As we ring in a brand new financial year (ding! ding!) it’s a good time to set new savings goals. Here we'll walk you through the steps to successfully kick-starting FY 17/18.
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Are you saving for a house deposit? Want to renovate your kitchen? Need a well deserved holiday? Take the time to write your goals down especially if you think you have some extra tax back cash coming your way because before you know it, those dollars can quickly evaporate into groceries and bills.
Prioritise your debt. If you’ve got outstanding debt such as credit cards, concentrate on paying these high interest debts off first. And, make sure they are paid on time or it might affect your credit score.
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Budgeting may seem boring, but it’s the smart way to get ahead and your hidden weapon when it comes to closing in on those savings goals.
Start your budget by outlining your monthly expenses including rent/home loan repayments, insurance, transport, utility bills, gym and dental. Then factor in your savings goals before you review your spending. If there are any major expenses you can do without, cut them.
Start the new financial year running with our handy savings goal planner. You can download it below. Remember to review your budget regularly to stay on track.
Download our savings goal planner in Excel
Expect the unexpected. It’s smart to add some padding to your budget because there will always be unexpected expenses around the corner, from car repairs to unforeseen utility bill hikes. There’s always something!
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