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6 money tips for a very merry Christmas

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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.

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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.

#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.

#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 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.

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.

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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.

Tags: refinance, saving, low interest, interest rate

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Important legal stuff
Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 25 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. Lendi Group Pty Ltd, which is the ultimate holding company of the Aussie and Lendi businesses is owned by numerous shareholders including; banks such as CBA, 1835i (ANZ’s external venture capital partner) and Macquarie Bank, the Lendi founders and employees, and a number of Australian institutional investors and sophisticated investors including UniSuper.
*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria. Top rates include lenders who are on our panel and are then defined by the circumstances provided by the borrower.
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