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How do you feel about your money? Are you concerned about your finances in the year to come? If this sounds like you – never fear. There's no time like a new year to set some resolutions and goals and give yourself the opportunity to look at how you can put your finances in order for the rest of the year.
Organise your debts
It's easy to turn a blind eye to your debts. After all, money can be fairly stressful. The Department of Human Services* suggests this step-by-step process for identifying and managing debt:
- Work out who you owe money to, and how much you owe
- Determine how much interest you pay on each debt
- Calculate your expenses and determine which ones need to be prioritised
- See if you can consolidate your debts
- Figure out how close you might be to being debt free.
It's daunting to directly address these issues, but taking a bold step forward and organising exactly how you'll handle debt can prevent it from spiralling out of control.
Keep track of everything
When it comes to saving, keep a detailed summary of what you've put into savings, and what you will put in. It can help you continually improve, adding more and more until you have enough to reach your goal. To keep you on track, we offer a range of savings accounts that will reward you with bonus interest when you deposit every month and don't withdraw your money.
Cut down on the fees and bills
Phone bills, power bills, bank account fees, and other bills can sometimes seem endless. To get yourself in order this year, try working out which regular payments you have that could be cut or reduced. For example, you might want to look at switching to a less expensive power provider for a better deal.
When it comes to spending money, you could switch to a transaction account with minimal fees – like the IMB Everyday Unlimited account.
If you want to plan your finances, look at cheaper bank accounts, consolidate your debts or simply get a health check on your money, the team at IMB is ready to help – contact us today.
