresh start, not just in your home, but for your finances too. Whether you’re saving for a new home, planning for the future, or just trying to get your budget back on track, taking control of your money can help you stay on top of your financial goals. Here are six simple steps to help you spring clean your finances and set yourself up for a fresh financial start.

Step 1: Declutter your paperwork

Feeling overwhelmed by paperwork cluttering up your filing cabinet or bursting out of your desk drawers? Start by sorting through your documents using this decluttering method:

1. Keep or discard. Divide your paperwork into two separate piles: papers to keep and papers to throw away. Anything non-sensitive can be recycled or disposed of in your rubbish collection.
2. Archive important information. File documents like birth certificates, medical records, tax documents and legal paperwork in a filing cabinet or consider setting up a “green box” - a box, storage cabinet, lockbox or even a digital file where all important documents are kept safe.
3. Digital filing and storage. Scan your important documents and store them online to reduce clutter and make it easy to access.
4. Shred sensitive information. To protect yourself against identity theft, safely dispose of sensitive information you no longer need, like old bank statements or outdated bills, using a personal shredder or a shredding facility. 

Step 2: Switch to digital statements

If you’re tired of the endless stream of paper bills and statements hitting your letterbox, then it’s time to go digital! Most banks and service providers offer the option to switch to electronic statements instead of paper so check with your providers and make the change. Not only does going digital help reduce paper clutter and help you be more organised, it’s also an environmentally friendly alternative.

Step 3: Review your credit report

When did you last check your credit report? It’s worthwhile doing this at least once a year. In Australia, you can request a copy of your credit report from major credit reporting agencies like Equifax, Experian and illion. Regularly checking your credit report will help you identify:

• Missed payments you weren’t aware of
• Credit accounts you didn’t apply for
• Incorrect personal information
• Bad credit so you can take steps to repair it 

Step 4: Update your passwords

Cyber-crime is on the rise, with more sophisticated and convincing scams threatening financial security. Keeping your financial accounts secure is more important than ever! Review your passwords and update any that may be compromised. Consider using a password manager to store your passwords and set up two-factor authentication for additional protection.

Step 5: Close unused accounts

Personal data associated with old, unused accounts could still provide cyber-criminals with answers to your security questions on other websites. Protect your privacy by removing private data from services you no longer use. Close any unnecessary or unused bank accounts or credit cards to simplify your finances and avoid any fees.

Step 6: Review legal documents

Checking your legal documents are up to date is an important part of your financial spring cleaning.

If you’ve experienced major life changes, such as getting married, divorced, or having children, it’s essential to update your will. Check that all details, including address, assets, beneficiaries, and executor, are still correct and relevant.

Review your insurance policies to ensure they’re up to date and still fit for purpose. Get advice from an Astute Insurance Broker to check you’re not paying for cover you don’t need or that you’re not underinsured. 

Simple steps to success

Spring cleaning your finances doesn’t have to be complicated. Just a few simple steps can help you get your finances in order. For more advice and guidance about budgeting, debt consolidation or financial planning, contact a Mortgage Express finance consultant and get help keeping your finances on track.

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Australian Financial Complaints Authority (AFCA) | Member of Choice Aggregation Services.