Many people end the calendar year with goals and aspirations for the year ahead. Not surprising, saving money is one of the most popular new year’s resolutions for many Australians. Whether it’s saving for a home deposit or enjoying a trip overseas, here are some tips to help improve your finances for 2023.
Bundle your services
Whether it’s bundling your home and car insurance, or internet with mobile, you will save money by taking advantage of bundle discounts. Or better still, compare what’s available in the market through third party platforms to ensure you’re getting the best deal.
Review your subscriptions
Streaming services and mobile apps - we’ve all been guilty of subscribing to them, only to use some a couple of times and continue paying monthly access fees. Review your subscriptions through your bank statements and remove any you don’t use.
Review your memberships
It’s time to face reality and review all those costly club memberships. Those monthly fees all add up, so cancel anything that you don’t use. Be sure to read the fine print to check for any cancellation fees.
Refinance your debt
When was the last time you reviewed your mortgage? Do you have multiple debts that can be consolidated into one loan? Chat with a financial advisor or your bank to find what offers and interest rates can best assist you.
Compare credit cards
Interest rates, annual fees, and benefits vary broadly from one credit card to another. Work out your monthly spend and assess which credit card features best suits your household.
Declutter the house
The saying ‘one person’s trash is another person’s treasure’ certainly rings true when it comes to clearing out objects that no longer serve a purpose. Whether it’s an exercise bike, a stereo, gaming equipment or designer clothing, it’s better to sell it for cash than have it sitting unused in your home.
Set a budget
This is a task that many people hate but is absolutely essential if you’re serious about improving your finances. Here’s an easy guide on how to create a budget which will help you manage the money you spend and help save better.