Balance your budget, useful apps
Feeling the pinch? Knuckle down with these money-saving hacks
Chances are any resolutions you made at the beginning of 2019 have fallen to the wayside by now. But there’s still time to commit! In fact, the beginning of a new financial year is the perfect time to revisit any goals you may have set for yourself – and your hip pocket.
Here are a few suggestions that can help you save – or make – money and generally improve your overall financial health.
I WILL GET MY DEBT UNDER CONTROL
If you have credit-card debt that n never seems to go away, ensure y you’re making more than the m minimum repayments in order t to get ahead. If you think c clearing your debt will take a g good while, consider taking up a balance transfer offer. When c comparing these offers, make s sure you find out if you’ll be up f for a balance transfer fee, what t the interest rate reverts to when t the honeymoon period is over a and if an annual fee applies.
I WILL SPEND LESS THAN I EARN
Living within your means really is the only way to get ahead financially. Spending less than you’re earning requires you to create – and stick to! – a budget, so you can easily work out where your money is going and identify areas you can trim back. Once you work out how much you can save each month, organise a direct debit from your pay to a separate savings account – that way you’re forcing yourself to put precious pennies away.
I WILL SEARCH FOR BETTER DEALS
It’s easy to get complacent with your home loan, internet plan, electricity supplier... and so on. But not making the effort to shop around can mean you’re paying more than you have to. Make sure you’re getting more bang for your buck by using comparison websites to track down the best deals.
I WILL MAKE SUPERANNUATION A PRIORITY
For some of us, retirement might feel like a long way off, but it’s never too early to start thinking about life beyond the workplace – and part of that means sorting out your superannuation. It’s important to know exactly where your super is and what it’s setting you back in fees. Check too that your fund has been performing on par with similar options over the long term. And if you’re someone who has multiple funds, consider consolidating them so your money’s all in the one place. You should also ensure the asset allocation is appropriate for your age and risk profile. Finally, think about making extra contributions via salary sacrifice to boost your savings.
I WILL REVIEW MY M WILL
If you haven’t thought about your will for a while, it’s a good idea to take a close look to make sure it accurately reflects your current situation and wishes. To guarantee your will is valid, it’s best to consult a solicitor. Remember: super is treated differently from the rest of your assets, so think about arranging a binding nomination to make sure it goes to the right people.
I WILL ENSURE I HAVE ADEQUATE INSURANCE
Most people make the effort to insure their car and home but often forget to insure themselves! If you were to fall ill or have an accident that prevented you from working, how would your family get by? And what if the worst happened and you or your partner died? Nobody likes to think about these outcomes, but you should make sure your family is protected. Look into income protection and life insurance and don’t assume you’ll have it as part of your super, because that amount might not be adequate.