Spring is officially here and lets ’s face it, most of us could benefit from doing a little spring cleaning. But it’s not just our kitchen cupboards and closets that need spring cleaning – many of us could do with sweeping out some poor financial habits and counter-productive relationships too.
Spring is the ideal time to review your financial situation if you haven’t done so in a while, says John Manyike, Head of Financial Education at Old Mutual.
“The silly season and all that comes with it is just around the corner, and we all know how expensive that time of the year can be! That’s why it’s important to look closely at all your current expenses and see where you can cut costs and save in preparation for this festive period and as part of your overall financial planning.”
If you live with a spouse or partner, Manyike suggests making a list of the household expenses that each of you is responsible for, before re-evaluating these lists against your salaries.
“The financial situation of one or both people in the relationship may have changed, there could have been a promotion, or someone may now earn less than before. Whether you agree that household expenses should be split fairly and in proportion to your income, or one person is comfortable taking on more of the financial responsibility, the important part is that you be on the same page.”