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!
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
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
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
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
revolutionary 30 day money diet is helping thousands of families to change
their money habits and their financial future – are you ready to join
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!
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Tags: 30 day challenge, 30 day money diet, the morning show, money management
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.