5 ways to spring-clean your finances

Business & Finance October 17 2013

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Julie HeadshotLet’s admit it. Money talk can sometimes give us all a headache…And while we may be towards the end (or still in the middle) of a worldwide economic depression, that doesn’t mean your own finances need to suffer. So just as you may clean out your wardrobe, or tidy up your pantry this Spring, don’t forget about your finances! We speak with the experienced team at Wellingtons Accountants for their top 5 tips on how to ‘clean’ up your finances this Spring/Summer…

App your expenses
Get your receipts and household paperwork organised with Shoeboxed. All you need to do is simply snap a picture of your receipts and Shoeboxed will do the work for you – categorize, organise and store them. It saves hours on accounting and tax preparation and can even create and send expense reports to your accountant come tax time!

You’ve got mail
Keep up with due dates by taking care of bills on the day they arrive.  After all, 35% of your credit rating is whether or not you pay your bills on time.

Financial future
Where do you want to be, financially speaking, in 3 years, 5 years or even 10 years? Do you want to pay off all of your credit cards in six months, travel around the world for a year or have your mortgage paid off in 10 years? No matter what your goal is, create a clear and detailed plan as to how you’ll achieve it!

Clean up your finances, literally
Don’t you hate when your wallet is a total mess and you can’t even find your driver’s license? Aside from organising your wallet, closet, etc., you need to have all of your bills arranged in a neat fashion, instead of tossing them into the kitchen drawer or allowing bills to pile up on the dining room table. With too much clutter, we tend to forgot about paying bills on time, cross checking health and insurance quotes – Organise all of your bills and keep each type in a separate folder: rent/mortgage, health, utilities, travel, phone/internet credit card, etc.…

Be prepared
Make a list of all the people or events (weddings, Christmas, Birthdays) you’ll need to buy gifts for in the next three to four months and go online! Shopping online will help you get the most bang for your buck. This doesn’t mean giving a bad gift – search overseas sites such as eBay, etsy and similar or wait for the popular Black Friday US sales to find an affordable (and one that won’t be everywhere here) gift that will be just as loved. It might take longer, but you will save a lot for the investment – And you won’t have to worry about Christmas parking!

Julie Tse’s top five Spring Issue contacts

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