The beginning of the year is a perfect opportunity to give a little thought to how your finances are travelling as well as what money resolutions you can make to set yourself up for a year of savings success.
Here are six money resolutions sure to save you money all year long:
Learn a new skill
Before you commit to learning how to cook Thai cuisine or a new language, get your haggling skills up to scratch and watch the savings roll in on everything from your home loan and energy bills to big-ticket purchases.
Rid yourself of credit card debt
If your credit card is still feeling the financial pinch of Christmas and a long summer of spending, clean up your debt by transferring your balance over to a balance transfer card. Many balance transfer cards available right now have generous interest free periods of one year up to 20 months so you can get your debt cleared before those nasty revert rates hit.
Organising a monthly or even weekly budget is a savvy habit to show you exactly where your cash is being used up. If you’re buying a new car, going on a trip next year or renovating your home this year, download ASIC’s TrackMyGoals app, a handy feature that allows you keep track of your savings goals.
Build up a financial buffer
Prepare yourself financially by stashing cash away in an online high interest savings account for whatever rainy days or surprises this year might have in store for you.
Increase your future wealth
Build up your future wealth by making regular voluntary contributions to your superannuation throughout the year and if you’ve come into a small fortune for whatever reason, research investment options such as individual shares.
Give up a vice
You may already be considering kicking smoking, alcohol or even coffee to the curb this year but if you need a little more incentive, we did a quick calculation on how much extra could be in your wallet if you broke up with your barista. Say you were drinking two coffees a day at $3.50 a pop, that’s an impressive $2,555 saved!
Do you have anything to add to this list? SHARE with us in the comments below.