Share this article

Your free personal budget template
MyBudget will show you how to make budgeting your friend.

26 Tips for spring cleaning your finances

If you’re waiting for the change of season to spring-clean your finances, here’s your sign to start today. At MyBudget we think it’s always a great time to clean up your finances, no matter the season.

If you’re not sure how to organise your money, and you want to reduce household bills and spring clean your finances, you’re in the right place. Our tips are designed to help you dust off your money goals, clean up your finances and prepare for a sizzling-hot summer of financial fitness.

These are the big three, along with refinancing any outstanding loans which can be done through the friendly MyBudget Loans team.

Shop around for insurance

If you’re stuck on how to organise your finances, insurance is one area where there are huge savings to be made. MyBudget member Kerri recently compared her home and contents insurance bill against competitors using Compare The Market. For the same cover, she’s now saving $1,700 a year—with the same insurer!

Review your level of insurance coverage

Being insured is an essential step to spring-clean your finances, but you don’t want to overpay for insurance you don’t need or find out that you’re underinsured where you need it. Ensure you have the right amount of cover with this handy building value calculator and home contents calculator. The same applies to health insurance or pet insurance.

Compare your mortgage

Spring clean your finances by getting a better deal on your mortgage. With the Reserve Bank of Australia (RBA) having introduced a total of 12 interest rate increases since May 2022 in order to curb the rate of inflation, many Australian home owners are struggling to keep up with mortgage repayments. 

To check you’re getting the best deal on your mortgage, compare products and lenders. Talk to a broker or use an online mortgage comparison site. Better still, give the MyBudget Loans team a call. Our mortgage specialists put your interests first and will help to explain the pros and cons of moving your mortgage or leaving it where it is.

The rest of the tips that can help make the most of your financial situation. Spring is the perfect time to set a new savings goal, eliminate credit card debt and review your spending habits. Your personal finances will thank you for it.

Cut Unnecessary Subscriptions

Cancel or pause subscriptions you no longer use or need, like streaming services or magazine subscriptions from your monthly spending. From Spotify to Netflix, gym memberships to mobile apps, a lot of bills are based on subscription billing—$9.95 a month here, $50 there. Next thing you know, you’re paying out hundreds a month in extra money. Spring is the time to weed out subscriptions you’re not using or to shop around for a better deal.

A person holding a mobile phone with the Netflix logo

Cook at Home

You’ve heard this one before but you might not realise how big an impact it can have on your physical and financial health. Eating out can quickly drain your wallet. Prepare meals at home to save on dining expenses. Preparing meals in advance and ordering your groceries online for pick-up can stop you from going over budget. Get creative and start trying some new recipes that the whole family will love.

Compare Prices

Before making a purchase, compare prices online or in-store to find the best deals.

Use Coupons and Cashback

Take advantage of coupons, promo codes, and cashback offers when shopping online.

Limit Takeout and Coffee Runs

Cut back on takeout meals and daily coffee runs to save on convenience expenses.

Buy Generic Brands

An alternative option is to opt for generic or store-brand products, which are often cheaper than name-brand items.

Sell Unused Items

Declutter your space and make extra cash by selling items you no longer need or use. You could sell your clothes at a market, or list some old furniture on Gumtree.

Avoid Impulse Buying

Wait 24 hours before making non-essential purchases to avoid impulse buying. Delayed gratification is actually great for your mental health too.

Use Public Libraries

Borrow books, movies, and even kids toys from your local library instead of buying them.

Unplug Electronics

Unplug chargers and devices when not in use to prevent “phantom” energy consumption.

Cut Down on Alcohol

Reduce expenses by limiting alcohol consumption and dining out less frequently. You’d be surprised how much you might spend on alcohol each year! You can try a sober month, like Dry July or Go Sober October.

Refinance Loans

Explore options to refinance high-interest loans or credit card balances to lower monthly payments. Check out MyBudget Loans to potentially refinance your current debt.

DIY Beauty and Grooming

Learn to do your own manicures, haircuts, and grooming tasks instead of going to salons.

Buy Secondhand

Purchase gently used items like clothing, furniture, and electronics from thrift stores or online marketplaces.

Use Public Amenities

Utilise free or low-cost public amenities like parks, community centres, and public Wi-Fi.

Plan Free Activities

Enjoy free entertainment like hiking, picnics, visiting museums on free days, or attending local community events.

Quit Smoking

Quitting smoking not only improves your health but also saves a significant amount on tobacco expenses.

Host Potluck Gatherings

Instead of dining out with friends, host potluck dinners or game nights at home.

Repair Instead of Replacing

Fix broken items instead of immediately replacing them, saving on replacement costs.

Limit ATM Fees

Withdraw cash from your bank’s ATMs to avoid unnecessary fees charged by other ATM providers.

Track Your Spending

Keep a detailed record of every expense to identify areas where you can cut back. If you see this as too overwhelming or emotionally draining, a MyBudget Money Coach can manage this for you when you sign up for a budget.

Automate Savings

Set up automatic transfers from your checking account to your savings account on payday to ensure consistent savings. This will help prevent you from spending from your savings account, especially if bonus interest is up for grabs as an incentive not to withdraw! If you don’t already have a high-yield savings account like this, you will need to set one up. You want the type that has zero fees and no ATM card (so you don’t accidentally use it when you’re buying a kebab at 3 a.m.) Next, email the bank account details to your work payroll and ask them to deposit $X dollars (you decide the amount) from every pay into your new account. Or set up an automatic recurring transfer each pay period. This is how you create a savings habit to clean up your finances and achieve your long-term financial goals. Prioritising an emergency fund, and paying off any personal loans and any other financial obligations are a great use of savings. Then, you can move on to attainable goals, or just save a bit of cash for warmer weather!

Implementing a combination of these quick-saving strategies can make a noticeable impact on your finances in a short amount of time. These strategies can help you save money quickly and sustainably. 

A person in jeans holding the lid of a clear jar with an American $100 bill and a white tag with "Saving" written on it.

Create a budget

There’s nothing boring about creating a budget to achieve financial freedom. It’s the hurdle most are scared to take, or believe they can’t take. Imagine all the goals you have been wanting to achieve but have felt disempowered by external factors or the business of life. A budget sets those goals out for you like a clear staircase. It’s time to take the pressure off. Think new house, debt-free living, regular date nights and stress-free sleep.

Setting up a budget isn’t just about spring cleaning, it’s about creating a system to help you live the life you want free from money worries!

Ready to spring into financial fitness?

If you’re ready to spring into financial fitness, book a free consultation with one of our money experts. We’ll help you clean up your finances and create a customised budget for you! This detailed plan will show what you can achieve with your money over the next 12 months and beyond. The session is free, without obligations, and the plan is yours to keep. Request your free budget consultation today.

Ready to find out more?

Call 1300 300 922 or get started today

This article has been prepared for information purposes only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this article you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.