1    Interest rates have just dropped by the biggest amount for 15 years - if you have some term deposits maturing now don't wait too long, lock in a good rate as soon as you. Don't forget about having easy access to some of your money to pick up a bargain in the markets.  

 

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        Tip No. 109  ..... anonymous   

 2    Getting a tax refund this year? Don't spend it! If your credit card debt is under control consider putting it straight into your super fund. You've worked for the money, so once you've got it, make it work for you ... everyday.  

 

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        Tip No. 106  ..... anonymous   

 3    Not many of us know when our annual credit card fee will be charged or perhaps how much it is. It's a good idea to know and consider if a low fee and low rate card might be a better alternative. If you have a good credit history, rather than lose you, your financial institution will probably switch you over without a lot of hassle. Sometimes you just have to ask and it can save you some money, every year!  

 

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        Tip No. 105  ..... anonymous   

 4    Shop around for a high interest savings account with low on-going fees, online access and perhaps its own debit card facility. Make your money work for you 24/7. A bit of investigation online will be worth the trouble, surprise yourself. We had to tighten the family finance belt but after looking realised that I had been too complacent for way too long and was really throwing money away.  

 

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        Tip No. 104  ..... anonymous   

 5    Have your kids earn their pocket money by doing small jobs around the house. Rather than having a set amount doled out each week, they have an opportunity to earn more, or less. This teaches them an important lesson about the value of money. Then if they choose not to spend their pocket money you could pay them interest on their savings each week, maybe an extra five cents for every dollar they have saved.  

 

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        Tip No. 103  ..... anonymous   

 6    When arranging a loan through a broker ask about any commissions he may receive from the financial institution, this includes trailing commissions, as they may be inclined to sell only those products based on their commission.  

 

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        Tip No. 102  ..... anonymous   

 7    In a volatile market it is wise to start with a lower level of gearing for a margin loan or move to a gearing level that allows for a comfortable safety buffer should the market value of your investments fall. If you are highly geared make sure that you have enough liquidity to meet any margin call so that you don't have to dispose of investments before you want to.  

 

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        Tip No. 100  ..... anonymous   

 8    Before automatically financing your next business vehicle through another lease, investigate the cash flow and taxation advantages and disadvantages of commercial hire purchase and chattel mortgage. By selecting the form of vehicle finance that suits your SME and its circumstances you can make your money work a little smarter.  

 

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        Tip No. 96  ..... David Meys   

 9    Before you start buying Christmas presents take some time to set an overall spending limit that YOU can afford. Set an upper limit for each present that you must buy. Try hard stick to the limit, avoid impulse purchasing and over-spending. When January comes you will have more money in your pocket if you take a little time now to plan ahead.  

 

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        Tip No. 93  ..... anonymous   

 10    Look for a bank with free sub accounts for your savings, its easier to transfer money and you can get an interest rate of up to 7% on your savings.  

 

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        Tip No. 90  ..... anonymous   

 11    Set your BUDGET - It can be changed when required. Withdraw the exact amount of money from the bank that you have budgeted for and place the money into envelopes for example - spending, train, petrol, gas, electricity. You will be less inclined to use your credit card when budgeting this way and know where your money is going.  

 

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        Tip No. 87  ..... megan ceely   

 12    Invest in a debit card from a young age so you can make online purchases but using your own savings rather than credit.  

 

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        Tip No. 85  ..... Anna Moore   

 13    Make sure than when you receive a pay rise or bonus that it reflects on any loan repayments by increasing the amount you pay.  

 

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        Tip No. 83  ..... Anna Moore   

 14    Don't toss your spare change. Put a small container in your car and when ever you have small change put it in, also have one in your home. Every 3-4 months take it to the bank to get cashed into your bank account. You will be surprised how much money you will save up.  

 

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        Tip No. 78  ..... Angie Steendam   

 15    Banks DO make mistakes always keep your dockets and check your statements for mistakes, this also gives you a chance to review your monthly spending and see where your money went.  

 

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        Tip No. 77  ..... Ann Prince   

 16    Before making purchases, ask yourself; Do I need this, or do I merely want this? Whilst it's nice to indulge occasionally, making smart, disciplined purchases will result in a much fatter bank balance and a less cluttered home!  

 

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        Tip No. 76  ..... anonymous   

 17    Never forget: every dollar is the start of a thousand!  

 

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        Tip No. 75  ..... anonymous   

 18    When paying your mortgage pay weekly or fortnightly as interest is calculated daily, by paying it more often you reduce the interest off your loan  

 

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        Tip No. 74  ..... Rhonda Salmon   

 19    All the major Australian banks offer Internet-only savings accounts that pay around 5% pa calculated daily. It's just a few clicks to move money between this and your transaction account. This is a quick and easy, low-risk way to earn compound daily interest on your savings.  

 

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        Tip No. 73  ..... Lucas Barbuto   

 20    If you purchase lots of products each year online and your use of Internet shopping is increasing, consider a separate credit card, with a small credit limit, for exlusive use with your Internet purchases.  

 

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        Tip No. 65  ..... anonymous   

 21    People think they have to earn a lot of money to save. I have heard of people who earn only $35000 annually who save. The secret is how you spend your money. Also consolidate all your credit cards into one personal loan. Another tip is to get your children with after-school or holiday jobs to set themselves up with superannuation NOW even if it is $20 a week. It will add up.  

 

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        Tip No. 62  ..... Kathleen Kozina   

 22    When negotiating with your bank take a firm approach, especially if you have a credible financial history with them. Many are willing to waive an assortment of fees if they think you might take your business elsewhere. Ours did!  

 

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        Tip No. 60  ..... anonymous   

 23    If you have a mortgage and don't have a mortgage offset account and your LENDER can offer you one, you should consider the tax and interest saving advantages available. Why not investigate the chance to save big money over the life of your loan and also lower your tax?  

 

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        Tip No. 59  ..... anonymous   

 24    Second Mortgages - before ringing a broker to obtain a second mortgage (usually at a much higher rate) or even to refinance if you are seeking additional funds, ask your present lender if they can 'up stamp' the mortgage you already have by the amount you need - that way you save new set up costs AND get the extra money at the same rate as your current first mortgage.  

 

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        Tip No. 58  ..... anonymous   

 25    Be wary of Debt Consolidation: many people refinance their home loans in order to add car and personal loans etc. to their mortgage to cut back on monthly payments but that means 'effectively' paying off the 5 year car or personal loan over 25 years instead, which can ultimately cost a lot more. For example a $15,000 car loan at even 10% paid off over 5 years costs $19,122.00 whereas the same $15,000 at just 7.5% paid off over 25 years as part of your 'mortgage consolidation' ends up costing you a whopping $33,252.00 - that’s $14,130.00 extra - nearly the whole amount you initially borrowed!  

 

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        Tip No. 56  ..... anonymous   

 26    Don't be afraid to refinance your home loan every few years, considering the competitive nature of this market rates continue to drop especially through brokers.  

 

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        Tip No. 53  ..... anonymous   

 27    Become informed about where, how and why you spend your money.  

 

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        Tip No. 52  ..... anonymous   

 28    Minimising your tax has a significant effect on your long term investment results.  

 

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        Tip No. 51  ..... anonymous   

 29    Learn to save when you first start full-time work. Set a saving goal like saving up for a car or an overseas holiday. Don't borrow the money, find out how to SAVE, there a lots of different ways and you'll learn something valuable about money on the way!  

 

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        Tip No. 47  ..... anonymous   

 30    Consider fees such as entry fees, on-going fees and exit fees before you make a decision about a product. Most financial products have fees of some sort associated with the following stages of ownership; acquisition, management, retention and finally disposal.  

 

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        Tip No. 46  ..... anonymous   

 31    How much do you spend on insurance annually? Don't know? Check your insurance requirements annually and make sure you have adequate coverage. Confirm that you are not paying for something you don't need. Many people set and then forget their insurance, so instead of just paying the renewal, take some time to consider where your money is going.  

 

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        Tip No. 45  ..... anonymous   

 32    Guard against investment uncertainty by truly diversifying your investment portfolio and holding a variety of asset classes.  

 

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        Tip No. 44  ..... anonymous   

 33    Have a higher interest account linked to your normal bank account so that you can park larger sums of money e.g. after salary deposit and gain higher interest  

 

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        Tip No. 41  ..... anonymous   

 34    Make sure your super fund has your tax file number, this helps track your money and makes sure you pay the lowest rate of tax on your contributions  

 

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        Tip No. 31  ..... anonymous   

 35    Find a bank or credit union that does not charge you for using their ATMs. They are out there!  

 

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        Tip No. 30  ..... anonymous   

 36    Do not use a credit card unless you have a steady income and are able to cover the credit payments on time.  

 

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        Tip No. 29  ..... David Nutting   

 37    Remove any unnecessary objects from your car - be safe and don't be a lorry driver wasting fuel on a load you don't need to carry!  

 

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        Tip No. 23  ..... anonymous