Electricity prices are on this rise, especially in Victoria where an increase in fixed supply charges could mean Victorians households pay $57 more per ...
Register now, it’s free to
- Receive our enewsletter, read a recent issue
- Enter competitions
- Join our meeting place
Featured offers
- Save up to 20% on Electricity Bills
- Affordable Travel Insurance
- Save 30% on car rental
- Computers from $15 per week
Finance
Welcome to the YOURLifeChoices Finance page, where we feature the latest money news and updates. We can help you with information on cancelling contracts, choosing the right credit card, making a will and why you might consider a Power of Attorney.
Superannuation is an important part of your retirement planning. Did you know there is hundreds of millions of lost super money just waiting to be claimed? Use the link to the lost super site to see if you have unclaimed funds.
We can also help you save your money and manage your finances better both before and after retirement and during the transition to retirement.
Break bad money habits
Getting into debt or struggling to live on your income is often more common than keeping money in the bank. Understanding your bad money habits and how to fix them will help get your finances back on track.
Living beyond your means – This is easily done and is not the domain of those with a lavish lifestyle. Having a budget and sticking to it may be easier said than done but good discipline in this area may help stop the overspending. For a simple budget planner, visit www.moneysmart.gov.au.
Know what you owe – You may have a rough idea of what you owe in terms of credit cards, loans, mortgage, etc but seeing the total figure in black and white will help focus the need to reduce your debt. Get together your bank statements for the last six month and chart your outgoings to debt on a simple spreadsheet. If you feel overwhelmed by the figure on the bottom line or feel you need some guidance, consult a financial counsellor. To find a free financial counsellor in your area, visit www.moneysmart.gov.au
Credit card spending – Credit cards have their place in most people’s financial planning and well managed, this shouldn’t be a problem. Spending on credit cards should be kept to a minimum and if possible, the balance paid off each month.
Balance transfer pitfalls – One of the biggest pitfalls of transferring a balance from one credit card to another is not understanding the rules of any special offers. Providers commonly offer a special rate on the amount transferred but if you spend on this card, you will be charged the full rate of interest. This amount will not be reduced until the initial amount is cleared and the amount you have spent on the card will accrue interest at the higher rate.
Check your credit file – You may think that you have a clear credit file but there may be something lurking that can adversely affect your rating. A simple input error, information lodged against you rather than someone with a similar name or credit fraudulently obtained under your name will be noted on your file and needs action to be rectified.
To find out more about checking your credit file, visit protectfinancialid.org.au.
Plan for the future – Financial planning is a necessary evil. No matter how much or how little money you have, knowing how to make the most of it is vital to ensure even a modest lifestyle. To find an independent financial planner in your area, visit the Financial Planning Association.
Five ways to be money smart in 2012
Posted 01 Jan 2012 03:49pm
The principles of saving money are pretty simple, spend less than you earn. But in today’s world of easy credit and growing debt, how ...
How to find the best-priced petrol
Posted 25 Oct 2011 10:13am
The dramatic rise in fuel prices in the last ten years has caused many Australians to re-examine the way in which they go about ...
Money milestones
Posted 24 Sep 2011 11:40am
Managing your money doesn’t get any easier as you get older, but there are certain money milestones of which you can take advantage. ...
Global debt explained
Posted 11 Aug 2011 03:37pm
Global finance has been a hot topic ever since the Global Financial Crisis in 2008, but trying to work out what it all means ...
50 useful questions you can ask a financial adviser
Posted 23 Jul 2011 03:23pm
Starting on the right foot with a financial advisor can help ensure you get the most from your meeting. YOURLifeChoices has 50 ...
Pros and cons of reverse mortgages
Posted 05 Jul 2011 07:14am
Like many YOURLifeChoices subscribers, Helene is considering if a reverse mortgage is the best way for her to manage her financial commitments. ...
