20 money checks to do in January

FOLLOW THE SIMPLE TIPS IN OUR CHECKLIST TO SET UP A YEAR OF SAVINGS SUCCESS

MONEY

Everyone should take the time in January to look over finances, calculatae your spending and set new money habits. Doing this will help you realise your financial goals for the 12 months ahead. So, follow our checklist of ways to manage your money in 2022, and tick it off as you go.

1

Spending history: Scan recent online bank statements to check that you spend less than you earn each month.

2

Spouse savings: Chat with your partner to work out what they want financially, and whether you’re both on the same page.

3

Superannuation: Spend an hour on your super checking fees, your investment mix and risk tolerance, and whether you’re losing money through multiple funds.

4

Power up: Ensure you’re not wasting money on electricity and gas by comparing your costs at energymadeeasy.gov.au.

5

Dial up a discount: Compare phone and internet plans at whistleout. com.au or other comparison websites, and work out if you’re on a good deal. 6

Solid shopper: People who shop with a list save money, so use a notebook to help you control supermarket spending. 7

High-interest hurt: Check if you’re paying interest – and how much – on credit cards and other consumer debts. Paying this off should be a priority.

8

Fast-food freeze: Are you addicted to takeaway? Work out what you spend a month on fast food, and how much you can save by eating at home and bringing lunches to work.

9

Home loan: What’s your mortgage interest rate and how does it stack up with other lenders? Use comparison websites to check.

10

Direct debt clean-up: Check you’re not automatically paying for stuff you no longer use, such as gym memberships or technology subscriptions.

11

Car insurance check: Car insurers often charge lower premiums to new customers. Don’t be penalised for your loyalty – contact your insurer and compare.

12

Home protection: Do the same with your home insurer, and check your current level of cover is enough to cover your contents and rebuilding if necessary.

13

Pump out savings: Petrol prices move in cycles in most capitals so check the accc.gov.au website to see how prices are moving so you can try to time purchases.

14

Hello mygov: Spend 10 or 20 minutes exploring my.gov.au to have a look at your super, tax, social security and Medicare details (including Covid vaccination data).

15

Banish bank deposits: Leaving cash in the bank is costing you money after inflation, so find a better place such as mortgage offset accounts or investments.

16

Investment projection: If you own property, shares or other assets, use moneysmart.gov.au’s compound interest calculator to work out how they could grow over a decade or more.

17

Treat tax seriously: Start a file – or even a shoebox – for your 2021-22 tax receipts to prevent a June freak-out. Consider the ATO’s app for tracking deductions.

18

Life insurance: What happens to your family’s finances if you die or become disabled? Check what cover is in your super, and whether you need to increase it.

19

Estate planning: Anyone with dependants and assets should have a will and other estate planning documents such as a power of attorney. Don’t tempt fate.

20

Life goal list: Spend an hour writing what you really want to achieve in the decades ahead – it could be travel, education, personal improvement or helping others, and it will help give your life direction.