It looks unlikely that the Reserve Bank of Australia (RBA) will cut interest rates before Christmas after keeping them on hold at 4.35 percent on Tuesday, August 6th, 2024*.
While current interest rates are seeing Aussies pay more for their mortgages, and inflation is causing us to pay more for goods and services, the cost-of-living crunch shows no sign of abating.
Providing practical help with your finances is one of the reasons weâve partnered with moneyGPS. Once youâve created a free account, you can access savings, services, and education that can help you save money and ease financial pressure.
If you havenât set up your free moneyGPS account yet, you can do it here. It only takes a few minutes.
Here are five things you can do today that could start making a difference.
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1. Take control of your finances with the Money Check-Up
Knowing whatâs happening with our money directly affects our well-being. If youâre in control of your finances, youâll know when money is coming in and out, what you own, how much you owe, and your current and future financial choices.
If you donât feel this way, itâs time to do a Money Check-Up. Spend 15 minutes completing a questionnaire and receive a free personalised and factual report detailing your financial health and position. It also tells you what opportunities you have and if there are any issues, it shows you how to resolve them. The Money Check-Up comes with the option to speak with a qualified financial coach who can go through the report with you and answer any questions.
Get a Money Check-Up here and start feeling confident about your finances.
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2. Create a budget and stick to it
It doesnât matter whether you earn $50,000 or $500,000 per year, everybody needs a budget. Once you have one, you should also review and revise it regularly. If you need help building a budget, moneyGPS has a short interactive course that includes a budget planner you can download to get started.
Find the Budgeting Tips course in the Education section when you log in to your moneyGPS account.
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3. Check your direct debits and subscriptions
Do you ever go through your bank statements with a fine toothcomb? If youâre like most of us, the answer is probably no. Itâs easy to set up direct debits, subscriptions and memberships and then forget all about them.
Nowâs the time to review and see where you can cut back on or reduce the amount you pay for services like streaming. If you donât use it, then lose it. Small amounts can equal big savings over the long run.
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4. Make a list and shop around for the best grocery deals
Did you know Australians waste around 312kg of food per person and this can cost households up to $2,500 per year?** Making a list is a fast and easy way to change this. Make a new ruleâif itâs not on the list, it doesnât go in the trolley.
It might be a bit less convenient, but shopping around for deals on your regular supermarket shop can also save thousands. Donât forget to check out the âIâm Perfectâ and âOdd Bunchâ sections for cheaper fruit and vegetables.
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6. Review your energy bills
Many of us have seen an increase in our electricity bills lately, despite the energy rebate. Having a moneyGPS account gives you access to a discounted subscription with Bill Hero. Bill Hero automatically monitors and checks every energy bill, compares it against every alternative plan from every retailer, and helps you switch whenever you can save. And the money-back Savings Guarantee means you canât lose.
Find Bill Hero and the discount code in the Services section when you log into your moneyGPS account.
Donât have a moneyGPS account? Set one up here. It only takes a few minutes.
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