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Six ways to refresh your finances this spring

Six ways to refresh your finances this spring

By Wendy Naruses, Sanlam Marketing and Communications Manager: Distribution.

It’s that time of the year when everyone comes out of hibernation. While spring may make you want to head to the gym or start getting ready for your festive plans, it’s also the perfect time to spring clean your living space, take a fresh look at your financial situation, and get organized. Here are six ways to refresh your finances this spring.

1. Review your financial goals.

Start by reviewing the financial goals you have set for the year. These could include saving for a vacation, paying off debt, or building an emergency fund. “Use your spring cleaning as a launching point to set financial goals for the remainder of the year and break them down into manageable, measurable steps. Having clear goals will help you to prioritize your financial activities.

2. Dust off your budget.

Dust off your budget or create one if you haven’t already. Track your income and expenses to see where your money is going. “If you don’t tell your money where to go, you will end up spending mindlessly, and not knowing what you spent your money on. “Look for areas where you can cut back or reallocate funds to help you meet your goals.

3. Check your financial statements.

Request your financial statements and understand your spending. It’s valid to review your financials regularly for errors or inaccuracies, and should there be any, make sure to flag them as it will help you manage your finances from a holistic viewpoint.

4. Organise your financial documents.

Gather and organize important financial documents such as bank statements, tax returns, investment statements, and insurance policies. Consider going paperless to reduce clutter and make document retrieval easier.

5. Get help.

If you’re unsure about certain financial decisions or need guidance, consider consulting with a financial adviser or planner. “An appropriately authorized financial coach will help you put together a holistic financial plan that takes into account your financial circumstances, needs, goals, and investment objectives.

6. Educate yourself.

Knowledge is power. Continue to educate yourself about personal finance. There is information available to help you along your journey to financial confidence, but be circumspect about the source of the information. Remember to track your progress regularly and make a habit of reviewing your finances, at least once a year. Life happens, and if there is a change in your personal circumstances like the birth of your child, landing a new job, or the death of your spouse, you will need to review your financial plan. This will help you to stay on track and make necessary adjustments as your circumstances change.


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A Guest Contributor is any of a number of experts who contribute articles and columns under their own respective names. They are regarded as authorities in their disciplines, and their work is usually published with limited editing only. They may also contribute to other publications. - Ed.