Even the best of us can make foolish (and quite often avoidable) money mistakes from time to time. But simply looking at your spending behaviour objectively, altering your bad habits and even developing a few new ones can help make a difference when it comes to saving money.
Here are some money-saving tips to help get your personal finances off to a great start in 2016.
Create a mortgage offset account
A mortgage offset account allows individuals with a home loan to offset their non-deductible interest on the loan with the interest on the normal taxable earnings of money in a deposit. It is an arrangement where individuals create a savings account with their lender. Instead of receiving interest on the full home loan, individuals are charged interest on the loan minus the amount in the savings account.
Don’t pay an annual fee
Individuals who pay an annual fee on their credit card can asked to have it waived.
Transfer any debt
Moving existing debt onto a balance transfer can lower your interest repayments.
Shop around online for the best deal
Online shopping is has become more and more popular, with retailers now competing for customers by continuously releasing exclusive discounts and deals. Don’t make a purchase until you’ve done enough research to be sure that you’ve found the best deal available.
Consolidate your super
Those who have super in multiple accounts should transfer their savings to the most appropriate, single provider. Consolidating super is beneficial, as individuals are generally rewarded for the more money they invest. Before you decide, research different options; consider if there any termination fees, if your employer contribute to your fund and the level of insurance offered.