Not having a budget
One of the biggest mistakes when it comes to finances is not keeping track of your spending. Work out money in and money out so you know how much to have to spend.
Credit card interest
It’s amazing how many people have no idea how much interest they are paying on their credit cards. Check yours out and if it’s too much, look around for a cheaper one, and consider keeping it for emergency or essential purchases only. Try to stick to your debit card or cash, and if you do use your credit card, aim to pay it off in full each month.
Not being in control of your super
Your superannuation is valuable! It may not feel like it if you are a long way from retirement but ignoring your super means missing out on potential growth. Make sure you're in a low-cost, well-performing fund, and consider adding extra contributions if you can.
Impulse buying
Take a breather before swiping that EFTPOS or credit card. Ask yourself if you really need it or if it’s just an impulse buy!
Not shopping around
Whether it’s insurance, loans, or utilities, shop around for the best deals. Call your insurance company when it’s due for renewal and ask for a better deal – if they say no, go somewhere else! Also contact your bank or loan company and ask if they can better the offer – they will usually try to do something to help rather than lose a customer.
No insurance coverage
Life is unpredictable, and having adequate coverage for health, home, and even income protection can save you from a financial disaster.
Overlooking tax benefits
Make sure you're claiming all the deductions and tax breaks you're entitled to, like work-related expenses or rental property deductions. If you are overwhelmed get a professional to do it for you – their fee will be tax deductible on next year’s tax return.
Doing your homework!
Take the time to educate yourself about investments, taxes, and different types of financial accounts. The more you know, the better equipped you'll be to make informed decisions that align with your financial goals.
Here are some money-saving tips to try – every little helps!
Simple tips to reduce your power bill
Energy-hungry appliances in your home
Save money on running your car
How to reduce your grocery bill
Easy ways to save $50 a week
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