The 10-Step Financial Detox Plan to Get Fit for the New Year

The New Year is a time when most people make resolutions for a “new you” in terms of fitness and diet. It’s also a great time to try a financial makeover, starting with better money habits and a financial detox in January.

Here’s how you can get started, step by step.

1. Check your bank statements to make sure you are only paying for what you should.
2. Check your loan documents to ensure your lender has calculated the interest correctly. The amount of errors reported from loan statements is incredible.
3. Take the time to review your utility accounts to make sure you are only paying for what you use. Check for any hidden facilities or service charges that you are not using. If you are out of contract on your mobile phone, for example, shop around to see who now has the best deal. Often the deal you got 12 months ago has been outperformed by one of their competitors. It pays to check this out.
4. Take the time to use a one page yearly calendar and write down your meter readings for your water and electricity on the first of each month to check every once in a while against your bills.
5. Give your insurance covers an overhaul. Make sure you get new comparison quotes on insurance for your house, income, life, medical and motor vehicle when they fall due. Don’t forget your landlord’s insurance.
6. Check and consolidate your superannuation policies. See if you have any lost super by visiting the many websites available to help your search. If you google “lost super” and click on “pages from Australia” you will find many options. Some examples are ww.unclaimedsuper.com.au, www.ato.gov.au/superseeker and www.findmysuper.com.au.
7. Save a few dollars each week for the children’s education. You will be surprised at how fast private school and university comes around.
8. Open a Christmas Club account and start saving for those Christmas expenses now.
9. Put a few dollars away each week for a holiday or a day out to spoil yourself. After all, you also need to take care of yourself and enjoy a few luxuries now and then.
10. If you haven’t spoken to us in a while, click here to get in touch with a Lending Specialist or phone 133 144 so we can discuss whether you still have the best loan for your needs, based on the current market and your most recent financial circumstances.