page top

Get financially fit in 2017

Attention: open in a new window. Print

Get Financially Fit

This year is going to be your year! It’s time to get financially fit with these easy, free money habit tips. They’re all simple to put in place and will make a real difference to your bank balance.

1. Save little, save often. Get ready for Christmas now – yes now! Everyone could do with an extra $1,378 in their pocket by Christmas and that’s exactly what a 52 week savings plan will give you.

Set up an automatic weekly transfer from your main account to your savings account for the amount matching that week’s number. So in the first week of January, put away $1, in the second week put away $2. Week 15 of the year would see you putting away $15 and so on. The amounts are so small that you’re not likely to notice them leaving your account and, if you stick with it, you’ll end up with $1,378 by the last week in December. Hello Christmas!

2. Feeling the squeeze? Need more space? There’s no need to move and we’ve got a simple answer that could net you a tidy boost to your savings. Sell the clutter.

Go through each room and put aside anything that you don’t use or doesn’t make your family feel happy. You’ll be surprised how much of it can be sold through Gumtree or local buy, sell, swap groups on Facebook. Put any proceeds straight into paying off your debts or into your savings. Donate anything you don’t sell to help others with less and get that feel-good boost too.

3. Consolidate the credit card debt. This is the year to do it! Roll the debt onto one card with a low interest balance transfer rate, or consider consolidating with a low rate, $0 annual fee personal loan. The debt may be much easier to settle once it’s all in one place. Divide the total amount by 12 and set yourself a challenge to try to stick to those repayments so you can start 2018 credit card debt free!

4. One of the simplest ways to save is to take the savings out of your hands! Ask payroll to split your pay so that a portion is deposited directly into your savings account every month. You won’t see it, meaning you won’t be tempted to spend it if it’s plonked straight into your savings. To find out how much you could put away each month, work out a budget and aim for 10% - 20% of your salary to be deposited directly into savings each week.

5. Set an achievable goal. It can be hard to set goals for your savings when you have a life to live and are managing credit card, mortgage and car repayments. But one idea we love is working towards saving one month’s salary over the course of a year. It should be an achievable goal and may provide a buffer for those little surprises – like the washing machine dying or the car needing emergency repairs.

To achieve this, you could take your total monthly salary, divide it by 12 and set up an automatic transfer into your savings account (or get your payroll to set up a direct deposit) for that amount every month. By 2018 you’ll have one month’s salary as a nest egg to head into the new year.

Itching to get started?

Check out our Savings Plan Calculator to see how much you could save over the next 12 months, or view our range of savings accounts here.

 

  Important Information

The information in this article is of a general nature and does not constitute as advice in relation to any investment or purchase. It has been produced without taking into consideration your personal financial circumstances, objectives or needs. Before making any decision you should conduct your own investigation and analysis of any benefits or costs and seek your own independent legal and financial advice. You should read our Terms and Conditions  and our Financial Services Guide before deciding to open any of our savings accounts  Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557, AFSL/Australian Credit Licence 238 305.

 

Article published January 2017