It is around this time of year that many people start spending more time getting their bodies into peak summer condition, yet at the same time tend to neglect their finances.

For many, it comes down to time. According to Mortgage Choice's 2014 Money Survey, one in three mortgage holders said they have a set and forget mentality when it comes to their home loan, with almost 20 per cent indicating they only review their mortgage "every once in a while".

While reviewing your financial situation can seem like a hassle, having your finances in order can really benefit your bottom line down the track.

But don't just stop at your mortgage. Take the time to review your entire financial situation and make sure you are in the best possible position for your needs.

Here are a few tips to get you started:

1. Know your budget

Think about daily, weekly, monthly and annual costs you can remove, even insignificant costs such as takeaway coffee, snacks and knick-knacks. Track your expenses for a few weeks. You may be shocked at where your money goes - and how quickly.

2. Address your debt

A mortgage broker can help you to determine whether there are ways you can pay off your mortgage, personal loans and credit cards sooner, or smarter. The aim is for you to live happily. If your spending is out of whack it could need addressing.

3. Get rid of what you don't need

Are you in a job that doesn't pay you what you are worth? Could you get one with better rewards? Are you driving a car when you could walk or catch public transport? Do you neglect to maintain your car and end up consuming more fuel? Take charge of your needs, wants and spending patterns.

4. Speak to me for a free home loan health check

The Australian mortgage market changes shape regularly. You may be surprised at the different choices available, such as a loan that is more suited to your budget and needs. I can provide you with an obligation-free home loan health check to make sure you are still in the right product.

For more information call Richard Windeyer on 1800 01 LOAN.

Richard Windeyer is a mortgage broker with Mortgage Choice. His advice is general in nature and readers should seek their own professional advice before making any financial decisions. Phone Richard Windeyer on 1800 01 LOAN.