IT’S TIME TO PUT IT ALL INTO PRACTICE: CHECKLIST TO BOLSTER YOUR FINANCES

You won’t be able to get your finances in order overnight, but there are a number of things you can set out to do by Christmas, giving you ample time to schedule the tasks into your hectic schedule.

Here they are, in order of the approximate amount of time you need to complete them.

NOW

• Download the app for your super fund Most, if not all, funds offer their members an app to keep track of their contributions, membership benefits and fee changes. Contact your fund to get more details. You will need your membership number and an email address that you can regularly check.

• Set up your own savings account Sounds like an obvious one but many women, especially if they are married or in a long-term relationship, have joint transaction and savings accounts with their partner. This may cut costs but leave you financially vulnerable if your personal circumstances change, such as a relationship breakdown or you’re applying for a loan under your name.

At a time when savings accounts from any of the big four banks no longer charge account-keeping fees, this one is a must.

• Set up custom alerts in your bank account With scams siphoning millions of dollars from unsuspecting bank customers, it’s time for you to take advantage of some of the most popular features now available in banking apps, such as transaction alerts (to check that you’ve been charged correctly or if the transaction ever happened) and “low funds” alerts (to avoid penalties if your account gets overdrawn).

GIVE IT THREE MONTHS

• Refinance your home loan If you haven’t changed home loan providers for two to three years, chances are you’re not getting the lowest rate. A 0.5% difference between your current loan and a new loan through refinancing can save thousands of dollars. Your repayments could fall by several hundred dollars a month. Sweet!

• Invest in the sharemarket Start building wealth by opening a share trading account. There are plenty of trading platforms that can help you get going with as little as $1000.

YOU NEED MORE TIME …

• Boost your borrowing power Your credit rating will impact your ability to borrow money and the rate you pay. If you’ve defaulted on debts or have a poor history of paying on time, it’s not too late to boost your credit score. Aim to have a six-month record in your bank account where a prospective lender can see that you’ve been paying your bills on time and saving a set amount regularly, with a healthy balance at the end of each month.

If you already have a high credit rating but want extra borrowing power, negotiate a pay rise or move to a job that takes your income to the next level.

• Pay down debts There may be periods in your life when you’ve accumulated debts due to a health emergency, job loss or relationship breakdown. While the prospect of paying down a huge amount can be overwhelming, you can seek help from a financial counsellor, look into consolidating debts under one loan so you only have to focus on one payment, or make 2023 the year where you focus on paying down debt instead of starting new ones.