s WARNING: Do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, call 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
  • If you are on government benefits, ask if you can receive an advance from Centrelink:

The Australian Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.

*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009

Saving Money on your credit card and becoming financially fit

Do you wish there was a bootcamp you could attend for your finances?

What some of us wouldn’t give if there were a protein shake for money troubles!

Well we can’t offer you pills or shakes to help your finances but we can give you some super helpful tips to point you in the right direction!

Consolidate your credit cards!

Paying down your debt and consolidating your debt is the number one way to improve your financial position.

Many people have success with consolidating their credit cards however there are a few things to consider when choosing how you do this.

How much is your credit debt?

Most credit transfer services come with a few catches, although they may advertise a 0% balance transfer cost you need to investigate how long their interest free period is for.

Then consider if you can afford to pay off your card debt in that amount of time.

If you decide you can, then you need to make sure you do to avoid hefty increases in interest rates once the interest free period is over.

Shop around!

When choosing a new interest free balance transfer card make sure you do your research ask your friends about their experiences, google them, go into the bank and get brochures the more information the better!

Once you have organized your balance transfer keep track of your spending!

Do you really need those new shoes?

What is a responsible use of your credit card?

Should you only use it if you’re short for your bill payments at the beginning of the month? (because then you get the whole month to pay it back interest free) write down a list of acceptable purchases and stick to it.

If you are finding that you are spending unnecessarily maybe you should download an app to help track your money.

Make sure you pay your credit card on time!

Check your credit payment due date and make sure you pay before then to ensure you don’t get charged hefty interest fees or even late payment fees from some lenders.

Read the fine print!

Paying on time helps improve your credit rating that in turn improves your financial fitness.

Maximise your repayments

Try to pay more than the minimum repayments each month so as you can pay down your credit card as much as possible and pay less interest in the long run.

This strategy will also help you to get rid of your credit card in the long run.

Set up an automatic payment so it gets paid as soon as you do!

Set up a bpay from your savings account to your credit card. Calculate how much you need to pay off each month and have it come out of your account onto your card automatically then you don’t even have to think about it!

Reduce your credit limit!

Reducing your credit card is also another effective way of becoming credit card debt free.

Many lenders will require you to have a credit card as apart of your mortgage these days. Which works in their favor because the temptation is always there.

You can request to not have this facility or request to have a reduced credit limit to say $500-$1,000 which in most cases is easy enough to pay off or pay a bill if you get stuck.

See a financial counselor:

Yes there is such a thing!

These people are there to help you decipher your debt problems and help you reduce your bad debt habits and help you form new healthy budgeting skills!

Finally be committed to becoming financially fit, work out a plan and a budget and stick to it!

financial fitness

financial fitness