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New beginnings! Five ways to spring clean your finances and start afresh

Spring is all about new beginnings and personal growth and nothing is more important for personal growth than the management of your personal finances.

Here at nifty, the credit provider that helps you manage your money better, we’re all about new beginnings, especially when it comes to your money.

Spring cleaning your own finances can give you a new sense of financial purpose and now is as good a time as any to shed those bad spending habits.

Here then are five ideas to get the most from spring cleaning your finances as the season of new beginnings rolls in.

Redo your budget. It needs it!
Out with the old, in with the new. Yes, now might be a good time to refresh your budget – a lot has changed this year and so has your budget. Ask yourself: Where has the outgoing budget adjusted and how can you fine-tune your spending to get the most from the remainder of the year?

With December around the corner you are going to want the extra cash.

2. Set new short-term financial goals
This is a good time to reset some financial goals to give you a new burst of financial energy. New goals can inspire you and lead to wise spending.

Think of short-term goals that play into your longer-term ones. Use them as the steps to achieve what you really want.

3. Shed that debt – shed as much you can
A good way to spring clean your finances is to focus on getting rid of as much debt as possible. Although you might not be able to shed it all at once, now’s a good time to redirect more of your spend to shake off those debt-ridden woes.

Here’s a tip: Look what you can afford to spend on debt and set monthly automatic payments to tackle it (before you spend it elsewhere).

4. Re-evaluate your medical spend and insurances
Often you can get better insurance rates on your car or medical aid. Give your insurance providers a call to see where you can save some bucks. Every cent counts to achieving your goals.

5. Sell it!
Throughout the year we tend to gather items that more often than not we do not need. Now would be a great time to spring clean the house. Out with the old and unused. By selling some old or unused household items, you could get some money in your pocket to spoil yourself or put towards a goal.

6. Cancel those costly subscriptions
We are all guilty of hoarding monthly subscriptions that we promise that we one day use. Whether it’s a gym contract or a subscription to a streaming channel – do you, or will you ever use it? If not, get ride of it and save some money on a monthly basis.

7. Review your debt and make a plan
Vital to your your credit status and a simple and responsible way to stay in control of your debt is by signing up to a monthly credit report. With your personal credit report you can see what credit accounts and cards you have and what you are spending on them every month. This is also a smart way to keep your personal credit record safe – knowing that the only credit accounts you have are the ones you signed up for.

Most of the time it’s the small steps that create the most value when it comes to your personal finances.

At nifty we are all about helping you acheive financial wellbeing. We hope that these tips will put you on a path to a sound financial future.
After all, you deserve it!

Good Luck!
The nifty Team

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