Spring cleaning is a tradition where you pack away all winter items, change your linen to lighter, cooler textures and give your house a thorough cleaning as you gear up for summer. This is an ideal time to re-evaluate your finances, track your budget and take note of ways to save in order to have more for spending come holiday time!
Online insurance and financial comparison website, Hippo.co.za provides a spring-cleaning checklist for your finances:
Have you checked all the items on your recent bank statement?
There could be items that are still being deducted from your bank account such as debit orders that should have expired or unnecessary expenses for products and services you no longer use. Make some time to sit and evaluate your bank statement to ensure you are not paying for items you no longer use or need, and also that you are paying the best banking fees.1
Have you created a separate budget for the upcoming holidays?
Spring could be a good time to double check how you are tracking your monthly spend and also start a separate budget specifically for the holiday period. You could open a separate holiday savings account now to deposit any extra savings towards your holiday2. A separate holiday budget provides an easy and convenient way to track your holiday expenses and ensure you are not overspending. You’ll be glad to have stayed within budget come January.
Are you ready for Medical Aid renewals?
As October is the month where South African Medical Aid scheme members can start reviewing their Medical Aid plans before renewal, it is a good time to consider your options in the month of September. Evaluate your annual medical needs and consider your health requirements for the next twelve months to ensure you will be adequately covered by your Medical Aid. Once you have an idea of your specific needs and budget, shop around for the best possible rates from a range of South African Medical Aid providers.
Have you reviewed your short-term insurance cover?
Unless you are up for renewal, whether you are paying too much on your short-term insurance policy may not be top of mind. Declutter your cover by reviewing what you are insured for and whether there are any items that need to be removed such as cellphones or other electronic devices that you no longer own or use. Once you know exactly what cover you need, shop around for quotes from at least three different providers to ensure that you are not paying too much for the same cover.