20 tips to boost your bank balance this financial year – ABC News

20 tips to boost your bank balance this financial year – ABC News

The new financial year is upon us and it’s a great time to take stock and plan for the year ahead.

Maybe you’d like to start saving more or to finally pay off a credit card debt.

Perhaps you’re ready to get serious about investing or saving for a house.

Here are 20 of our best articles packed full of tips and advice to help you make this financial year one for achieving your money goals.

Budgeting and saving

Budgeting can be tedious, so it helps to have a simple system that doesn’t rely on willpower.

From the Barefoot Investor’s system to “anti-budgeting”, here are three methods for putting your financial life on auto-pilot.

With lots of us earning less, or simply wanting to save more, you might be worried about missing out — but there are ways to cut back while continuing to do the things you love.

The new season of the Pineapple Project looks at how we can get rich by spending less on things that don’t add to our lives.

Host Nazeem Hussain shared his learnings about the huge role emotions play in our spending and how to take back control.

And if your gym membership is something you pay for but don’t use, you could try exercising without the expense this year.

Dealing with debt

Paying down consumer debt like credit cards and personal loans is one of the best ways to boost your financial future.

Tasha was thousands of dollars in debt and struggling to pay for groceries. Today, she’s debt free and even survived a redundancy on her savings. Here’s how she did it.


Getting on top of your home loan

If you own a home, your mortgage is likely among your biggest expenses.

And if you haven’t checked your rate recently, you may be paying too much.

After about 20 minutes’ work, ABC finance reporter Emily Stewart was able to reduce her home loan rate from 3 per cent to 2.87 per cent. It saved her thousands of dollars and she’s written a guide so you can do it too.

If your bank doesn’t come back to you with a good offer, it might be time to think about refinancing. We looked at the pros and cons of using a broker to refinance.

One option is to switch to a fixed-rate mortgage. These loans were available at record-low rates earlier this year, but they’ve since started to rise

If you’re thinking of fixing all or part of your loan, here are some important things to consider.

Investing and saving for a house deposit

If you managed to scrape together some savings, you might be thinking it’s time to start investing.

If you have a sum like $5,000, here are some options and things to consider before you get started.

The First Home Super Saver scheme can help reduce your tax bill while saving for a house. Here’s how Ana is using it to boost her deposit.

And if, like many Australians, home ownership feels like a pipe dream, you can still build wealth without owning property.

Whether you’re hoping to buy one day or you’re wondering what other options are out there, here are three things you can do right now to improve your financial future.

And remember you’re already investing through your super fund. Here are six easy ways you can boost your balance.

Saving money on bills

Winter can bring big power bills thanks to the costs of heating.

Whether you own or rent, a few simple tweaks along with choosing the right heater can make a big difference.

If you haven’t switched energy providers lately, it’s likely you’re paying too much.

It’s easier than ever to compare prices thanks to government-run initiatives such as Energy Made Easy. If you’re in Victoria, you’ll need to use Victorian Energy Compare instead.

Just pop in your address and energy plan information to see the best offers available to you.

Checking in with your insurance

Just like energy rates and your mortgage, it’s important to regularly check to see you’re getting a good deal on your insurance.

One major expense for Australians is private health insurance. Here are six questions to help you figure out if it’s right for you.

You can also use the government’s private health comparison service. It compares all polices and can help you find one suited to your needs. 

Keep in mind thatcommercial comparison sites may not include all policies and may have commercial relationships with insurers listed on their service.

And when considering your options, check your superannuation — you might have some insurance policies through it that you don’t even know about.

While policies like life insurance (which can often come with super) can bring peace of mind and financial security, it’s important the cover reflects your needs

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