If you’re anything like me, you’re feeling punch drunk – possibly quite literally – from the recent festive season.
Life’s craziness is taken to a whole new level by present purchasing, large-scale entertaining, holiday organizing and constant indulging… such that getting financially fit is probably way down your 2018 priority list.
But it should be near the top. So I’m going to lay out for you – at a go-get-‘em-girl glance – the four money moves that could save your busy
Move 1: Call your health fund
Actually let’s back up, if you earn more than $90,000 as a single or $180,000 as a couple, you may need to first get a health fund. You pay the equivalent premium as a penalty called the Medicare Levy Surcharge otherwise, so you may as well actually be covered for the money. Go to the comprehensive privatehealth.gov.au to find your best-value fund (and do a quick price check there if you already have one).
Right, so just call up your fund, ask for what you’re covered and decide if you really need to be. If you are still insured for obstetrics and reproductive services long after you are done with kids, for example, you’ve been paying roughly $500 a year too much. If your fund won’t let you switch off just what you don’t need… privatehealth.gov.au will find one that will (and a head’s up, it will probably be not-for-profit).
Bottom-line boost in 2018: $500
Move 2: Switch your electricity provider
This. Is. So. Easy. To. Do. It’s one phone call to a new electricity company and they do the rest. There are typically discounts of 25
Bottom-line boost in 2018: 25
Move 3: Stop paying interest on credit card debt
If you have any credit card debt, get a 0
If you’re currently paying the minimum on the average $4100 credit card debt that is rolled over from month to month, at the average 17 interest rate, that will save you $700 in interest this year… or $12,000 over the 30 years it would take you at that rate and pace.
The trick is not to spend a cent extra on this new card
Find the top deals on mozo.com.au.
Bottom-line boost in 2018: $700
Move 4: Ditch your mortgage provider
This is the big one – and if you do just one thing this new year, it should be this.
The average Aussie is donating $350 a month in excess interest to their lender. The typical $378,600 debt at the average 5.23
That’s a $4176 saving across the first year. But it's far better to keep putting that on your mortgage, which
Again jump on mozo.com.au for the loans that can this year fast-track your future.
Bottom-line boost in 2018: $4176