Category: Money Matters
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Sub category: Saving
4 October 2013

Spring clean your life… and your finances

Spring has sprung and it’s time to clear out the cobwebs… at home and in your personal finances. If it all seems a bit daunting, then the good news is you can multi-task.

Say goodbye to winter and hello to summer with these 4 simple tips which will have you de-cluttering and saving at the same time:

1. Tidy your wardrobe… and sell what you don’t need

If your wardrobe is bursting at the seams but you still have nothing to wear, then it could be a sign that it’s overdue a clear-out. According to research by AHM, Australians have on average 104 items of clothing in their wardrobe that they never use. Rather than letting them gather dust, these unwanted items could be making you some extra cash if you decide to sell them second-hand on eBay or at a garage sale.

2. Clean out your freezer… and create a food budget

Ever found a piece of meat at the back of your freezer that’s a mere shadow of its former self? Bulk buying products on special offer can be a good idea for freezer-friendly goods, but if your freezer is overloaded then it’s easy to forget what you have in there. Plus, that’s money you’ve spent on food you haven’t used.

Use your spring clean as an opportunity to clear out any ancient items and cook up some of the things you bought a while ago. Switching your mindset from bulk-buying products ‘just in case’ to creating meal plans based on what you are actually going to eat will mean you’re only spending the money you really need to.

3. Go through your admin… and get your finances in order

If your mail screams “bill” rather than “birthday card” it can be all too tempting to leave it unopened on the table and deal with it later. Do this for an extended period and you might find your admin, and your finances, have spiralled out of control.

By setting aside a few hours to deal solely with your financial admin, you’re getting it all out of the way in one go. Open it, action it and then throw it or file it away.

4. Reduce your commitments… and spend wisely

Gym on Monday? Art lessons on Tuesday? Yoga on Wednesday? If your calendar is so full of activities that you find yourself short of time to actually do them, then the money you’re wasting on pre-paid memberships or courses may be put to better use in your savings account.

Work out which activities you spend your cash on, and whether they give you value for money. Cutting down your commitments could not only reduce any financial outgoings it could reduce your stress levels as well!

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