Money-Management Tips for 2023
Money certainly makes the world go around, at least that’s what the saying implies; we all have to manage our personal finances and live within our means, which is often easier said than done. If you are finding it tough to stay in the black, here are a few money-management tips from the experts.
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Review your expenses regularly
If you don’t seem to be saving as much as you should, the first thing to do is take a look at your outgoings and see what can be done to reduce your spending. Create two lists, essential and non-essential expenses and be thorough in your recordings and you will see where your hard-earned income is going.
Review your banking set-up
Of course, bank term deposits vary from bank to bank; compare your current bank with rivals and you may find a better deal is to be had elsewhere. Online banking is pretty much standard these days; take a look at what the bank is charging for these services and you might find you are paying more than you should.
Start collecting coins
Order a huge glass jar to stand by the front door and deposit all your change as a matter of course. Ask your partner to do the same and before long, you have next year’s holiday money! “Manage the cents and the dollars will manage themselves”, which does kind of make sense. Within a couple of weeks, it becomes second nature to drop your change in the bottle and at the end of the year, you can count your huge collection of coins. Click here for information about real estate trends.
Settle credit card payments promptly
As you probably know, credit card providers make their money on the interest charges and if you pay promptly, there won’t be any interest charges. It is oh so easy to pull out your plastic when paying for things and some degree of self-discipline is required with credit cards. If regular card payments are causing you stress and anxiety, as you struggle to make the minimum payments, which, in turn, leads to additional interest charges; consider taking out a debt-consolidation loan from a reputable online lender.
Increase your income
Regardless of your financial status, making more money is definitively going to help; it might be OT at work, or you run a side hustle, there are many ways to supplement your income. Some enterprising folk sell goods online, while others offer their services on a freelance basis; which could lead to leaving your job and setting up your own business.
Check your credit score
If you are planning to apply for a home or car loan, you should first check your current credit score, which you can do online and for free. If your score is less than perfect, check that you don’t have any outstanding bills that need to be settled.
Many Australians are using their savings to cope with the rising cost of living and if you require a personal loan, there are online lenders who can quickly facilitate a personal loan.