How to make 2024 a better year for your finances

The silly season is over, a new year is here and now is a great time to take stock of your finances. Whether you’re looking to get rid of some bad habits, start some new ones or take some of the financial pressure off – we’ve got a few financial resolutions you should consider:

Consider refinancing

Refinancing your loan for a lower interest rate could not only save you money, but also allow you to pay off your loan sooner.

A lower interest rate may mean your repayments are lower each month, giving you more money in your pocket or more money to increase your repayments – saving on total interest and repaying your mortgage faster.

With interest rates rising, lenders are competing for your business and there are some incredible interest rates on offer.

Downloading our FREE Refinancing Guide to see just how much switching lenders could save you.

Tackle Debt

What money comes out of your account each month? Could you consolidate or remove some of those debts?

With interest rates rising and the silly season spending starting to catch up, now is a great time to reduce debt and change your spending habits.

Debt consolidation is one option you may consider – allowing you to pay off various debts via a single loan with a competitive interest rate. This not only helps you save money, it also leaves you with one simple payment date each month. This, in turn, may help reduce financial stress. See our previous article How Consolidating Your Debt Could Save You Money for more information – or contact our team.

Set a smart savings goal

Whether you have a long or short term money goal, there’s no better time to action it than now. Consider making a plan for how much you can reasonably afford to set aside this year and make regular contributions to your savings account. With interest rates higher, it’s also a great opportunity to set up a high interest savings account. Whilst it may only be a couple of extra cents or dollars each month, these can really add up over time.

Cancel or consolidate subscriptions

Netflix, Disney+, Kayo, One Pass, Amazon Prime, gym memberships – monthly subscriptions can quickly add up, and for many of us they are often left unused.

Why not look at all of the weekly/monthly/annual subscriptions you have and then decide what can stay, go or swap for a cheaper (or free) option. You may find that you end up saving hundreds each month on subscriptions you simply don’t need.

Rethink your daily spending

Dinners out, coffees, Kmart trips and weekend activities can quickly add up. When applying for a home loan or refinancing, this spending is what lenders tend to scrutinise – so why not clean this spending up now. Have a look at our previous article, How your Daily Spending is Impacting Your Borrowing Power for some tips.

Get a better deal on insurance

When was the last time you checked to make sure your home/car/health/life insurance premium was competitive? As something we often set and forget, it can be easy to spend more money than you need to each month.

Set aside some time this month to take a look at what other providers are offering to ensure you’re getting the best deal. This way you can consider switching – or calling your current provider to find out if there is a better deal available.

The same also applies to things like electricity, water, gas, telephone and internet expenses.

Ready to make 2024 a brighter financial year?

Contact our team today to see how we can help.