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Housing costs

For most of us, housing is our biggest ongoing expense. As a general guide, if you’re spending more than 30% of your income on housing, it may be worth reviewing your budget, priorities or living arrangements.

1. Owners

If you own your home, chances are you’re paying a mortgage. But when was the last time you sat down and reviewed your current loan? Taking a look at the market, doing a bit of research, and running the numbers could help you see whether a better rate or option is available.

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2. Renters

When your lease is up for renewal, it’s worth checking the local rental market to see how your rent compares. If rising prices are putting pressure on your budget, options like sharing with a housemate or discussing a rent freeze with your landlord may help ease the load.

Manage your debt

Credit can be helpful for managing everyday spending, but juggling multiple cards or balances can sometimes make it harder to stay on track.

If you’re finding it difficult to keep up with several repayments, options like reviewing your budget, seeking free financial counselling, or consolidating eligible debts into one personal loan may help simplify things for some people.

One repayment and one interest rate can make it easier to understand where your money’s going and plan ahead. Apply online or speak to one of our lenders today to discuss your eligibility.

Utilities

It’s often the everyday expenses we don’t think twice about that quietly push our living costs higher. The good news is that small changes can make a real difference over time.

1. Energy

It’s always worth shopping around when choosing an energy provider. Using a comparison site can help you see whether a better deal is available. Choosing energy-efficient appliances, switching to LED bulbs, and turning things off when not in use are simple habits that can also help reduce costs.

2. Fixed Costs

Regular payments such as gym memberships, streaming services and subscriptions can add up quickly. Reviewing these expenses from time to time can help you decide whether they still fit your budget, or if there are more affordable alternatives for fitness and entertainment.

3. Telco & Data

Mobile, internet and data plans are another area where savings may be hiding. If your plan no longer suits your needs, it could be worth comparing options, negotiating with your provider, or switching altogether. Bundling services with one provider may also help keep costs down.

Consolidating your superannuation

If you’ve had a few different jobs over the years, you may have super spread across multiple funds. It’s easy to lose track, but bringing your super together can make it easier to manage and help reduce unnecessary fees.

Checking for any lost or unclaimed super and transferring it into your preferred account can help you keep everything in one place and stay on top of your future savings. This can usually be done through official government services such as the Australian Taxation Office (ATO) or your myGov account, where you can view and manage your super in one place.

Terms, conditions, fees, charges and credit criteria apply. This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.

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