Why Your Family Should Do a Personal Financial Audit

When is the last time that you did a financial audit? If you're still thinking, it's been too long! If you're wondering why your family should do a personal financial audit, there are so many benefits to having one done. The biggest thing to keep in mind is that everyone in the family can take an active role in understanding the importance of fiscal responsibility when it comes to your finances.

Why Your Family Should Do a Personal Financial Audit

With the month of April coming up quickly, it's time to consider joining in on the April Audit. This is a great time to step back and start doing a financial audit of all of your personal finances and expenses. By even putting that monthly date in your mind, you're helping to motivate yourself to peel back the layers of your family finances and dive in to sort through them all. Don't view it as a negative but as a way to find money that you didn't even know you had!

Here are the top reasons why your family should do a personal financial audit.

Auto Paying bills can be a disconnect to how much money you have or spend

Even though the autopay feature of paying bills is nice, it's a simple way to forget about them and not really realize what you're spending each and every month. Paying your bills on time is essential but knowing the amount of money out of your monthly budget is just as important, too.

 

You might find out you're paying for things you no longer even use

How many of us are guilty of actually paying for things that we honestly don't even know that we're paying for? If you never stop and take a look at your credit card statements or bills, you might still be paying for subscriptions that you didn't even know you were subscribed to.

Just stopping and doing a family financial audit on all your monthly expenses can be a great way to cut some of that extra spending that you're not even aware is happening. Even finding an additional $25 per month that you can trim means that you can use that amount for something fun for the family. A night out to eat, an evening of entertainment, or just a fun night of staying home and ordering pizza are all fun ideas and ways to use freshly found money.

 A few simple changes last year during a personal audit, and I saved nearly $1000! Find out more!

A financial audit can help you negotiate better pricing

Once you take the time to dig through your finances and really focus on what you're paying monthly, you may quickly discover that you're actually overpaying on a lot of your bills.

 

It's a good rule of thumb to look at all your monthly set expenses and then do a bit of research to find out if there is a way to get them cheaper. This can be as simple as getting new quotes for car insurance, homeowners insurance, as well as trimming down your TV and internet costs too.

 

Don't forget to peek at what you're currently paying for your family cell phone plan as well as there are always things that you can trim and cut down on to free up money for other needs in your life.

 

PIN THIS FOR LATER!

As we get ready to enter into April, be prepared to start taking a look at your personal finances to see if we can trim back some bills and save some money! I'm ready! Are you?

In case you missed it, here are the challenges you've missed. You aren't late, start where you are!

Jumpstart January
Frugal February
Money Making March

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