Easy money tips

The start of a new year is the perfect time to look at how your money is working for you.

Reviewing your finances doesn’t have to be hard. Follow these easy tips to start 2019 on the right track.

Track your spending

Tracking your spending habits helps you discover how much money you’re spending on items such as coffee, take-away or clothes. You may find the actual amount is vastly different from what you think you’re spending.

Use budgeting apps such as PocketBook or ASIC’s TrackMySPEND to track your spending, an Excel spreadsheet or even a pen and paper. Choose the method that works best for you.

Check your bills

Take the opportunity to look at your household bills from 2018 and work out whether there’s anywhere you can save money.

Research different providers to find the best rates and look at whether there are any discounts available to you through memberships or concession cards.

Cancel unused memberships or subscriptions such as gym memberships, Pay TV or magazine subscriptions

Eliminate fees

If your bank accounts have monthly account keeping fees, consider switching to fee-free accounts.

Some companies charge for paper bills so switch to receiving your bills via email instead of by post.

You may be able to avoid service charges by switching your regular bills such as health insurance, electricity or utilities to direct debit.

Review your insurance

Review your home insurance, car insurance, and pet insurance policies to make sure you have the right coverage to protect you and your family.

Make sure your personal details are up-to-date and any changes to your property or how you use your vehicle are discussed with your insurer.

Take advantage of any loyalty or multi-policy discounts if you have more than one insurance product with a provider.

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