As we head into 2014 full to the brim with new years resolve it’s important to set some goals and priorities for the year ahead. To help you on your way to a wealthier year we raided the Mozo brains trust for the top money tips for 2014.
Here’s what the Mozo team had to say …
Steven (developer) I saw a documentary recently explaining that consumers in many Asian countries save around 50% of earnings – while here in the west we typically save 0-30%. I think maybe we should try harder to save more!
Kirsty (marketing director) Set yourself a financial goal for the year. Something you can realistically achieve with a bit of hard work and determination. If you set a goal and focus on it over 12 months you can really get ahead financially.
Chris (technology director) My number one cash saving tip is to roast your own coffee beans. $30 for a popcorn roaster and great (green) beans can be had for $15 a kilo. Five or six minutes of roasting and you have some mighty fine beans – and a great smell in the house.
Kylie (content and communities director) Consider credit card travel insurance! I saved over $200 this year by using the travel insurance that comes standard with my credit card. The $90 annual fee on the card was more than made up for by the cost of travel insurance for two overseas trips (US and Thailand.) I just needed to make sure I had used my card to pay for some of the prepaid travel costs like flights for the insurance to be valid.
Kelvin (data assistant) If I was to choose one money tip for 2014 it would be to be patient and shop around, do your research before diving into a purchase.
Renae (account manager) Save Save Save! Put a few pennies away each month and have an end goal in mind that you want to spend it on to keep yourself focused.
Peter (product data manager) My money tip for 2014 is about not wasting food. Plan meals around what’s already in the fridge and make sure everything gets used before it goes off. Less spur of the moment food decisions means you’re less likely to buy things you don’t really need, plus you’re maximising the value of every food dollar spent. Studies suggest that the average Australian household wastes about $1,000 on unused edible food every year!
Dave (online marketing manager) My money tip for heading into 2014 is get back to basics: live within your means, pay off your debt and save!
Georgia (marketing intern) Being disciplined is all well and good but remember to treat yourself from time to time – you only live once.
Kerry (communications manager) Having just returned from two years of living out of a suitcase my top money tip for 2014 is to rethink your use of the word ‘need.’ How often do we use it to describe things we buy that weigh us down, bring us buyers remorse, sugar crashes and clutter? There’s something incredibly liberating about not ‘needing’ things so my recommendation for 2014 is to apply the philosophy of travelling light to your everyday existence.
Nathan (data administrator) My top tip for 2014 is to avoid borrowing money to buy something that will be worth less or nothing in the future.
Shaun (marketing assistant) Start remembering and using your credit card PIN! Credit card signatures at checkout are being phased out in 2014, so make sure you aren’t caught out scratching your head at the register.
Steve (home loan expert) With housing supply increasing and auction clearance rates dropping next year may be the right time to get yourself on the property ladder.
Do you have a financial tip or 2014 new years resolution you’d like to share? We’d love to hear from you – leave us a comment below!