Many of us may have already forgotten to stick to that budget that we set up earlier in the year. If you’ve got a bit side-tracked, Easter is a great time to pause and revisit your financial plans – and turn those dreams into real-life goals.
Here are four handy tips to get you back on track:
1. Review your expenses and get back into the savings habit: If you’d planned to save but keep not quite getting there, you might want to take a closer look at your expenses. Pay attention to small yet regular expenses such as takeaway coffee and lunches, or your monthly subscriptions like Spotify or Netflix - together they can really add up. Once you get a clear overview of your expenses, make some adjustments to your current budget and set yourself a manageable target amount to put aside each week. Consider keeping track of your expenses moving forward using this handy MoneySmart TrackMySPEND app.
2. Better manage your debts: If the amount of money you owe isn't going down, it may be worth having a look at your statements and see where you can make improvements. For example, late payments will incur extra fees and more interest on top - being aware of where your money is going will help you make plans to avoid unnecessary expenses. Or if you have been paying the minimum amount, consider putting extra cash from a tax return or gifts towards paying off your existing debts. Read our top tips for cutting down on credit card debts here.
Did you know? Consolidating debts may be a good option if you want to get on top of your existing debts and make your monthly repayments a lot more manageable. Consider the pros and cons here before applying.
3. Review your home loan: Carrying out a regular health check on your home loan is important to ensure that it fits your current lifestyle and is set up to help you achieve your goals. For example, does it have features designed to help maximise your savings and pay off your loan sooner? Have your circumstances changed and you need a more flexible loan? Find out the top 4 home loan refinancing strategies here.
4. Make big financial goals more manageable by breaking them into smaller goals: If the goal is too big and doesn’t seem to be achievable from your current financial situation, break it into stages. A little progress every day can add up to big results and it helps keep you motivated! MoneySmart TrackMyGOALS app could help track your goals on the go.
If you’d like some information on how Pepper Money can help with debt consolidation through refinancing, talk to us today on 13 73 77 to discuss your options or speak to an accredited Pepper Money Broker. We’re here to help.
This article provides you with factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77.