A O T E D I GU
H T L A E H L A I C N A N I F Top tips & advice to help better manage your finances
NEED A BAND-AID? We’ve all been there. The car breaks down or you get a huge bill in the mail and you don’t have the money to pay for it. At times like this, it’s important to consider all your options and then choose the right one for you. Is a repayment plan a possibility? Can you borrow money from family or friends? Is a personal loan the way to go?
A SHORT-TERM LOAN WITH AFFORDABLE REPAYMENTS IS A GREAT WAY TO ABSORB THE COST OF UNEXPECTED BILLS.
A SHORT-TERM LOAN IS A GREAT WAY TO GET YOUR CREDIT CARD DEBT UNDER CONTROL AND PAY IT OFF IN A SET TIME-FRAME.
IN A SCRAPE? Are credit cards taking over your life? By being smart, you can break the credit card cycle.
• Try to pay-off your credit card in full or pay more each month.
• Limit your reliance on credit cards and restrict their use to reduce the amount of interest paid over time.
• Avoid late fees by meeting your monthly repayments and try not to make cash advances as these incur a higher interest rate.
• If you have a large credit card debt consider consolidating with a short term loan which you can pay off in a set time-frame.
SAVE A DOLLAR A DAY… Get into a healthy savings habit now and you’ll be surprised at how quickly the dollars add up. Be realistic about what you can afford to save and look out for ways in which you can spend less and save more. Sometimes asking yourself,“Do I really need that?” is all it takes to get control of the spending bug. Stay within your budget, whenever you can.
KEEPING A FINANCIAL DIARY IS A GREAT WAY TO BUDGET FOR BIG EXPENSES, TRACK YOUR SPENDING AND SEE WHERE YOU CAN SAVE MONEY.
EVEN PHONE AND ELECTRICITY ACCOUNTS CAN COUNT AS CREDIT ENQUIRIES.
GETTING HEALTHY It’s never too late to repair your credit history and get your finances healthy again. Simple things like paying your bills on time and paying off any defaults can instantly improve your credit rating. So too can reducing your overall debt and limiting the number of times you apply for credit. To find out what’s on your credit file, apply for a free copy at: www.dnbcreditreport.com.au www.veda.com.au
LIFE SUPPORT FOR TOUGH TIMES If debt is getting the better of you, there are things you can do to help get back on your feet:
• Financial counselling is a great way to get tips and support on how to better manage your finances.
• Consolidating your debts will make it easier to meet monthly repayments and you’ll end up paying less interest.
• Debt agreements on outstanding payments can give you more time to pay off your debt. Consider bankruptcy as a last resort.
MONEYSMART BY ASIC OFFER A FREE FINANCIAL COUNSELLING HOTLINE ON 1800 007 007. FOR MORE INFORMATION VISIT WWW.MONEYSMART.GOV.AU
for more tips and advice on how to manage your finances visit:
www.cashfirst.com.au
Cashfirst Pty Ltd ABN 36 127 647 465 is credit representative 437 233 of Thorn Australia Pty Ltd ABN 63 008 454 439 Australian Credit Licence 383 003. Any advice is of a general nature and does not take into consideration any individuals particular circumstances. Before choosing any financial product refer to a financial advisor/counsellor or seek any other guidance necessary. A personal loan might not always be a suitable solution.