September marks the start of spring – a time of renewal and new beginnings. And this also applies to your finances.

At least once a year, our financial health also needs a ‘clean-up’. Set aside time this September to review financial plans, refresh goals and make sure you are on the road to financial wellness.

A financial spring clean is especially important if you’ve experienced some change recently. Maybe you became a parent, got engaged, married or divorced, or invested in home renovations? What changed recently in your life? Have you resynched your financial plans to take these changes into account?

Whether 2017 has been a year of no change or tons of change, spring is the perfect time to take stock and ensure your financial wellness journey is on track. Here are some areas to consider.

How well is your budget working? Are you sticking to it? Have any ‘wants’ sneaked into the ‘needs’ category? If you still don’t budget – don’t delay, get started today!

Get on top of your debt

Review how much you owe in total and how much you are paying in interest. Make plans to chip away at that debt. Tackle high-interest credit card debt first.

Relook your insurance

We often only think about our insurance policies when we have to claim. Pull out your life, homeowners, householders (home content) and motor insurance policies. Shop around for comparative quotes. Has your insurance been updated in line with any recent changes?

Are you saving enough for retirement?

You may contribute to a retirement fund but is it enough? Check your retirement fund benefit statement, which will tell you how much you have already saved and any insurance benefits linked to your retirement fund. Then talk to a financial adviser who will discuss your goals and advise whether you need to ramp up retirement contributions.

Examine your statements

Scrutinise your bank and credit card statements to make sure there are no strange (potentially fraudulent) amounts coming off your accounts.

Review your Will

It’s important to review your will at least once a year so that it doesn’t become out-of-date but rather evolves in line with changes in your personal situation.

Get the family on board

Your financial spring clean is a good time to get together with your spouse and family to review and refresh short, medium and long-term financial goals.

Create an emergency file

If you are the main manager of finances in your household, create a file with all the essential financial information/documents your family needs should anything happen to you. Make sure your spouse/family knows about the file and what it contains.

Review your beneficiaries

Your financial spring clean is a great time to look at the people you’ve nominated as beneficiaries should you pass away.

Some parts of a financial spring clean may be daunting. Talk to a financial adviser for professional guidance and advice. Start your summer refreshed, confident and on top of your money matters.

Article by momentum. 

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