It’s hard to believe six months have passed since we made our new year resolutions at the dawn of 2015.

As the new financial year begins, it presents an opportunity to focus your money goals and make some really practical resolutions, here’s Mozo’s top 5:

1) Get on top of your credit card debt

If you’re feeling overwhelmed by your credit card debt now is the time to sit down and see where you’re at.

See if you can increase or speed up your repayments to cut debt quicker.

Consider switching to a 0% Balance Transfer card, which is made for paying down debt rather than hitting the shops as purchase rates on BT cards can be high – up to 20.99% – and providers require you to pay off new purchases first which stagnates your debt repayments.

There are cards which offer 0% on new purchases and on balances transferred but these are often restricted to shorter periods so watch out when these end or you’ll be stung with a high revert rate.

2) Set yourself a savings goal you can reach by December

Six months is a decent amount of time to achieve a savings goal, so if you didn’t quite get around to it in January, now’s the time to save hard in time for the silly season.

If you don’t have a clear goal, saving for the cost of Christmas is a good enough reason to put the pennies away.

Imagine not having to use your credit card for all those extra gifts and entertainment costs. 

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3) Create new payment habits

Make sure your debt payments and bills are taken from your account as soon as you’re paid, so you’ll be less likely to notice it leave.

Alongside your savings, create an account where you can syphon leftover cash for extra debt repayments or for those hefty annual bills like car insurance and car registration.

Not putting these on credit means you’re instantly cutting down on interest.

4) Get rid of your biggest banking gripe

Hate monthly account keeping fees or paying to use another bank’s ATM?

Well, you can completely avoid these and other pesky fees by shopping around. For example, ING Direct offers free ATM access at any ATM In the country by reimbursing the fee you’re charged, immediately, as long as you deposit $1,000 i.e. your salary. Other providers with large ATM networks include Commonwealth Bank and NAB’s RediATM network.

5) Cancel all those unnecessary subscriptions and luxuries

Now that you’re in the full swing of cutting back, planning ahead and getting organised, you’ll be in the perfect headspace to get rid of the gym membership, magazine subscriptions, your monthly manicure or pay TV that you can do without.

Put any money saved towards your savings goal or bill payments account and watch that money do its thing.

Good luck on making a change for the better to your financial situation.

What things do you think you could change in your finances to make a big difference to you? Please SHARE below.

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