Spring has almost sprung and lots of people are getting to spring clean their homes, dust out winter cobwebs and usher in the new season on a fresh note.
However, your home is not the only thing that requires a good spring cleaning. Most people made financial plans and budgets they hoped to live by at the beginning of the year, so the time has come to take a look at them and clear out any financial cobwebs, as it were.
“Just as we do with our homes when we spring clean them, we have to do the same with our finances. We need to re-organize our finances, clean out debt from every nook and cranny and even purge on the unhealthy spending habits we may have picked up in the years,” Standard Bank’s PR and Communications Manager, Surihe Gaomas-Guchu advised this week.
She added that it is difficult for people to honestly assess what they are doing right and where they are falling short if they do not actually know what their finances look like under the surface.
Here are a few steps from Gaomas-Guchu on how to spring clean one’s finances:
- Start off by taking stock of all your accounts, your income, expenses and savings. This also means you will need to look at your bank charges for the last few months to make sure there are no fraudulent charges or unauthorised charges. This is also the ideal time to challenge your finances, audit them. This will give you a better understanding of the state that your finances are in.
- Once you have done the first step, you need to start checking in on your savings, investments and whatever other policies you might have taken out. Most people forget about them, especially when they have debit orders on them and are sometimes hit with unpleasant surprises when they are in need of them. Check them to see that nothing is outdated or conditions have not changed and you are still entitled to the same benefits.
- In as much as you probably tried budgeting and cutting expenses, there must be some unhealthy spending you probably picked up along the way. Once you have taken stock of all your expenses it will become evident what unnecessary costs are draining your money and you will need to cut them out immediately.
- Start keeping a spending diary. Sometimes it is hard to see what is actually siphoning your money so the diary will actually come in handy and help you make the changes you need.
- Lastly, reconnect with your financial goals for the remainder of the year and set new ones for the New Year as it is only four months away. Also find a way to ensure that you stick to these new goals you have set for yourself. By spring cleaning regularly, you will be able to hold yourself accountable and keep to your goals.
For more information on how to spring clean your finances, visit your nearest branch, Standard Bank website at www.standardbank.com.na or on the bank’s Facebook page.