Ten quick tips for a financial fresh start

Ten quick tips for a financial fresh start
About this post

Have you been meaning to take stock of your financial situation for a while now?

Sometimes the task of looking at your finances head on and rehauling the way you think about and spend mony can seem like too much to handle. 

The best way to start is simply. 

Here are ten quick tips that can be easily applied to begin your financial fresh start.

Track spending – you’ll be surprised at how the little things add up. The government’s free TrackMySpend app makes it easy.

Create a budget – once you know where the money’s going it’s a lot easier to cut spending to find savings. Check out the budget planner on the federal government’s MoneySmart website.

Use spare cash to pay off debt sooner – additional repayments are a proven way to get ahead with debt. Hit high-rate balances like your credit card first, then focus on lower rate debts like your home loan.

Shop around for a deal – RateCity makes it easy to see if you’re getting the best value across a whole range of financial products and it’s free to compare hundreds products all at the one site.

Consider a balance transfer – paying zero interest on your credit card balance is a no-brainer when it comes to getting ahead with card debt and saving on interest charges, just make sure you understand all the conditions of using the card before you sign up.

Declutter – If you’ve got more than one everyday account chances are you’re paying multiple fees. Close any accounts you haven’t used for a while and look for a transaction account charging zero account fees.

Automate your accounts – streamline money chores like bill or loan repayments by organising automatic payment from your regular bank account. It’s a great way to avoid late payment fees.

Protect your best assets – none of us know what lies around the corner, making insurance a must-have for your home, car, income and life.

Make a rate cut of your own – your home loan is a major debt and even a slight cut in the interest rate can significantly lower your repayments, slash the overall interest cost and reduce financial stress. Don’t wait for the Reserve Bank to move, you may be able to secure a rate cut of your own by refinancing to a lower-rate home loan.

Start a savings plan – even small deposits can grow into substantial sums over time. Shop around for a savings account offering a healthy rate, set up a regular deposit from your everyday account and use RateCity’s savings calculator to see how your money will grow. And for further advice talk to a financial planner.

Realted links

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.