Spring clean your finances

Planning and advice | | 2 min read

Spring is in the air. Which means a lot of people are getting out the mops, vacuums and dusters for a little spring cleaning. But don’t forget about your finances.

The new season and the warmer weather are the perfect opportunity to clean out your financial cobwebs and set yourself up for success as we roll into Christmas and the New Year.

Here’s how to get started.

1. Declutter your bank accounts

If you have several accounts spread across multiple banks you’re doing it wrong. It just means more statements, more fees and more confusion. Which makes it harder to keep track of your finances.

An easy way to start your decluttering process is to close bank accounts that no longer serve a purpose. And if you’re going to consolidate with a single financial institution make sure you choose one with the right mix of benefits, convenience, fees, and features for your needs.

2. Reclaim lost money

Is there an unclaimed pile of cash with your name on it? Only one way to find out. Visit the Government's MoneySmart website and you’ll be able to search for unclaimed money, including lost bank accounts, shares, investments and life insurance policies in your name.

3. Consolidate lost super

There’s approximately $21 billion in unclaimed super sloshing around in government coffers. Some of that could be yours.

Consolidating multiple super balances into a single fund lets you save on fees and unnecessary life insurance premiums.

Equip’s SuperMatch service allows you to find and consolidate all your superannuation accounts in a couple of minutes.

Simply log into your Equip account and click on the ‘Find My Super’ tab (located under the main menu). Follow the button prompts and you’ll be given a list of active superannuation accounts under your name.  Consolidating them all with Equip is as easy as pressing a button.

You can also search for lost super and consolidate it via the MyGov website.

4. Shine a light on your home loan

Home loan interest rates may be at record lows, but that doesn’t mean you’re getting the best deal.

Have a close look at your statement and the interest rate you’re currently paying. In a competitive market it’s likely you could do better, especially if you’ve had your home loan for several years

Refinancing is quite straight-forward, and some financial institutions offer cash-back bonuses if you move across to them. Either way, it pays to check in on your home loan.

5. Find a better credit card

While home loan interest rates are at historic lows, some credit cards are still charging 20% per annum. If you have credit cards debts and haven’t shopped around there’s a good chance you’re paying more than you need it.

Consolidating your cards and opting for a zero-interest term with one card is a popular option. But don’t forget to look at ongoing interest and fees. Whatever you choose, the lower the interest rate the quicker you can pay back the amount.

That’s it. Five simple steps that can help you find lost money, avoid unnecessary fees, and boost your savings. If you’ve set aside time to clean the home, try and do the same for your finances, the savings can be significant.

Our financial planners can help you plan-ahead and chart a course for success.

Find out more about our services and how to book an obligation free appointment.

Issued by Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr"), the trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017 ("the Fund"). The information contained herein is general information only and does not take into account your personal financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should also seek professional financial advice tailored to your personal circumstances. Where tax information is included, you should consider obtaining personal taxation advice. Before making a decision to invest in the Equipsuper Superannuation Fund, you should read the appropriate Product Disclosure Statement (PDS) and Target Market Determination for the product which are available at equipsuper.com.au.  Financial advice services may be provided to members by the trustee’s related entity Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010). *Past performance is not an indication of future performance.

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