Spring Clean Your Finances

Our mission at Locumsgroup is to empower our clients to make smart decisions with their money. We provide effective strategies to help make our clients’ lives more financially stable, especially after the financial fallout of COVID-19.

With the concept of spring-cleaning your finances, we want to help you establish new ways of saving your money and changing old patterns.

Following this advice will get you started on the path to making a positive financial difference in your life.

6 ways to spring clean your finances
1. Set a realistic budget
2. Create a plan to pay off any credit card debt and smaller loans
3. Consider debt consolidation
4. Review your home loan
5. Review your subscriptions and memberships
6. Review your private health insurance

Get your finances in order
Keeping track of your billing due dates can be challenging, however establishing your own effective and automated bill-paying system is the best way to stay on track with these payments. Following this, keeping track of your credit card and debit owe ensures that you are up to date and do not incur late interest fees, which severely impact your expenses.

Reviewing your insurance policies is a great way to determine whether your original policy is relevant or if you’re over or underpaying for insurance support.

Keeping track of your digital and paper financial documents can be difficult when bills are in various locations. A good way of managing this is to either print the digital statements or scan the paper bills to keep them all in one place. Planning a recurring date to conduct a complete financial check-in will also help you stay organised. This can be on a specific day of the month or once every few months, whatever best fits your lifestyle and financial situation to avoid forgetting about the urgent items.

The steps for financial planning
Step 1 – Define and agree on your financial objectives and goals
Step 2 – Gather your financial and personal information
Step 3 – Analyse your financial and personal information
Step 4 – Develop and present a financial plan
Step 5 – Implement and review your financial plan

Savings plan
A savings plan is an excellent way to achieve your financial objectives. Savings can protect you in an emergency and provide peace of mind. Saving money paves the way for financial independence and the ability to choose your future lifestyle.

A wealth mindset
A wealth mindset entails spending less, making wise investments, and looking for ways to improve your financial situation while assuming the least risk. The good news is that anyone can develop this mindset with a little effort.

Fitness plan
Achieving financial fitness, like running a marathon, requires long-term discipline and determination. Locumsgroup believes that becoming financially fit entails feeling good and confident about a person’s financial situation. It involves being able to manage your money in order to achieve both short-term and long-term financial objectives.

Making this year different to last
In order to make this financial year different and more beneficial than the last, it is crucial to prioritise paying off high-interest debts as they are an unnecessary payment. Another way is to start tracking your monthly spending and review the list at the end of the month to see what changes need to be made.

Be your own change agent
Being your change agent means trying a new way of doing something productive, whether it’s using a new process or system, adopting a new structure in management or updating old methods that need a change. In order to be your own change agent, you must develop a proactive and positive mindset without relying on others to make the desired change.

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