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Want to improve your finances?

In addition to holding seminars on topics such as debt reduction and publishing articles on subjects like cash flow management, our finance solutions team in Perth will be updating this page every month with a paper dedicated to helping you improve your finances. Check back regularly to catch our latest instalment, or simply sign up for our How to Improve Your Finances Newsletter.

Six Essential Tips on How to Improve Your Finances

1. Review the frequency of your home loan repayments

If you’re paid weekly or fortnightly, see if you can change the frequency of your home loan repayments accordingly. This may not be possible on all mortgage products. If the interest on your home loan is calculated daily, making a payment two weeks earlier each month saves you money in the long term, and in the short term helps make ongoing budgeting easier.

2. Consolidate debt

If you’re paying high rates of interest for debt on credit and store cards – each of which will probably have an annual charge – consider consolidating your debt in one place. You may very well be able to access a lower overall interest rate, thereby reducing your monthly outgoings. You will also avoid paying duplicate fees, and a single monthly debt repayment is easier to manage than having to pay multiple credit card bills.

3. Cars – time to downsize?

Cars are often the biggest family expense after home loan repayments. However, as your family’s needs change over time, and the price of petrol rises, we can find we have more expensive cars than we really need.

Could you downsize your car? Downsizing would not only reduce monthly repayments, but also potentially save on maintenance, insurance and fuel costs. Have you thought about buying a scooter for short, local trips? And are you getting the best deal for the money you spend on your car insurance and repairs?

4. Insurance

There are three ways you may be able to save money on your insurance premiums. First, shop around when your renewals fall due – don’t simply continue with your existing provider. Also, you may be able to reduce monthly premiums by raising the payable excess, or improving the security of your home.

Finally, some insurers provide discounted rates for bundling policies together, such as home, contents, car, health or life insurance. Perhaps you could make an overall saving this way. Organising your insurance through a broker could save you money. For example, if you take out home insurance you could be eligible for a 10% discount for the first year and a bonus 90 days’ free cover. Why not get a complimentary quote? What have you got to lose?

5. Clear out the shed!

Perhaps you have items of value gathering dust in your shed or garage? Whether you hold an old-fashioned garage sale or go onto e-bay, perhaps now is a good time to get money for the belongings you’re never going to use.

6. Financial planning

If you’d like personal advice about your financial future, talk to our team at Liquid Finance Solutions. Whilst we are not financial planners we have associations with several financial planners in Western Australia and may be able to put you in contact with the right planners for you.

Contact our Perth office on 1300 532 273 or simply email info@liquidfs.com.au and we’ll be happy to help.

 






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