Monday moneyvator: Plan your New Year’s financial resolutions

Monday moneyvator: Plan your New Year’s financial resolutions

This is the last monday moneyvator blog for 2015 and I’m realistic, there’s probably not going to be much saving happening in the next few weeks.

But that doesn’t mean you can’t start looking forward to the New Year and think about ways to start the year a thriftier you.

Of course, everyone’s money resolutions will be different, so check out these ideas below and pick a few to put on your list:

New Year’s Resolution 1# Blast credit card debt

Getting rid of debt in the New Year should be high on your resolutions list if you currently (or will after the silly season) carry a balance on a credit card and are being charged interest on that amount.  

If this applies to you, then your first financial call of action when 2016 rings in should be to find a balance transfer deal with a 0% interest rate attached. Once you’ve rolled over your debt from your current plastic to the new card, you’ll then want to work out how much you’ll need to repay each month to ensure you pay off the entire debt before the BT period finishes.

New Year’s Resolution 2# Save

Whether it’s saving for a home deposit or overseas holiday, putting money aside each month is the key to getting ahead and bulking up your cash stash in the New Year. If you don’t already have a savings account with a high interest rate attached, check out these gems that will help see your savings soar:

New Year’s Resolution 3# Make money

If your standard 9 to 5 job just isn’t cutting it for you financially and you want to supercharge your savings fast, then taking on some extra work on the side could be just the answer for 2016. Whether it’s user testing or performing errands for a stranger, our previous Monday Moneyvator blog around making extra income on the side will run you through some of the easy jobs that will earn you that additional coin.

New Year’s Resolution 4# Consolidate your super

Do you still have that super account open from when you were flipping burgers during your uni days? Having more than one superannuation account will mean you will be paying multiple fees. So take the time in 2016 to roll over all your super accounts into the one. If you can’t seem to track down an old account, the Australian Government has a lost Superseeker tool that will help you find it.

New Year’s Resolution 5# Invest

Is this the year, you’ll put on your investment hat and enter the property game or try your hand at stocks? Investing the right way can be a great way to see your net wealth boom in 2016 but deciding which investment option is best for you isn’t always easy. The solution? Read our 3 Things to Consider Before Investing in Shares or Property blog to help you decide.  

New Year’s Resolution 6# Ditch a vice

We’ve all got one – my vice is greasy takeaway food at least once a week. Whatever your vice, giving it up in 2016 is sure to save you money.

Say I give up that Chinese/Thai/Italian (you name it!) takeaway food in the New Year, which costs me around $40 a week, over a year I’ll have $2,080 extra in my pocket. Hard to believe such a small vice can cost so much, right? See how much you could save by punching your digits into our vice calculator here.

What money goals do you have for 2016?

Monday moneyvator: Plan your New Year’s financial resolutions was last modified: December 21, 2015 by Rebeccah Elley

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