Daily BulletinHoliday Centre

Money

  • Written by Mozo Director Kirsty Lamont


Tips and tricks to creating your healthiest bank balance ever



Whether you tend to lose track of what you spend (just where is your money going?) or find it a struggle to stick to a budget, there’s always room for improvement when it comes to cultivating and maintaining positive money habits. We’ve swapped notes with the experts at comparison website Mozo to find out the sure fire ways to getting smart with your money.

 

Ready, Set, Goals

The number one trait shared by any financially conscientious person is setting budgetary goals and sticking to them. According to Mozo Director Kirsty Lamont, ‘drawing up a financial road map and tracking your spending is the founding element of savvy money management’. Take a close look at your expenses, your income and any debts you may have. When you have a visual representation of where you are financially only then can you start planning accordingly. In other words, no more hiding from your bank statement!

 

Automate your direct debits AND your savings

You may be aware that you can set up direct debits to pay for your bills. Direct debits can be a really easy way to guarantee that you always have enough money left over to cover your non-negotiable expenses such as your electricity or phone bill. You don’t have to stop there, however. Consider setting up a direct transfer from your current account to your savings account each month. A small amount each month can add up to the big bucks by the end of the year.

 

You and your credit card: a cautionary tale

You probably don’t need to hear this from us but using your credit card to pay for daily expenses such as groceries or a few drinks out on the town isn’t the best way to look after yourself financially. The latest Mozo research found that Australians are increasingly resorting to using their credit card for everyday expenses and then struggling to pay back the balance before interest rates hike up. Use your credit card wisely and pay off as much as you can as soon as you can.

 

It’s all about balance

Life is about balance, right? Don’t be afraid to say no to some things. This can include saying goodbye to impulsively buying that dress you spotted on your lunch break or getting those last minute tickets to Fiji. By resisting immediate temptation, you will thank yourself for in the long run. ‘Once you start to think of money as a protector of freedom rather than a springboard to action, then you will really start to notice some changes’, says Lamont.

 

All kinds of balance...

Speaking of balance, you may consider taking out a balance transfer. Those in the know are well aware of the potential benefits of taking out a balance transfer as it can be a useful way of saving on interest repayments by transferring your existing credit card debt to another card at a lower rate. Just be sure to find out how long your low rate is available for to avoid being stung by high-interest rates.

 

Save big on basics

There are some expenses which are simply non-negotiable. Bills, groceries and transport all make up the fabric of your daily life. This doesn’t mean that these are not areas in which you can’t squeeze extra savings. According to Lamont, ‘a well-stocked cupboard, will encourage you to cook at home. By having the ingredients on hand, you’ll be less tempted to order that mid-week pizza.’ In fact, by stocking up on groceries and cooking dinner you’re killing two birds with one stone. You’ll save bundles of cash by taking lunch to work the next day. Review other non-negotiables payments to make sure you’re not losing unnecessary money – late bill fees, taxis over public transport

 

For more money saving tips head to mozo.com.au

 



Kirsty Lamont is a Director and money expert at financial comparison website mozo.com.au. She is passionate about helping Aussies whip their finances into shape by comparing financial products and finding a better deal.
INTERWEBS DIGITAL AGENCY

The Conversation

Politics

Scott Morrison at National Press Club

ADDRESS, NATIONAL PRESS CLUB NATIONAL PRESS CLUB, ACT WEDNESDAY 29 JANUARY 2020   PRIME MINISTER: Thank you very much Sabra, and thank you for all attending here today. I am particularly conscio...

Scott Morrison - avatar Scott Morrison

Scott Morrison on Credlin

PETA CREDLIN: Thank you for your time tonight, PM I know you've got a lot on your plate. I'll get to the issue of bushfires in just a moment, but I can't let it go unremarked that with Australia Day...

Peta Credlin - avatar Peta Credlin

Scott Morrison interview with Ray Hadley

RAY HADLEY: Prime Minister, good morning.    PRIME MINISTER: G’day Ray.    HADLEY: Jeez you copped a hammering while I was away.   PRIME MINISTER: Goes with the job mate.    HADLEY: Well, yo...

Ray Hadley - avatar Ray Hadley

Business News

A Checklist for Setting Up your Own Business

If you have had enough of the 9-5 grind and figure that you can do better by going it alone, you certainly wouldn’t be alone in your thinking. Many Australians have successfully made the transition ...

News Company - avatar News Company

Workplace Bullying: What Are Your Options?

Workplace Bullying: What Are Your Options? Workplace bullying is something no employee ever wants to experience. Unfortunately, it is an all too common occurrence in many workplaces around the nati...

News Company - avatar News Company

How to Design a Website That Best Represents Your Business

A business website is the modern equivalent of a traditional brick and mortar storefront. Since the majority of businesses today need an online presence, it is essential to choose a design that best...

News Company - avatar News Company

Travel

A Travel Guide for Vacations Overseas

There are two types of tourists. Of course, that's a sweeping generalization, and we could be talking about any possible part of traveling.  In this case, we're discussing those who stick to the ma...

News Company - avatar News Company

The Family Travel Handbook from Lonely Planet

Everything you need to know to take unforgettable trips with your children   Full of practical advice, ideas and inspiration for every type of family, Lonely Planet's The Family Travel Handbook ...

Adam Bennett - avatar Adam Bennett

3 Ideas for a Family-Friendly Holiday to Bali

A family holiday is always an exciting time, but it can often come with its fair share of challenges, especially when trying to keep every member of the family happy. Thankfully, the beautiful islan...

News Company - avatar News Company

ShowPo