Spring is the season to clean out the house and start afresh, and the same can apply to your finances.
It might feel a bit daunting, but it doesn’t have to be – like other spring-cleaning jobs, it’s just about making a plan and getting started.
The hardest thing is sometimes just making the time to sit down and do it, so why not try something different and have some fun by booking in a “budget date night”.
“Get some take-aways and talk openly about your money situation – what’s working and what’s not working and what could you do about it,” says Guy Sloan, Wealth Advice Lead at Fisher Funds. “It’s all about taking a little time to reflect on your finances, understand them a little better and position yourselves well for the future.
Where should I start?
“A really good starting point is your personal or family budgets,” says Sloan.
“A lot of families have seen their finances pressed really hard over the last 12 months, so take a moment to sit down and understand a little bit more around what’s going on. This is going to position you well for the busier and often more expensive summer months.”
“If you need some guidance, there are great tools on the Sorted website that you can use to get that budget underway.”
What about my KiwiSaver account?
Spring is a great time to look at your KiwiSaver account too, and there are three key steps to check you’re on the right track:
1. Check you’re in the right fund. This is crucial for your long-term savings goals and can have a big impact on your KiwiSaver account balance as you approach those bigger milestones such as your first home purchase or retirement.
2. Check your annual statement. It’s a great idea to do this at least once a year to see how things are moving along, and check if your tax rate and contact details are up to date.
3. Use some of the online tools and calculators from your KiwiSaver provider to help you see if there are any changes you could make to help you reach your goals.
It’s never a bad time to review your household budget or your KiwiSaver account but doing a ‘spring clean’ means you’ll focus on these at least once a year.
What else could I do as part of my financial spring clean?
“If you’re taking the time to review your finances and you’ve got the basics covered, it’s a great opportunity to think about those other goals and plans you might have,” says Sloan.
“That can be things like renovating the kitchen, or longer-term planning for the kids’ education. A little ambition goes a long way here, and if you need some advice on how to get there, think about getting some help from a professional financial adviser.
“There are some great teams and individuals out there who are happy to help you put some of these plans in place.”
This content was sponsored by Fisher Funds.
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