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Five resolutions for a richer New Year

February 7th, 2015

The New Year is a chance to turn a new leaf, break old habits and start fresh ones – and setting a few financial resolutions can add wealth and prosperity to your 2015. Following a few simple rules can help you stick to your resolutions. Firstly, make them achievable, set a clear target and share your goals with friends or family to gain their support throughout the year ahead. If you’re looking for ideas, try one – or all, of our resolution suggestions to make the most of your money in 2015.

1. Grow some savings

We’d all like to have more money in the bank, and building savings is a lot easier when we set a clear target. It can be more effective for instance to aim to save a set amount such as $50 each week rather than simply pledging to ‘save more’. Next, open a dedicated high interest savings account to give your savings the benefit of healthy interest returns.

2. Maximise returns on cash

If you have some savings tucked away, review the rates you’re currently earning to be sure you’re getting the best return possible. Some banks are paying competitive rates term deposits and some require as little as $1,000 to earn the top rate.

3. Reduce card debt

If you’re carrying an outstanding balance on your credit card, it pays to make 2015 the year you get serious about whittling away the debt. Credit cards are one of the most expensive types of credit available with rates topping 20% p.a. on some cards. On the average card balance of around $3,000 that could mean paying annual interest charges of $600 or more. Switching that balance to a low rate card like could see you save in interest in the first year alone, freeing up extra cash for additional repayments.

4. Give your home loan a check up

A home loan is one of the biggest financial commitments we can take on. So it makes sense to review it at the start of each year to check that you’re still getting great value for money.

5. Streamline debt

Juggling multiple debts can be stressful and costly. If you’re struggling to keep track of your debts, make 2015 the year you streamline debt by folding the lot into a single personal loan. It means one set of paperwork, one monthly repayment, and with a low rate you have opportunities to save on overall interest costs.

For help with your New Year financial resolutions, call ME Bank on 13 15 63 or visit mebank.com.au.

Members Equity Bank Pty Ltd ABN 56 070 887 679 Australian Credit Licence 229500.

This content was provided by Members Equity Bank. The views expressed are not necessarily that of First Super.