Budgeting Options

  1. 1If you are having trouble paying your bills when they fall due, negotiate with your provider to make monthly payments instead. This will reduce the surprise.
  2. 2Negotiate with your bank for a better interest rate on your existing credit card.
  3. 3Consider paying down credit card and personal loan debts. Always start with the highest interest rates first.
  4. 4Do your homework when buying interest free. There are often monthly fees and other associated costs which may make that purchase not so attractive. Be sure to pay them off well within the contracted period.
  5. 5Switch to a low rate credit card. Cards which offer rewards programs may charge for the benefits.
  6. 6Avoid bank fees by paying your credit cards by the due date and setting up automatic direct debits for regular bills.
  7. 7Stop using other bank ATM’s. At up to $2.50 per transaction it’s worth the walk to your own bank’s nearest cash machine. Or withdraw cash at the supermarket checkout.
  8. 8Consider switching from monthly home loan repayments to fortnightly repayments of half the monthly repayment. This will be the same as making an extra monthly repayment each year. The interest savings over the term will be huge.
  9. 9Draw up a budget. It removes stress and gives you the ability to see where your hard earned money is going, and also the opportunity to make improvements.