Editor’s letter

Collectively we throw away around $38.85 million a month, or $466 million a year, in loose change, according to research conducted by Galaxy on behalf of ING. In our cover story this month you’ll see how small change is fast becoming big business with fintech start-ups (and even some banks).

Experts say it takes around 66 days to form a habit, and simplicity and consistency are the key. All six of the micro-investing apps or accounts that we review work on this principle. Millennials may have been quick to adopt micro-investing – saving small amounts regularly – but it’s not just for the cash-strapped. In this low-interest-rate environment, it’s becoming a serious way of building wealth for all investing budgets. Money looks at how these products work, their fees and, where possible, their performance. As a percentage of the amount invested, some platforms do have higher charges than traditional options. But as one Money reader pointed out, they don’t mind paying a little premium in the beginning if it means they’re starting a good money habit.

Some great news came out in last month’s Reserve Bank figures: the average credit card balance has fallen to $3069, the lowest level since December 2007. Overall it appears personal debt is shrinking, down 1.1% in 12 months. If Craig James, chief economist at CommSec, has it right, then Melbourne Cup day will belong to the horses, which means no rate rise, so consumers can continue to knock down as much debt as they can.

Once again Money has teamed with research group Finder to put together a suite of the best financial products for your next overseas trip (p44). Having gone on a small trip myself this year, to Italy, I did my own research on what pre-paid travel card I should take and it was reassuring to see mine is one of the ones listed. These awards lead into next month’s big Best of the Best issue.

One asset class that I missed out on this year is classic cars (p50). Some have at least doubled in value in 12 months. According to classic car expert Mark Haybittle, I could have picked up a Jaguar XJS convertible for about $16,000 last year and now it’s worth $50,000. Hindsight is such a wonderful thing!

‘If you look at what you have in life, you’ll always have more. If you look at what you don’t have in life, you’ll never have enough.’ - OPRAH WINFREY