Manage your money like a pro with these seriously helpful tips

Managing Debt

Personal Finance

Team MONEYME|08 December 2022| 3-minute read

Do you feel as though your money is always one step ahead of you? It’s time to catch up.

That’s why we’ve put together some hard-hitting tips that’ll make a serious difference to your bank account—and your peace of mind.

Put a dent in your debt 👊

It’s difficult to get ahead when debt is holding you back. 

To regain control, write down all your debts, including interest rates and fees, and list them—from most expensive to least expensive. Then, commit to paying them off, in that order. 

Another smart idea is debt consolidation. That means rolling your debts into one, and repaying them via a single, monthly payment. Usually, consolidating your debt means you’ll pay less in interest and fees, and it might give you some extra time to pay the debt off.

Save smarter by automating your savings 🛀🏼

Commit to saving each week or month (whenever your paycheck arrives, really!). For most people, 20% of their earnings is a good benchmark. 

But, rather than manually make sure you put money in your piggy bank, have it automatically whisked into a savings account—ideally one you can’t access without the King’s written permission.

That way, you won’t be tempted when sales—or friends—roll around.

Make your savings work for you 💪🏿

Are your savings just sitting there, looking pretty and doing nothing? 

Put them to work by investing them—in a savings account with a high interest rate or a term deposit account.

Under control 😎

Once you’ve mastered these tips, you’ll be managing your money like a pro—and feeling all the better for it.

The information on this page has been prepared by SocietyOne Investment Management Pty Ltd ACN 604 960 018, which holds Australian Financial Services Licence 477365 and is part of the MoneyMe group of companies. Any general advice on this page has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances.