Spring clean your finances

Spring clean your finances

Posted on September 22, 2019 by Mirren Property Investment

Spring can be a time for new beginnings and rejuvenation, not only for your home and life but also for your finances and investments. 

Are all your finances, including your budget, loans, insurance, savings, super, etc., properly in place? Now is the time for freshening them up.

• Reassess your mortgage, pay off home loans faster
• Perk up your savings
• Check your insurances – home, contents, personal
• Rejuvenate your super
• Smarten your budget
• Plan better investment properties

Reassess your mortgage

Is your home loan the most efficient it can be? Check if you can get a better deal, find out the current interest rates. Reassess the loan features – like offset or redraw facility that you’d wish to keep. 

Would you be better off switching loans? Check if your current lender is offering you the best deal. 

Paying off home loans faster is a sure shot way to benefit your finances. Our clients pay off their home loans within 5-8 years of time, which is very efficient as compared to the standard 25-30 years timeline.

Did you know, lowest interest rates isn’t the only contributor towards reducing the mortgage, this can be made possible with various other strategies which we can help you derive and work on. Want to reduce your mortgage and pay off your home loan faster? Talk to us!

Perk up your savings

Are you saving enough?

If you are, are you getting the best returns on your savings? 

Do you have the right type – term deposit, ordinary savings account, etc –  of savings product? These are some things you need to reassess when looking into your finances.

What are your investment goals? Will you be able to meet them with the choice of your investments? Get the best deal for your cash.

Check your insurances

Now would probably be the time you’d make home upgrades, buy items like furniture, appliances, electronics and home decor. What would it cost to replace all the contents of your home and does your contents insurance fully cover that? Now is the time to check. 

Do the same for any investment properties you have or are taking up. Rebuilding, extensions, renovations, everything needs to be taken into account.

Personal insurance – What if you get bed-ridden or be made redundant, have a baby or anything of this nature that forces you to stop working for a long time? Would you still be able to cover all of your living expenses? Check your income protection insurance to be prepared for any unforeseen circumstances. On the brighter side, also check if income protection is keeping up with your pay increases. 

Rejuvenate your super

Your super is going to come in handy as soon as you retire, get to know it better. Check things like, multiple super accounts, investment options – an investment strategy, and contributions. Also, check if all your personal details are up to date.

Smarten your budget

Give your budget a good hard look, you will certainly find ways to improvise. With income and expenses evolving continually, it is extremely important to regularly update your budget. Carefully track your income and expenses and rejig how much you can save for your goals – that home you want to buy, or that investment property to expand your investment properties portfolio.

Plan better investment properties

This is the time to assess your current investments and see if you are ready to take the next step with investment properties. A finance mentor or an investment property strategist can help you accurately evaluate your current financial situation and guide you to make the most of it. Are you ready to take the next step on the investment property ladder, now is the time to plan!

Are you ready? Reach us for a complimentary strategy session.