Lifestyle02 October 2018

Spring clean your finances

Give your finances a clean sweep to get your money matters in great shape for summer.

Spring is in the air, and while you’re probably focusing on getting your home and garden looking good, don’t overlook the need to give your finances a thorough spring clean.

We look at four ways to put the spring back in your fiscal health.

1. Declutter – live lightly

Chances are you’ve got several bank accounts with next-to-nothing balances. It can all add up to multiple statements, excess fees and charges – and make it easier to lose touch with your money.

Declutter your finances by closing down any bank accounts you no longer use. Shop around for a savings account with a consistently strong rate and skip the introductory rates, which only apply for a limited time.

2. Reclaim lost money

Check if you have any lost cash. An estimated $1.1 billion is sitting in unclaimed money including forgotten shares or life insurance policies, and some of it could be yours1. Visit the MoneySmart website for details.

3. Round up forgotten super accounts

A vast pool of $18 billion in lost and unclaimed super is waiting to be reunited with the rightful owners2. Consolidating multiple super balances into a single fund lets you save on fees and unnecessary life insurance premiums.

Finding forgotten super is easy. Tasplan’s Combine your super tool can easily find and combine your super for you. And, it’ll also search for any lost super you didn’t know about.

4. Shine a spotlight on your home loan

Home loan interest rates may be at record lows, but there’s no room for complacency.

Take a look at your latest home loan statement to check the 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. If your lifestyle or circumstances have changed, be sure you’re only paying for loan features you actually need or use.

Refinancing to a low-rate home loan can be surprisingly easy, and best of all it can put money back in your hip pocket.

1https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/australias-unclaimed-money. Accessed 30 August 2018
2https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Super-accounts-data-overview/ Accessed 30 August 2018

This article is brought to you by ME.

This information is about products and services available to you as a member of Tasplan Super. Tasplan Super and ME aren’t agents or representatives of one another. Tasplan Super doesn’t accept responsibility or liability for any loss or damage caused by the products or services provided by ME. Tasplan Super doesn’t receive any commissions as a result of members using ME products and services.

The trustee of Tasplan Super (ABN 14 602 032 302) is Tasplan Pty Ltd (ABN 13 009 563 062). AFSL 235391.

 

Don't forget to spend your sup...

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