Save
Spring clean your finances in 5 simple steps
With spring upon us, now is the perfect time to not only spring-clean your house, but also clean up your finances, according to the Financial Planning Association’s Christopher Giaouris.

Spring clean your finances in 5 simple steps
With spring upon us, now is the perfect time to not only spring-clean your house, but also clean up your finances, according to the Financial Planning Association’s Christopher Giaouris.

Steam-clean your big picture
Focus on longer-term strategies that can have a much bigger impact on your financial position, rather than getting caught up on the more immediate things.
Optimising tax strategies and seeking higher returns on your investments are some longer-term strategies that can help your financial growth.
Give your investments a new coat of paint
Always remember, short-term volatility is the price you pay for long-term growth. But it doesn’t mean that you should put all your eggs in one basket – be it shares, property or cash under the bed! It’s easy to get complacent with your investments, so take a minute to revisit the “why” to make sure your strategy is still in line with the end goal.
If you haven’t reviewed your investments in a few years, there may be new alternatives you can utilise which allow you to enhance how you invest. You can freshen up your investments by reducing your fees or increasing diversification.
Blow the cobwebs off your old business plan
We are business owners ourselves and we work with many Australians who run their own show. Regardless of what it is you do, we find it’s common for the self-employed to get caught up in doing the things that keep the lights on day in, day out. If you’re not innovating, you better believe your competitors are!
Put a spring into your savings by taking advantage of freebies
There are a range of tax offsets, deductions, superannuation benefits and incentives that can make a real difference when combined with the power of compound interest. Incentives such as the government’s co-contribution and a “spouse contribution” are just some of the ways you can rejuvenate your budget. These won’t make you a millionaire overnight, but over time, with the power of compound interest, this type of thing can make a real difference.
Make sure your money is in the right hands
You should be asking yourself, “What is the best way for me to hold this asset?”
This simple question can provide serious benefits in the short and long term. Should you be using a complex structure like a company or trust? Should you be holding assets jointly or only in the name of one spouse? Getting this right can provide many benefits, not just related to tax.
If you aren’t sure what the best option for you is, seek advice from others such as a financial adviser.
Chris Giaouris is a partner and principal adviser for Chronos Private wealth management.

How to budget
How to create a budget for the holiday season
The holiday season can be financially stressful. To make sure you enjoy this festive season, here’s our guide to creating a budget that you can stick with. ...Read more

How to budget
What is the 50/30/20 budget rule?
The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Here’s how you can do it. ...Read more

How to budget
All I want or need for Christmas?
The lead-up to Christmas and the holiday period, while full of joy, can also have a significant impact on financial and holistic wellness. ...Read more

How to budget
How to build wealth despite lifestyle inflation
As your income has increased over time, you may have expected to have more cash flow and savings. What you may have found, however, is that the higher your income is, the more you’re spending. This ...Read more

How to budget
‘Tried and tested’: Why age-old money advice still rings true
Day-to-day life is in no way normal this year, but leaning on lessons from the past is a great way to better equip ourselves for months more of uncertainty, according to a financial planner. ...Read more

How to budget
5 ways to improve your finances this financial year
Australia may be firmly planted within a recession, but with the advent of a new financial year, there’s still plenty to be gained from a “new year, new me” approach when it comes to money. ...Read more

How to budget
Here’s how Gen Z is changing the finance game
Generation Zers – those born between 1995 and 2012 – are leading the way when it comes to money responsibility and a more flexible view of finance, according to new research. ...Read more

How to budget
How to budget on JobKeeper and JobSeeker payments
With more than 3 million Australians likely to be on either JobSeeker or JobKeeper payments during the COVID-19 pandemic, many are wondering how they can survive off government assistance. ...Read more

How to budget
How to create a budget for the holiday season
The holiday season can be financially stressful. To make sure you enjoy this festive season, here’s our guide to creating a budget that you can stick with. ...Read more

How to budget
What is the 50/30/20 budget rule?
The 50/30/20 rule budget is a simple way to budget that doesn’t involve detailed budgeting categories. Here’s how you can do it. ...Read more

How to budget
All I want or need for Christmas?
The lead-up to Christmas and the holiday period, while full of joy, can also have a significant impact on financial and holistic wellness. ...Read more

How to budget
How to build wealth despite lifestyle inflation
As your income has increased over time, you may have expected to have more cash flow and savings. What you may have found, however, is that the higher your income is, the more you’re spending. This ...Read more

How to budget
‘Tried and tested’: Why age-old money advice still rings true
Day-to-day life is in no way normal this year, but leaning on lessons from the past is a great way to better equip ourselves for months more of uncertainty, according to a financial planner. ...Read more

How to budget
5 ways to improve your finances this financial year
Australia may be firmly planted within a recession, but with the advent of a new financial year, there’s still plenty to be gained from a “new year, new me” approach when it comes to money. ...Read more

How to budget
Here’s how Gen Z is changing the finance game
Generation Zers – those born between 1995 and 2012 – are leading the way when it comes to money responsibility and a more flexible view of finance, according to new research. ...Read more

How to budget
How to budget on JobKeeper and JobSeeker payments
With more than 3 million Australians likely to be on either JobSeeker or JobKeeper payments during the COVID-19 pandemic, many are wondering how they can survive off government assistance. ...Read more