Just like brushing your teeth and taking out the rubbish, managing your financial affairs is something that, if taken care of regularly, will prevent nasty financial cavities.
You know it, we know it. There is no avoiding it. If you want to keep those cavities at bay weekly budgeting has got to be on the top of the hit list. Check out our previous blogs on budgeting for some tips or to get you started. When you have your budget in hand you can keep reviewing and adjusting over the weeks as you track spending. Just like adding, flossing really helps!
Along with keeping track of the weekly/fortnightly budget there are other financial matters you can follow the progress of, for peace of mind. Checking your credit report yearly, planning your tax on a quarterly or yearly basis, consolidating your super or making sure you have enough super are all part of managing the whole financial picture.
Your month by month of financial to do list
We spent January making doable New Years resolutions by creating your smart goals. And perhaps spent February reassessing them as you tweak your 2015 budget. But now is not the time to put your finances on auto pilot. You may be auto debiting your bill payments and your super but have you checked them lately to see if they are still reflecting an accurate measure of money that covers what you’ll need to pay? Your bills may have increased or decreased and that auto payment will need to be adjusted as a result.
You may want to make March a month to re-negotiate your bills. Finding cheaper providers for your essential services can save you hundred or thousands of dollars. There are so many providers at the touch of a key board and it doesn’t take long to rework a more financially supportive service situation. Tackle everything from your energy, gas, phone, insurance, gym payments by either switching to a different provider or downsizing to cheaper plans or just get rid of the service entirely if you no longer use it. It all counts.
April is the time for business people to do their BAS statements. Keeping all your financial paperwork in order will make this process much easier. You may be a pen and paper person and still do your books on a ledger or you work your budgets on a spreadsheet or specific computer program. Whatever works for you is fine. And remember not many people love to do their tax so just like the proverbial bandaid, quicker is better.
For those not doing their BAS, April is not a month to slack financially. Review your budget and check your spend tracking. We are also coming into winter. If you heat your house research the best ways to save money on heating. Save further expenses down the track by cleaning out your air filters so they last longer and don’t put extra pressure on your air unit. An effectively working unit will save you a lot on your energy bill. And remember that managing your money means properly caring for things you already own. The better you look after your belongings the longer they will last.
May/June check up
As we are heading into the end of the financial year it is a good time to check your credit score. Apply for your free yearly report now and you should have it in hand by June. As you gather all your documents during June to complete your personal TAX, you can file this document with your year’s financial statements and keep it as a measure of what your need to fix in the next financial year.
We’ll bring you the last half of the year in July. Until then, keep calm and take control of your finances.
If you’re facing financial hardship we are here to talk about a solution. Call us on 1300 887 211 or Book a Free No Obligation Phone Consultation with our friendly team and we can discuss debt management options specially focused on your personal situation.