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With the festive season now officially underway, it’s not too late to review your household finances and get ahead of the curve. Conducting a health check on personal finances can minimise the likelihood of waking up to a financial hangover in the New Year.

## Work out how much you could save with a lower rate

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We've rounded up six tips to help you better manage your credit debt over this holiday period: 

## #1. Be a savvy shopper
Before you even step foot in a mall, draw up a list of gifts that need to be bought and an approximate budget for each person you’re shopping for. Start looking for gifts early, take advantage of sales events and avoid leaving all the shopping until the last minute. Time pressures can lead to impulse purchases which can quickly blow out the budget.

If you're going to buy gifts online this year, give yourself plenty of time to ensure they are delivered on time. This year it might be a good idea to buy from Aussie websites to avoid potential issues with international delivery. 

- Related: [6 simple tips to make your dollar go the extra mile](https://www.lendi.com.au/inspire/insights/6-simple-tips-to-make-your-dollar-go-the-extra-mile/)
- Related: [What increases the value of property? Australians weigh in](https://www.lendi.com.au/inspire/insights/what-increases-the-value-of-property-australians-weigh-in/)

## #2. Prevention is better than cure 
An effective way to avoid overspending is to keep track of purchases. There are lots of budgeting tools available to help manage spending. Many banks offer spend tracking as a standard in their online banking apps. Find what your bank already has and what will work best for you.

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## #3. Pay your bills on time
This reduces late payment fees and helps keep credit records clean. Getting into this habit now could save you a headache in the future. With the Comprehensive Credit Reporting coming into place, Australians are faced with tightened lending criteria. For more information read our article [6 ways to improve your credit score quickly](https://www.lendi.com.au/inspire/finance/6-ways-to-improve-your-credit-score-quickly/).

## #4. Be smart with your savings accounts and credit cards
Savings accounts and credit cards are often forgotten about once setup. Look for a savings account that has a high interest rate, low account fees along with accessible ATMs and service. Consider cancelling any credit cards that aren’t used regularly. Many come with annual fees and high interest rates which often kick in once the initial ‘offer’ period is over, all of which can quickly accumulate. 

## #5. Consolidate debts where you can
Car, credit cards and personal loans generally come with interest rates that sit in the double digits. Think about [combining](https://www.lendi.com.au/inspire/finance/how-to-consolidate-debt-by-refinancing-property/) high interest debts into your home loan. This can create a positive impact on your overall outgoings and a saving in interest paid over the life of the loan.

## #6. Regularly review your home loan
This is your biggest household expense so you shouldn’t just ‘set and forget’. Buying a home can be the most expensive purchases you’ll make and as banks don’t often reward borrowers for loyalty, it pays to get into the habit of reassessing your home loan periodically to ensure it continues working hard for you.

Interest rates are at a record low right now, so you have the potential to make big savings. Get in touch with your lender to see if they can offer you a more competitive rate, or consider looking elsewhere. 

- __Related:__ [How do you determine if it's worth refinancing?](https://www.lendi.com.au/inspire/finance/how-do-you-determine-if-its-worth-refinancing/)

## Don’t settle for second best 
You have thousands of home loan options to choose from at your fingertips. Do your due diligence and consider the full scope of products available to find what’s right for your individual circumstances. 

%%How much can you save by refinancing?%%

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## Got a home loan question? Just ask!
We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a [Home Loan Specialist here](https://www.lendi.com.au/book-appointment/). 

*The information in this post is general in nature and should not be considered personal or financial advice. 
You should always seek professional advice or assistance before making any financial decisions.*