Five ways to hack your finances in 2021

How to start the new year on the right track.

Did your financial plan fly out the window in 2020? Here are five ways you can get back on track to make the most of the new year. 

If you don’t use it, lose it

Time’s up on subscriptions you’re just not making the most of. Whether it’s a gym you haven’t visited in months or a streaming service that just isn’t delivering, cancelling subscriptions that you’re not using can put cash back in your pocket.  

Make sure your budget is realistic 

Do you keep missing your goals or feel like you’re pinching pennies? It’s all well and good to make a budget but, if it doesn’t fit your lifestyle or your habits, you should re-evaluate. Make sure your budget gives you space to enjoy your lifestyle while still protecting “future you”. 

Stop punishing yourself for mistakes 

Whether you call it shopper’s guilt or buyer’s remorse, we all make choices with our money that doesn’t always align with our goals. The best thing to do after you make a purchase or financial decision that doesn’t quite sit right is to forgive yourself and make a plan for what to do next time. Consider setting a rule that you’ll always sleep on a big purchase decision.


Reward yourself 

Your budget will feel like a chore if you don’t use your hard-earned money to reward yourself every now and then. Whether it’s a special meal, mini-break or new plant for your home – make space to enjoy your life.

Look, but don’t touch, your super 

Many Australians took the chance to make an early withdrawal from their super during 2020, which provided immediate, much-needed relief to many families. However, this will leave many people worse off at retirement and they may need to work longer to be able to retire comfortably. It’s important to keep an eye on your super to make sure it’s on track to give you the retirement you want. 

For more ways to manage your money, visit RACQ’s Financial Wellbeing Hub.

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. 
Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.