Are you in a panic because you haven’t been the best money manager for the first half of 2015? Thankfully you still have another 6 months or approximately 188 days to redeem yourself. Phew!
From tidying up your tax to refinancing your home loan, we’ve listed the top ways to redeem yourself and finish the year off with your finances in the black:
You don’t have to be the Treasurer to make a budget for the rest of the year. Just hop on to Mozo’s budget calculator and punch in some guesstimates of your monthly income, expenses, insurance costs and mortgage repayments. You’ll be able to see exactly where your money goes and how much you should have left over to put towards your savings.
2. Take part in Dry July
Perhaps you’ve taken the idea of Friday night drinks a little too far and it’s starting to burn a huge hole in your wallet. You’re a perfect candidate for Dry July – a fundraiser that challenges you to go booze-free for a month to support adults living with cancer.
By getting your colleagues on board for a bit of moral support and swapping that glass of bubbly for a cool soda and lime, you’ll be sure to save a nice bit of cash by the end of the month.
3. Tidy up your tax
Tis tax season again! While you probably have better things to do on the weekend, it’s a good idea to set aside some time to start organising your paperwork (i.e. group certificates, government payment statements and rental property income) because the taxman is expecting your tax return by October 31.
For those who don’t want to pay a tax agent, the Australian Tax Office is again offering myTax – an online platform in which you can lodge your tax return for free. It’s an ideal option if you’ve only worked in a single job and don’t have many complex deductions to calculate.
And when you receive your well deserved tax return, don’t automatically run to the shops but consider making an extra repayment on your mortgage, fattening it up in a high interest savings account or…
4. Contribute to your super
While retirement is probably the last thing on your mind right now, giving some extra love to your nest egg every now and then will ensure you have enough savings for retirement. While you’re at it, tie up any loose ends by consolidating your varying superannuation accounts into a single account so you can keep better track of your funds and avoid paying multiple fees. Your old and grey self will thank you for it!
5. Get a better home loan deal
Have you been looking to refinance your home loan since the start of the year but just never got around to it? Save time hunting around for top deals, by checking out the Experts Choice Home Loan winners here, rated as being the best value home loans available in the Australian market right now.
Say you have a $500,000 home loan with a 5.25% interest rate. By switching to Mozo Experts Choice Lender of the Year, loans.com.au’s low 4.02% Refinance Home Loan rate you could save a whopping $105,459 over 25 years, according to Mozo’s home loan comparison calculator.
6. Save on travel insurance
If you’re going on a mid year overseas vacation, you probably don’t want to spend any more time on the (boring) essentials than you have to. So Mozo’s experts have done the hard work for you by scouring the market to find the best value travel insurance for basic, comprehensive and multi trip cover.
Say you’re a family of four travelling overseas on a comprehensive policy, the Mozo Experts Choice Award winners were found to be 56% cheaper than the average price of other providers for the same level of cover. What are you waiting for? See the full list of Experts Choice Travel Insurance winners here.
Or you might even be able to skip paying for travel insurance altogether because of the piece of plastic that you whip out at the shops. Mozo found that 87 out of 201 credit cards in our database include complimentary travel insurance which often doesn’t just cover you (the cardholder) but also a spouse and up to two children under 22. You can find out about other credit card travel perks here.
7. Slash your energy bill
Unlike clothes, shoes and homewares you don’t need to wait until the end of the financial year to save on your energy bill. By comparing energy providers, properly maintaining your household appliances or even doing your laundry during your electricity company’s off-peak times you could slash significant dollars off your energy bill. For more energy saving tips visit our energy hub.
What are your money must-dos this July?
Please note, any rates or features mentioned in this blog were available at the time of writing and may have changed.