Manage Your Finances Tips
Here are five ways you can improve your financial life.
Tip 1: If you have credit card debt consider rolling it into your home loan. Since credit card interest rates are usually double those of mortgages, you can save substantially.
Tip 2: Keep contributing to your super even in down times. Though the value is down, your money will buy you more shares which will be better for you in the long run. Focus on obtaining more shares than on the share value.
Tip 3: Check your insurance policies. Make sure that you do have coverage and that you are getting competitive rates. Getting insurance while you still qualify is also important to avoid high premiums. Lifebroker managing director Chris Eade says that there is no coverage for redundancy and if there were, the premiums would be high.
Tip 4: Consider a fixed rate mortgage. While this will lock you into a rate for the duration of your loan it will ensure that it doesn't go up higher. If you do get a lower rate, keep paying your old payment to pay off your loan faster.
Tip 5: Use tax rebates or savings to pay off debt. If your tax rates have change or you are getting money back, be sure to use it to get out of debt or build up an emergency fund.
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