Daylight saving time may be over but don’t let your enthusiasm for saving money start to wane. These darker days are the perfect time to set aside some time to manage your money. Here are 4 tips for reinvigorating your personal finances this Autumn:
1. Do a financial health check
If you’re not sure which areas of your personal finances could do with some attention, then carrying out a financial health check could give you some guidance. This health check tool from MoneySmart aims to help you take control of your finances by giving you a snapshot of your financial ‘health’. As well as highlighting areas for improvement across various aspects of your finances – including managing your expenses, protecting your assets and setting financial goals – it also gives you some useful tips on how to make the changes.
2. Revisit your savings goals
Remember those goals you set at the beginning of the year? Even if you’ve been saving diligently, it could be a good idea to revisit your goals and check that they are still valid. If your savings have been accumulating over the past few months, knowing you are making good progress can give you an extra motivation boost!
If your enthusiasm for saving has declined in the past few months, here are a few savings tips to help you get back on track.
3. Go after a better deal
Whether it’s paying for your travel insurance, your mobile phone or your utilities, there is often potential for saving money where you least expect it. Rather than automatically renewing your contracts, take some time to compare alternatives – you may find that you could make substantial savings just by switching your provider.
Also check your direct debits to make sure you are actually using the services you pay for. For example, if you have a full service TV package, then there could be opportunities to reduce your outgoings by cutting out movies or sports – optional extras that you may not even use.
4. Consolidate your super
Want to take more control of your superannuation but not sure how to go about it? Taking a close look at your annual super statements and obtaining a current snapshot of your super accounts could help you work out whether you’re getting good value for money.
According to the ING DIRECT/Financial Services Council report into Australians’ attitudes towards superannuation (2013), 28% of Australians have multiple accounts – which could mean they are paying multiple fees. If you have more than one fund, then you might consider consolidating your super to help you manage your money and potentially save on fees.
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