While it would be nice to receive a million dollar windfall thanks to 6 random balls, for most of us, our financial fate is largely in our own hands. If you’d like to see a fatter looking bank balance this financial year, here are 3 easy ways to make this a bumper year for your finances.
1. Lose the set and forget attitude.
When was the last time you checked the interest rate on your savings account, home loan, credit card or the monthly fee on your broadband account? Staying on top of the rates and fees you pay is one of the easiest and quickest ways to add instant cash to your pile.
For instance, by switching from an average variable rate home loan to the sharpest fixed rate deal on the market on a $300,000 home loan, you will save a $175 a month, or see an extra $2000 in your pocket at the end of the year!
And why pay over 19% interest on your credit card when you can transfer to a 0% balance transfer card such as the HSBC credit card, and pay no interest for 6 months?
You could save yourself thousands of dollars by being more deal savvy. Head to mozo now and see where you can make some serious savings.
2. Start a new money habit
If you don’t want to stare at your group certificate this time next year and wonder where all that money went, then now is the time to start a new money habit.
The key to any successful habit forming is choosing a goal that’s important to you. Your goal could be a short-term goal like saving for a summer holiday or spread over the long-term such as putting extra funds into your super or buying an investment property. Your new money habit could even be learning-based such as doing an online finance course or reading every book in the library on how to become a millionaire or property mogul!
To make your habit stick, make it part of your monthly money routine. Set up automatic payments into your high interest savings account, super account or home loan so that regular saving becomes a habit.
Remember $50 a week becomes $2600 a year and for longer term investments like super there’s the added bonus of compounding interest which will work in your favour when retirement comes.
3. Set yourself a money challenge
Unless you’re expecting a huge pay rise or bonus this financial year, putting significant weight on your bank balance will take effort on your behalf but challenges are what make life fun. Why not take part in one of the many charity based initiatives that encourage you to forgo vices like alcohol (Dry July), shopping (buy nothing new month) or take out food (droptober) to boost your wealth and help others? Last year, Mozo’s staff blogger Georgia saved over $1000 by buying nothing new for a month. How much could you save by giving up grog or take-out for a month?
Do you have any suggestions to boost your bank balance? Let us know by leaving a comment below.
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