The 30 Day Money Diet

The 30 Day Money Diet - week three

Your Family Your Money

These are just some highlights of the 30 Day Challenge - to get even more great tips, get your copy of the 30 Day Money Diet!

This week in the 30 Day Money Diet we take care of the 'serious' side of the Challenge - sorting out all of your accounts, insurances and your superannuation. We also give you the low-down on how to get those credit cards working for you rather than against you!

Get your credit cards under control
We believe that credit cards are a 'no go' zone, but if you must have one it's vital to make sure you're in control of it, rather than the other way round! Here are our top tips for dealing with credit cards:

When choosing a credit card, do your homework and find the one with the lowest interest rate and low (or no) annual fees
Consolidate all of your credit card debt onto one card with a low interest rate, or even a zero interest for balance transfers
Cut up all your other credit cards - you can't be tempted to use them if you don't have them anymore!
Create a debt payment plan to get rid of that credit debt - Real Money Advice for Families has a great debt repayment plan that can help you get off the debt treadmill for good.
Use comparison websites to find the best credit card for you - check out a great list of comparison sites here

General insurances
Getting the right insurances is a key part of a healthy money management plan - follow these tips to make sure your insurances really have you covered:

Don't double up - check all of your policies carefully to make sure you're covered for everything you need and nothing you're don't
Review your policies at least every five years - better yet, go over them every 12 months if you can
When it comes to income protection insurance you need to ensure you have the right amount of cover - too much cover can be just as bad as too little, so check with your policy to make sure your cover is 'just right'
Depending on your accrued leave, you may be able to extend the waiting period for income protection insurance and save on premiums
Depending on your circumstances, income protection insurance premiums may also be tax deductible
Life insurances is not a 'set and forget' cover - review it every five years, or whenever your life circumstances change or if you have paid off debts.
Go to the market and get a range of quotes - insurers often have great deals designed to attract new customers - just be careful that changing policies wont affect your cover

As seen on Channel 7's The Morning Show with Larry Emdur and Kylie Gillies

Health insurance
Although we have a great public health system in Australia, private health insurance gives you the peace of mind of knowing that you have more control over what happens if someone in your family is ill or injured. Make your private health insurance work for you by:

Paying only for what you need
Checking hospital/insurer agreements to make sure you're covered for treatment in the hospitals near you - make sure your local private hospital has an agreement in place with your insurer
Enquiring about reducing premiums by taking excess options or co-payment plans - it may work out better for you to pay extra for each day you spend in hospital rather than an a higher ongoing monthly premium
Speaking to your employer to see if you are entitled to discount premiums for group plans
Finding out if you're eligible for membership to a restricted-membership fund - their premiums may be more competitive for you
Comparing to save - head to an online comparison site, such as iSelect, to compare funds and ensure you're getting the best deal

Superannuation
Super is one of the biggest investments most people will make in their lifetime, but most of us leave this important investment to chance. Here's how to make sure your biggest investment will give you what you need it to when you retire:

Claim any 'lost' or 'unclaimed' super you might have - head to the SuperSeeker website to find out if you have any super waiting for you to find it
Review all of the fees and charges you pay your super fund - decreasing the fees you pay by just 1.6% over the life of your super will allow you to retire TEN tears earlier!
Consolidate all of your super amounts into one account
Make the most of government benefits, spouse contribution and co-contribution schemes

This revolutionary 30 day money diet is helping thousands of families to change their money habits and their financial future – are you ready to join them?

Here’s how!

Step 1: Grab your copy of 30 Day Challenge

Step 2: Get online and activate your virtual money coach

Step 3: Download your personal savings tracker and get ready to start saving thousands!

Step 4: Jump on the YFYM forum and share your successes, hints and tips with the rest of the 30 Day Challengers!

Want to make 2011 the most powerful financial year you've ever had?

Then you can't miss our next LIVE Financial Independence Bootcamp!

Click here for details!

Tags: 30 day challenge, 30 day money diet, the morning show, money management

Author's Biography

Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.

Go back to the list

	Real Money Advice for Divorce A three stage money guide to help you negotiate the divorce process and create a secure financial future for yourself and your kids.
	30 Day Challenge How to turn your life around in 30 days and save $30 000 in the process. A breakthrough in money management!
	Real Money Advice for Families Move your finances from red to black in four simple steps and secure your family's financial future.
	Real Money Advice for Kids A guide designed to help parents teach their kids the skills to become successful, confident and financially responsible.