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 could be 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, you can look to 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. Manage your debts better:
If the amount of money you owe isn't going down, it may be worth having a look at your loan statements and see where you can look to make changes. For example, late payments are likely to incur extra fees and additonal interest - being aware of where your money is going can help you plan to avoid unnecessary fees and charges. Or if you have been paying the minimum amount, perhaps 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 an option if you want to get on top of your existing debts and make monthly repayments more manageable. Consider some pros and cons here.
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 tips on 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 could help with debt consolidation through refinancing your home loan, 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 or speak to an accredited Pepper Money broker.
All applications are subject to the credit provider’s credit assessment and loan eligibility criteria. Terms, conditions, fees and charges apply. Information provided is 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.
©Pepper Money Limited ABN 55 094 317 665; AFSL 286655; Australian Credit Licence 286655 (“Pepper”). All rights reserved. Pepper is the servicer of home loans provided by Pepper Finance Corporation Limited ABN 51 094 317 647. Pepper Asset Finance Pty Limited ACN 165 183 317 Australian Credit Licence 458899 is the credit provider for asset finance loans.