Five money tasks to start the new year

Getting on top of your finances is one of the most common new year’s resolutions. But sticking to them can be hard.

If you want to get your finances unstuck, here’s five money tasks you can tick off during your summer down time, that will help set you up for success this year.

Check your credit card’s working for you

Australians owe around $33 billion on credit cards with $18 billion of that money accruing interest. At an average credit card interest rate of 18%, it’s an expensive habit.

If you pay your credit card off every month then the interest rate doesn’t matter (because you’re not being charged interest). But if you carry a debt from month to month, it’s worth comparing credit cards and choosing one that works best for you.

Also check these tips on credit card balance transfers. And try the credit card calculator to see how quickly you could pay off your debt.

Use this credit card calculator

Give your health insurance a health check

It’s a great idea to review your private health insurance periodically as your life changes, to make sure it covers the things you’re most likely to need.

With more than 30 insurers offering multiples of products though, it’s a daunting task.

Fortunately you can compare all private health insurers and policies on the Australian Government’s  PrivateHealth.gov.au  website. That way, you can make a shortlist of options that could be right for you.

Here are some tips on what to look for.

Review your mortgage

Home loans can be a set and forget product – but there can be an interest rate difference of more than 2% in variable home loan rates on the market. That could make a big difference to the cost.

Here are some tips on switching home loans. And use this mortgage calculator to compare different rates and see how much you might be able to save.

Use the mortgage calculator

Find your super

There’s almost $19 billion in lost and ATO-held super, waiting for rightful owners to find it. If some of that belongs to you then it’s better off in your super account, building for your retirement!

Find out more about lost super and do a lost super search on the ATO website.

Do a written budget

Writing down goals apparently makes them more likely to happen. So having a written budget can be a good way to help you save this year.

Here are plenty of tips for saving money (from checking your utilities bills to choosing a new phone plan).  And the Budget planner makes it easy work out where your money is going – and what you can afford.

Use this budget planner

Don’t hesitate to ask for help

If 2026 hasn’t started with your best foot forward, there’s help available, so don’t hesitate to ask.

Source:
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/media-centre/five-money-tasks-to-start-the-new-year
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