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It’s easy to get carried away with the fun part of buying a property – looking at houses – but delaying the less compelling task of arranging finance will weaken your negotiating position on both the property and the loan.

The Best money saving tip of the all.

I hope you have enjoyed, and used, the Top 10 tips I have provided over the last ten weeks and have saved money, protected yourself, found money or just learnt something! I have left the best tip to last – refinancing – the easiest way to save money.

Don’t let rainy days and Mondays always get you down.

Do you like my reference to the Carpenters’ song “Rainy Days and Mondays”? The young ones won’t know what I am talking about. In order to secure your future near and far there are two must have things you need to organise...

Compounding interest – friend or foe?

What is compound interest?

Compound interest is where you earn interest on the money you deposit, and on the interest you have already earnt - so you earn interest on interest. 

Tip # 7 Protect yourself!

Insurance – it’s a good thing. Think of it as a bet against the odds. When you bet on the long shot and it comes up trumps – you win big time – that is how you should view insurance.

Are your debts getting out of control?

Maybe you’re struggling to make ends meet because of unemployment, ill health, economic conditions or a relationship breakdown. Perhaps this is the first time you’ve run into trouble with your personal or family finances. You might not know what to do if you can’t pay your bills or meet your repayments, or where to go for help. Whatever your situation, it’s important to act quickly. There is help available.

Credit cards

This week we examine two components of credit cards:

  • Where are the best $0 transfers?
  • How to get a credit card when you have a bad credit history.

Tip #4 - Don’t make voluntary donations to the government!

Every year you should check for “lost” money. It doesn’t take long to look and you could find money you had forgotten about especially if you have multiple accounts and move jobs often. The government is currently holding over $20 billion of our money for us, yes that is billion, not million. Imagine the interest they are making on that!

Tip #3 Check your Credit report

Your credit report is one of the most important financial records you have. It lists loan, credit cards etc you have applied for, not just the ones that you were approved for.

Yes, I know, budgets can be boring but they really do make a difference. By doing a budget you get to understand how much money is coming in and, more importantly, how much is going out and where it is going. By having a budget you can realistically set savings goals so you can save for the home deposit or car or overseas holiday. This is the most important tip I will have, if you are only going to follow one, this is the one.

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Commonwealth Bank