One of the silver linings to emerge from recent interest rate rises is how it’s made people more aware of their spending habits. To start the new year off on the right foot, here’s how to be more money savvy this year.

Start tracking your spending
Most of us have a general idea where our money goes, like how much you spend on rent and food every week, but I bet there are transactions coming out that you may not even be aware of (Oh hey there! News Limited subscription I signed up for yonks ago and forgot about). 
Pouring over your bank statements is kind of old school these days, not to mention time-consuming, but there are easier ways to track your spending. Pick the right bank – like Macquarie Bank for instance – and they may actually do it automatically for you right on your mobile banking; or some Apps like Pocketbook and Money Brilliant will sync up with your bank account and automatically track and categorise your expenses for you so you can easily see where your money is going. 

Get on top of your budget
Don’t have a budget yet? You’re not alone. Over a quarter of Australians don’t have a budget, according to a survey by the MyState Bank, so don’t feel too bad.  Many of us prefer to wing it when it comes to budgeting and think we can figure out our spending/saving on the fly. Naturally, this approach hardly ever works. If you’ve been tracking your spending, you can easily see where you need to cut down on any expenses, like all those forgotten subscriptions. It’s important to set realistic, achievable goals when budgeting. 

Spring clean your subscriptions
Once you start tracking your spending you can’t help but see all your big money wasters, such as your weekly (or triweekly!) Uber Eats habits. Don’t overlook small transactions either because they all add up. 
Note to self: cancel that News Limited subscription you never use but you’ve paid $30 a month for all year….

Dump your debt
Paying off interest-accruing debt is high on Australian’s list of new year money resolutions. Maybe you racked up a whole lot of credit card debt buying Christmas presents or you’ve got a car loan you want to finally pay off. Whatever it is, this the time to write down all of your debts: what you owe, who you owe, what interest rate you’re being charged, and when it’s due. Then you want to create a plan to manage the debt. 

Have ‘no spend’ days
From food and alcohol delivery to streaming services and rideshare, it’s so easy to spend money these days without even thinking about it.  Try having a least one day a week where you commit to spending nothing – be it cash, debit, or credit. If that’s too hard, try only spending with cash rather than by card where you can. Physically parting with $50 feels way more painful than mindlessly tapping your card and it will make you think twice before you spend. 

Refinance your home loan
If you put refinancing in the too-hard basket last year, now is the perfect time to do it. With very competitive deals on offer, refinancing your home loan should be high on your to-do list..so reach out today on how we can help!!