February 2018 Financial Checklist

February 2018 Financial Checklist

There’s a lot to get excited about in February – yes, even if you’re single but are in a committed relationship to pizza. Aside from hosting the most loved-up day of the year, February also marks the final month of summer and the chance to start preparing for Autumn. But before you get ready to take the road less travelled by, here are five things you can add to your to-do list to make this month your best yet.

Get involved with ‘Feel-good Feb’

Feel-good Feb is all about doing good deeds within your community, and is usually celebrated with an event in Sydney. But who says that this occasion is only limited to Sydneysiders? Get involved wherever you are by performing a random act of kindness for a stranger. Since most of us are caffeine fanatics (*cough* addicts), we suggest shouting someone their morning coffee.

Or, take it one step further by exploring kindness through ethical banking, like switching to a bank that supports charities and environmental organisations, like Bank Australia, who donate 4% of their after-tax profits to their Impact Fund to support involving human rights and the environment.

Discuss financial goals with your partner

With Valentine’s Day less than two weeks away, many couples use this month as an excuse to splurge on giant bouquets and endless supplies of chocolate. And while this is the time to reflect on your relationship, you should also make the time to discuss your financial goals and any money areas you both could improve on. These could include, paying off debt, saving for a deposit, growing your savings and even upgrading your old car. While it can be an awkward conversation, it’s important that your partner understands what you intend to do in the future.

Take up the four-legged mentality

Chinese New year begins on the 16th of February, making 2018 the year of the dog. And even though my next train of thought may sound strange, here me out. Dogs are highly intelligent animals and could teach us a thing or two about money – for instance, we scold our dogs for burying food in the backyard when they’re actually using their instincts by saving their rations for a rainy day. We could also be doing the same by storing our savings in an emergency or high interest savings account.

Another money lesson involves the nose, as a dog’s sense of smell is their strongest weapon when it comes to investigating. It might be a good idea to follow in their paw prints by thoroughly doing your research before making big financial commitments, like refinancing your home loan or switching car insurance.

Go steady with a term deposit account

Some of us are a bit old fashioned and aren’t afraid of a little commitment. If that’s the case for you, make February your month to go steady with a term deposit account. Depending on your financial goals, term deposits can last between one to 10 years, so it might be worth having a play with our term deposit calculator to find out how much your cash will be worth in the future!

Term deposits are also a low risk option for those worried about things going wrong with their investment, as there’s a guarantee that your money will earn interest within the fixed term. Plus, as long as your don’t withdraw the money before the maturity date, you’ll have zero service or application fees!

Get picky to find your plastic match

Let’s face it, we all have something we’re picky about – mine, as I’ve been told by work colleagues and friends, is men. To me, there’s no shame in being picky when trying to find ‘the one’, especially if it’s some new plastic you’re ready to fall for. And lucky for you, our credit card comparison tool compares over 214 credit cards, so no matter what your type is – low rate or rewards, we’ll help you find your happily ever after.

Ready to have a frugal February? Head over to our Life & Money hub for more money savvy tips and tricks.

February 2018 Financial Checklist was last modified: February 1, 2018 by Ceyda Erem

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