It’s the start of a new year, and that means many of us have been rethinking our priorities and setting a few goals. For many Aussies, improving financial health is one of these resolutions, particularly if that means getting out of debt or saving up enough money to put down a deposit on a house.
Of course, it’s far easier to set these goals in January than it is to maintain them over the next 12 months, but that shouldn’t be the case. With a few simple strategies, and perhaps some tweaking of your goals, there’s no reason why 2018 can’t be a fantastic year for both you, and your bank balance.
Here are a couple of top tips for making sure that you stick to your financial resolutions.
Streamline your spending
If you’re less worried about debt and more concerned with saving a little bit of extra money, your first port of call should be to curb any unnecessary spending. Finder.com.au  recommends taking a look through a typical month and seeing where you can streamline the amount of cash that you may be dedicating to products or services that you don’t use or need.
A classic example of this is a monthly gym membership. $30 every month may not seem like a lot of money, but if you’re paying that and only going once, twice, or not at all, it’s simply money being poured down the drain. Cut out these expenses and your savings should grow!
Rethink your credit cards and bank accounts
Finally, regardless of whether your financial goals for 2018 are to get out of debt or save money by spending less where you don’t need to, it’s a great idea to take a look at your credit or debit cards (as well as your bank accounts) and consider how well they are working for you.
For example, do you know how much interest you’re paying each month on any credit card purchases that you don’t fully pay off? The amount could surprise you, and there are a few ways that you can reduce this percentage of your income that doesn’t make its way into your savings. Firstly, look into a card with a longer interest-free period, such as Beyond Bank’s Low Rate Visa Card , which gives you up to 62 days to pay off your debt without any additional charges.
Making the switch now will set you up for a year of reduced debt and increased savings, so get in touch  with our team to find out more.