To help you make the most of the new year, we’ve prepared some handy tips to help improve your financial health. Just remember, you don’t have to do everything at once – take one step at a time. Even a small change can make a difference to improving your financial fitness.
Start with the everyday expenses
It could be about changing providers or reconsidering what type of plan you need for a particular service. The savings you could enjoy could make a difference to what you spend throughout the year.
Consider your:
- Mobile phone plan
- Insurances - health, car, life, pet, home and contents
- Electricity or gas provider – work out if you’re getting a good deal by heading to the Australian Government’s Energy Made Easy website, or the Victorian Energy Compare website if you live in Victoria
- Internet plan
Clean up your subscriptions
Is there a lurking subscription plan you’ve forgotten about, or don’t use? Consider cancelling any subscription plans you don’t use for an easy savings win!Look at:
- Wellness apps and fitness/gym memberships
- TV, music and movies
- Meal subscriptions
- Game apps, cloud storage, browser extensions
- Magazines and newspapers
Get a little greener
Being eco-friendly is not only good for the planet, it could be good for your wallet too.
Here are some green tips to help you get started:
- Replace light fixtures or bulbs with energy-efficient LED lightbulbs
- Unplug any unused electrical devices entirely (Did you know that appliances on standby often still use a lot of electricity?)
- Recycle rainwater or greywater for use in the garden. Grey water is waste water from your showers, baths, hand basins, laundry tubs and washing machines
- Going meat-free more often could help reduce your grocery bill
- Open windows to cool your house instead of cranking up the air conditioning
- Repair clothes or broken furniture where possible instead of buying new
Save on auto-pilot
To help grow your savings, consider setting a little aside when you get paid. Whether it’s through your bank or employer, consider setting up automatic fortnightly or monthly transfers, so you don’t have to think about it. Check out this compound interest calculator to work out how much money you could have if you save regularly.
Save for a rainy day
Setting aside a few dollars each week could help combat those nasty unexpected bills. Create a safety net for yourself so that if the time comes, you have the money on hand. You’ll be surprised how a little each week can go a long way.
Squash your debt
Consider paying off as much as you can on your credit card each month to reduce interest. If your home loan allows you to make extra repayments, work out whether you can afford to increase the amount you pay each month.
Understand your home loan rate
Your home loan might have had a competitive interest rate at the time you got it, but as time passes, it’s worth checking that’s still the case. Make sure you research and understand the deals in the market first. If you find you need to, speak to your lender to try and negotiate better rates and terms.
Given the average amount and length of a mortgage, a seemingly small discount could make a big difference over the life of your loan.
If you can’t get the result you are after with your current lender, refinancing your home loan with a different bank could be an option. However, make sure you check whether there are any early exit fees.
Check out our video below to learn how an SG Fleet Novated Lease works and its benefits.
Save on a new car with a novated lease
If you’re in need of a new car, why not consider an SG Fleet Novated Lease? It’s one of the most cost-effective car ownership options in Australia and may allow you to make income tax savings.
As one of Australia’s largest car buyers, we use our fleet buying power and in-house market knowledge to get you a better new car price. With an SG Fleet Novated Lease, you’ll also save the GST on the purchase price of the car.
In addition to helping you get a better new car price, SG Fleet helps you set a budget upfront to cover all your car’s running costs in one regular payment.
Check out our video below to learn how an SG Fleet Novated Lease works and its benefits.
This article provides general information only. As the information is of a general nature, it does not take into account your personal or financial circumstances and is not a substitute for financial advice. SG Fleet recommends you obtain independent financial advice before acting on the information provided. SG Fleet not responsible for any information provided by third parties or contained on their website.