Sep 16, 2023 11:10:00 AM

10 Essential Steps to Freshen up Your Finances This Spring

Topics: Financial Health, Financial Advice, financial review 0

The start of Spring is the perfect time to not only declutter your home, but also to give your finances a much-needed spring clean. As you dust off the shelves and clear out the cobwebs in your home, find time to take a closer look at your financial situation too. From reviewing your budget to cleaning up your credit report, reconsidering your savings goals to organising your financial documents, there’s no better time to freshen up your finances than during Spring.


1. Review and re-evaluate your budget

Take a comprehensive look at your income and expenses and adjust your budget to align with your current priorities. Are there any unnecessary expenses that can be trimmed back? Or new financial goals you'd like to achieve?

2. Clean up your credit report

Request a copy of your credit report and scan it for any inaccuracies or discrepancies. Your credit score is an indication of how well you manage your money and repay your debt, and knowing your credit score can help you negotiate better credit deals or understand why a credit application may have been declined.

3. Revisit your savings goals

Whether you're saving up for a holiday, a home renovation, or building up an emergency fund, consider automating a portion of your income to be directly deposited into your savings account.

4. Declutter high-interest debt

High interest debt can quickly weigh you down and even spiral out of control, leading to missed or late repayments that impact your ability to secure favourable credit in the future. Tackle credit card balances or personal loans with high interest rates, by prioritising to pay off these debts before they become an issue. Or consider debt consolidation strategies to reduce interest charges.

5. Explore mortgage refinancing options

With interest rates on the rise, now might be the right time to explore mortgage refinancing options. Talk to an experienced mortgage broker – such as those at Mortgage Express - to understand how refinancing could potentially lower your mortgage repayments or even shorten the term of your loan.

6. Evaluate your investment portfolio

Take this opportunity to assess your investments and ensure they’re still aligned with your risk tolerance and financial goals. Consider diversification and get financial advice on whether any adjustments are necessary.

7. Organise important financial documents

Organising your financial paperwork makes finding things easier, while having everything in one place will save you time and stress further down the road. Check that your mortgage documents, insurance policies, wills, and other vital records are stored in a way that makes it easy to access should you or someone else need to.

8. Book a home loan review

Navigating the complex world of mortgages can be daunting, so it pays to have the back-up of a professional mortgage broker who can provide personalised advice based on your financial situation. Book in a time to meet with your mortgage broker to review your current home loan and get mortgage advice.

9. Set realistic real estate goals

If you're considering buying or selling property this Spring, whether it’s a first home, next home or investment property, set realistic goals for the coming months. Spring and summer are typically busy seasons in the Australian real estate market, so having a clear plan in place will help you make the most of any opportunities.

10. Educate yourself continuously

Financial literacy is an ongoing journey, so use this season to continue to learn about new financial products, investment strategies, and money management techniques.

Help along the way

By following these tips and getting expert mortgage advice, you'll be well on your way to achieving financial success and making the most of opportunities in the property market. Contact a Mortgage Express broker to book a home loan review, discuss refinancing options, or for mortgage advice.

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.