Recession proof your life
Top tips to avoid your own economic downturn.
Top tips to recession-proof your finances
- The home loan market is incredibly competitive and better deals could be out there.
Consolidate your debt
- Try to eliminate debt on multiple credit cards and consolidate it in to centralised place at a low rate.
Cut down on guilty pleasures
- Look at your bank statements and identify if you can scale back your spending on non-essential items.
Shop for a better deal
- Just because you have been with a service provider for years, doesn’t mean it is the best deal. Look around and you may save.
Pick up a side gig
- If you have some spare time, why not put it to use and get paid for it.
Stash some cash
- Start squirreling some cash away now in case of an emergency. By saving $50 a week for a year, you could have $2600 in savings.
Make your credit card work harder for you
- Check to see if your card carries any benefits such as rewards points you can redeem later.
Don’t put all your eggs in one basket
- Try investing in different areas and don’t rely on your home as your only asset.
Buy in bulk
- You can save by stocking up on non-perishable items at sales or shopping at warehouses like Costco.
Streamline your super
- Nearly one third of Australians have superannuation in multiple accounts and are being charged fees and insurance on each account.
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. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.