As we embrace a new financial year, it's the perfect time to reflect on our financial habits and set resolutions that will positively impact our financial wellbeing. With interest rates and inflation on the rise, it becomes even more crucial to take charge of our finances. At MOVE Bank, we're here to support you every step of the way.
Set a New Financial Year's Resolution:
Just like we set personal goals at the beginning of the year, it's essential to establish financial goals too. Consider what you want to achieve financially in the coming year and set realistic resolutions to help you get there. Whether it's saving for a house deposit, reducing debt, or building an emergency fund, a well defined resolution can provide a roadmap for your financial success.
Be Conscious of Rising Interest Rates and Inflation:
With interest rates and inflation on the rise, it's crucial to be proactive in managing your finances. Understanding how these changes can affect your savings and loans. Rising inflation may impact the purchasing power of your money, so it's essential to stay informed and take necessary steps to protect your financial interests.
Conduct a Financial Health Check:
Take the time to assess your financial situation and identify areas where you can make improvements. Begin by reviewing your weekly, monthly, or yearly budget. Are there any expenses you can trim or eliminate? Should you allocate more funds towards savings or investments? Evaluating your budget can help you identify potential savings opportunities and gain better control over your finances.
Evaluate Your Home Loan:
Your home loan is likely to be one of your most significant financial commitments. A health check on your home loan can help you identify ways to save money and potentially pay off your mortgage faster. Don’t forget to take advantage of our range of home loan features here at MOVE Bank:
- Offset facilities: An offset facility is a savings account linked to your home loan that allows you to use your savings to reduce the interest you pay on your home loan.
- Extra repayments: Does your home loan allow you to make additional repayments?
- Redraw options: If you’re in advance on your home loan, can you access the funds with a redraw facility?
- Bonus benefits: If your home loan is part of a package offering, do you get any added benefits such as discounts on banking and insurance?
view our home loans.
MOVE Bank's Obligation-Free Financial Health Check:
We are committed to helping you achieve your financial goals. That's why we have partnered with ‘Your Financial Wellness’ an obligation-free financial health check and informational program. The Your Financial Wellness program includes self-paced tutorials, on-demand webinars as well as budgeting tools to review your current financial situation, provide recommendations, and help you create a roadmap for financial success. I encourage you to take advantage of this valuable service to gain insights and guidance at movebank.com.au/your-financial-wellness/.
This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.