AIB’s Guide to Spring Cleaning Your Finances
There’s finally a break in the cold weather and a grand stretch in the evenings. Around this time of year, many of us invest a few evenings or even a weekend into decluttering and generally giving our homes a bit of a tidy. Afterwards, you not only feel great but your home doesn’t look too shabby either.
This also presents an opportunity for you to spring clean your finances.
Recently, you’ve probably felt the burden of a few significant financial events, such as Christmas, a quick getaway for Easter or booking flights for that summer holiday. However, now that you’ve a little room to breathe, why not pull your socks up and give your finances the ole ‘once-over’?
Look at your current expenses
If you haven’t taken the time to compile a list of your current expenses, then there’s no time like the present. Nowadays, it’s relatively straight forward as most of your previous transactions are easily viewable through AIB Internet Banking or on your AIB Mobile Banking and AIB Tablet Banking Apps. You can also use our simple personal financial management tool, My Money Manager, to help you track your Current, Deposit and Credit Card Accounts and their income and expenditure. Using this you can also create budgets and savings goals plus, in many situations, even just going through the process of adding up your recent expenses can inspire you to cut these down.
If you are not yet registered to use these, you can register online here today.
While on occasion you may think you eat out a little too often, adding up your bills for restaurants and discovering you have in fact spent twice as much as you thought can be a great motivator to cut back.
Categorise and reduce your spending
A good tactic is to first identify the categories and areas in which you are over spending. Next, try and calculate whether it would be possible for you to manage a reduction of around 20% in each of these categories. If you have debt with high interest, such as a credit card, perhaps consider using this money to set up an automated payment each month in order to clear the balance. For a quick and easy overview of how to understand and manage your AIB Credit Card, check out our simple Credit Cards 101 guide now.
If you don’t have debt with high interest, then consider putting these savings into an investment fund or account for savings.
While it may be a bit of a pain, after going through your finances, trimming the fat in excess areas and setting up automated payments to conveniently handle payments and savings, you’ll feel a great sense of accomplishment. Plus, your finances will be in as good shape as your house, post spring cleaning and you’ll be in a much better position to start planning for that new car, home improvement or holiday.
Whether goal or project you’re saving towards, AIB can offer some extra assistance with one of our AIB Personal Loans. Get a quote or apply online with us today through AIB Internet Banking and get approval within 3 hours*.
Lending criteria, terms and conditions apply. Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age. Security may be required.
*Although we aim to provide a decision within 3 business hours, this period may be extended for technical or other legitimate reasons. Our business hours are Monday to Friday from 9am to 5pm, excluding bank holidays.
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.