Get a fresh start with your finances

By You and money

If you didn’t stick to your New Year’s resolution to sort out your finances, now might be a good time to have another go at it.

Stop and ask yourself some questions. Are you getting the best rate on your current home loan? Are you entitled to any discounts on your insurance policies? Can you keep track of your finances better by dealing with just one bank? Are your savings getting a high interest rate?

Here are a few ways to help you save time and dollars.

Compare your home loan

Cash rates are at a 53 year low in Australia, so it’s a good time to think about buying a home or refinancing. Start by comparing interest rates, but remember to look at the other fees and charges. Check for establishment, monthly, annual and exit fees. Think about the loan features you might want, such as redraw, and decide if you really need them (usually a basic loan will cost you less). And don’t forget to look at home loan packages that offer you things like mortgage offset accounts.

Get multi-policy discounts on insurance

If you have all your insurances through one provider, you can often get a multi-policy discount that will save you money. Check out expiry dates on all your policies and get some quotes before you renew.

Consolidate your banking

If you’re with more than one bank, chances are you’re paying more in fees and spending more time keeping track of everything. Think about moving all your finances to one place. Often the bank you choose will help you through the process.

Set up regular savings

It can be easier to save money if you keep your savings separate from your day-to-day account and organise regular payments from your salary. Some banks offer extra interest if you don’t touch your money during the month, which means your savings will grow even faster.

 

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