The New Year is a chance to turn a new leaf, break old habits and start fresh ones – and setting a few financial resolutions can add wealth and prosperity to your 2014.
1. Grow some savings
We’d all like to have more money in the bank, and building savings is a lot easier when we set a clear target, like $50 each week. Next, open a dedicated high interest savings account to give your savings the benefit of healthy interest returns.
2. Maximise returns on cash
If you have some savings tucked away, review the rates you’re currently earning to be sure you’re getting the best return possible. Some banks are paying competitive rates on term deposits and some require as little as $1,000 to earn the top rate.
3. Reduce card debt
Credit cards are one of the most expensive types of credit available with rates topping 20% p.a. on some cards. Switching your balance to a low rate card could see you save in interest in the first year alone.
4. Give your home loan a check up
A home loan is one of the biggest financial commitments we can take on. So it makes sense to review it at the start of each year to check that you’re still getting great value for money.
5. Streamline debt
If you’re struggling to keep track of your debts, streamline your debt by folding the lot into a single personal loan. It means less paperwork, one monthly repayment, and with a low rate you have opportunities to save.
For help with your New Year financial resolutions, call ME Bank on 13 15 63 or visit mebank.com.au. Or, to make an appointment with your local banker, contact:
Business Development Manager
Mob: 0423 782 657
Members Equity Bank Pty Ltd ABN 56 070 887 679 Australian Credit Licence 229500.