Just like physical fitness relies on eating well and exercise, your financial fitness depends on making positive steps in the right direction. The experts at industry super fund−owned bank, ME have put forward several tips to get you started on your financial fitness journey.
Tip 1: Weigh up your situation
To begin with, track your income and what you spend your money on. Your bank statements are often a good place to start. You can then categorise your expenses into mandatory and discretionary spending − this will allow you to make informed decisions on your budget and identify your savings potential.
Tip 2: Set goals
Next, work out what your priorities are. Write down your goals, being specific and realistic about what you want to achieve. Know exactly how much you want to save and by when.
Tip 3: Keep it streamlined
Juggling multiple debts can be stressful and costly. If you’re struggling to keep track of your debts, it’s a good idea to consolidate debt into a single personal loan.
Tip 4: Grow your savings
Next, open a dedicated high-interest savings account to give your savings the benefit of healthy interest returns. Consider looking for savings accounts with high interest rates and longer bonus periods, or avoid bonus-based savings products altogether and choose one paying a consistently strong rate.
Tip 5: Get a trainer
Engage with your bank to help you achieve your peak financial fitness. Having a discussion about the right banking products to help achieve your goals is time well spent. With the right support and the right banking products, you can fast-track your financial goals to achieve ultimate financial fitness.
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