Published on April 7, 2016 10:55 am, by Jen Bakker
Just one small change can bring big results. Here we share a brief explanation relating to each point on our Money Must Dos. We have also linked articles that will provide more depth on each topic.
Set Goals – put goals and timeframes in place, as well as the actions you are going to follow to achieve them. If you share finances in any way make sure you engage the other person and agree/commit to a common goal and way of achieving it.
How to achieve your new New Years resolution
Budget, budget, budget – Manage your cash flow, don’t let it manage you. Understand your incomings and outgoings, what’s fixed and variable and where you can save money to invest in the things that matter. MoneyBrilliant has an online budgeting tool that can help you do this with ease.
10 Signs you need a budget
Snapshot of a journey from not budgeting to budgeting
Negotiate your services – its too easy to set and forget! Make sure that you’re looking at comparison sites and checking in with your service providers at least annually to get the best rates.
10 Money Savers that really make a difference
Pay off bad debt first – Identify your bad debt and make paying it off a priority. Bad debt is debt that is unsecured and typically has a higher interest rate than secured debt. Start by looking at your credit cards and unsecured debt.
Beating Credit Card debt
Save before you spend – if you’re just starting to save, start out small. Try stashing away 5% of your salary firstly and build this up. Transferring the money in to an account you cannot easily access may curb your impulse to spend.
5 Steps to start saving
10 ways to curb spontaneous spending
Build an emergency fund – be prepared for the unexpected. Loss of income is a risk, by holding 3, 6, or 12 months of income in a savings or offset account you are positioning yourself to get through the tough times should they arise.
Whats an Emergency Fund and why do I need one?
Protect yourself and your loved ones – understand your insurance and estate needs. Home, contents, car, life, income and health insurances are all important. Australians generally speaking are underinsured. Having a current will and POA (power of attorney) are also important.
5 things you need to know about Health Insurance and Tax
Do I need a will?
Know your Super – Check your investment options, fees and balance regularly to make sure you have the right fit for your stage of life and risk profile.
Knowing your Super
Grow your Wealth – there are many ways to do this, research and know them all so you can choose what is relevant to you. Property, shares and managed funds are all popular places to start.
Stay tuned – articles on investments to come!
Check in regularly – keeping on top of your finances can be challenging, schedule time in your calendar weekly, fortnightly or monthly to stay on track.
How MoneyBrilliant makes saving almost too easy
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.