True cost of unfinished tasks
THE to-do-list for Australians is continuing to grow and each person has at least 21 tasks – many of which are around the home – that need to be done.
But the biggest roadblock to getting these jobs ticked off is the cost, new figures by marketplace lender SocietyOne has shown.
From jobs including painting rooms, landscaping and replacing the airconditioning, followed by leisure and lifestyle tasks such as taking a holiday, on average it would cost each person about $36,000 to complete all their unfinished tasks. SocietyOne spokesman Danny John said the smaller tasks tend to be the ones we neglect, and budgeting is the biggest hurdle.
“People need to spend some time prioritising and working out whether you can get the help to get them done,’’ he said.
“Work out what is the most important and then tick them off. Some people use credit cards to do this or their savings, but it could limit your to-do list to get it done.”
The data showed Australians are most likely to fund their to-do lists from their savings (79 per cent), followed by using a credit card or a personal loan (11 per cent.)
Interest rates on credit cards remain high – around an average of 17 per cent but they can also fall under the 10 per cent mark – while in many cases both secured and unsecured personal loans are usually a more cost-effective option.
Apart from many people experiencing a financial shortfall (62 per cent) to finally get the jobs completed, not having enough time (45 per cent) and needing assistance to complete tasks (34 per cent) are also a problem.
Consumer finance expert Lisa Montgomery said for any consumers looking to sign up to some form of credit to get a task done, there are a few key things to think about.
“Look at the fees and charges and what the criteria is going to be,” she said.
“Also, it’s important not to apply online for multiple credit accounts without understanding what the implications might be, because potentially each organisation is doing a credit check on you so, before you apply, make sure you know the rates, fees and the organisation for you.”