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August 2018 Financial Checklist

Wednesday, 01 August 2018

Posted by Ceyda Erem

<p>August 2018 Financial Checklist</p>

Happy anniversary checklist community! It’s officially a been a year since we started doing our monthly financial to-dos - time flies! Hopefully, you’ve found new and exciting ways to budget and save some cash over the year. But let’s not hold off any longer, so grab your pen and pad because we’ve got 6 new things to take care of this month.

Be tax return savvy

It’s that time of the year where Aussies will start to see their tax return appear in their bank account. And while many of us are dreaming about using our tax return for some heavy retail therapy, deep down we know it’s better to be savvier and use it more wisely. In fact, according to recent research by ME Bank, 27% of Aussies are planning to put their tax return toward home loan or credit card debt!

If you are one of these Aussies, it might be a good idea to start with the higher rate debt, like your plastic. But if you’re keen to put it towards your mortgage, save on interest by stashing it into an offset account.

Give yourself a few dollars a day

August 3 is CafeSmart Day, where participating cafes across the country will donate $1 from every coffee bought toward local homelessness services. And as someone who drinks coffee like a Gilmore Girl, I am not about to stop a fellow coffee lover from doing a good deed - but I will ask you to take some inspiration from the initiative. Kickstart the month by putting away a dollar before increasing it by a dollar every day for 31 days. Oh and FYI, if you do this everyday, you’ll have $496 by the end of the month, just saying.

Take interest in a term deposit

And while we’re on the subject of watching your money grow, we’ve noticed some term deposit increases in the Mozo database. In fact, terms for 1 - 3 years are at the highest they’ve been since 2017. Some providers have even increased their rates by as much as 20 basis points! So why not take advantage of these new offers by opening up a term deposit. Our term deposit comparison tool compares terms from 1 month to 5 years, helping you find your perfect term deposit while getting the most bang for your buck.  

Undergo a property literacy crash course

If you’re like me and are counting down the days until winter is over, then you might also know that Spring property season is right around the corner. And regardless of whether you’re a buyer or a seller, it might be time to brush up on your property literacy knowledge. Especially since ME Bank found that 60% of Aussies would fail a basic property literacy test. For example, did you know that Lenders Mortgage Insurance covers lenders and not borrowers? Can you explain what an offset account is? Do yourself a favour by studying up with our guide on home loan terms from A - Z.

Crush debt before the festive season

Can you believe Christmas is only five months away? Which can only mean presents, decorations and most importantly, summer holidays. However, if you’re feeling anxious rather than excited because of lingering debt, then make August the month you take care of any leftover debt before the festive season arrives. From balances transfer cards to debt consolidation loans, there are a number of ways to crush debt, so make sure to do your research and find the solution that’s right for you.

Start summer travel prep

Speaking of summer holidays, if you’re in need of a trip away you’ll need to start making a game plan from now. Start by researching potential destinations as well as the cost of flights and accommodation, plus any activities you plan to do while overseas. This way, you’ll have a good idea as to how much you’ll need to budget for. It’s also worth jotting down some of the other expenses you’ll need to have ready before you go, like travel insurance or a travel card.

Keen to make every dollar count this August? Check out our family finances hub! It’s filled with reports and wallet-friendly tips for every household.

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