When we think of tidying up, we would think of cleaning up our home or office, but tidying up our finances regularly is also an important task. We all have areas we could improve on, whether it be to increase our savings or cut down on expenses. With the new financial year in full swing and spring just around the corner, now might be a good time to review your finances.
Here are some tips to help you get started:
Sort out your savings
We offer a range of savings and investment products to suit various savings goals. If you are looking to earn additional or bonus interest on your funds, a cash management or bonus savings account might be suitable. The ability to earn interest can provide you with that extra incentive to consciously limit your spending or contribute additional funds where you can, to assist in achieving your goal.
If you have a longer term goal and can resist the temptation of tapping into your funds, a term deposit might be a good option to consider.
Our Savings Plan Simulator can be useful in assessing how to make the most out of your money and plan for the future. Staying motivated to save is easy with our Mobile App, which lets you set a savings goal and track your progress.
Evaluate your spending
Starting with your highest priorities, such as rent/mortgage and groceries, your outgoings are also likely to include some items that are ‘nice-to-have’ or no longer needed such as memberships or subscriptions. Our Budget Planner is a useful tool for reviewing your monthly income and expenditure. We all need our treats but identifying where savings can be made will free up disposable income to make your financial goals more achievable.
Consolidate your debts
Do you have several debts, for instance, a car loan, a personal loan and multiple credit cards? If so, you could benefit from consolidating all of these different debts into a single loan.
Book a free financial health check
If you are unsure where to begin, or want to understand your finances better, we can help. Our Mobile Lenders are available to meet you at a time and place that suits you. Contact us to arrange your appointment or book a Mobile Lender directly. We're ready to help you achieve your financial goals.
Any advice or information provided in this article is general advice only, and does not take into account your personal objectives, financial situation or needs. Before acting on any general advice you should consider its appropriateness given your personal circumstances. You should consider the Terms and Conditions and Fees and Charges for a product or service before acting on any advice to acquire it. Please consult with a financial adviser for personal financial advice.