Home
  • plan
  • Invest
  • Property
  • enquire now
  • Learn
Home
DPN
  • plan
  • Invest
  • Property
  • enquire now
  • Learn

Finance

5 smart money moves you should be making

Managing your finances can be tricky at times. You want to improve your financial well-being but you don’t know where do you start? To help you here are five smart money moves you should be making to better your financial situation.

TAGS

Finance (127) / Property investor (183) / Beginner (595) / Intermediate (554) / Expert (577) / Tips (151) / Budgeting (53) / Personal Budget (54) / Money Tips (126) / Personal Finance (90)

In this post, you will discover five smart money making moves to increase your financial well-being

Smart money moves you should be making to increase your financial well-being

Smart money moves can increase your financial well-being.

1. Create a monthly budget and stick to it

The first step to improving your financial situation is knowing exactly what your financial situation is by creating a monthly budget that details your income and expenses. That way you can identify how much money is flowing out compared to what comes in, and most importantly where your money is actually going. Once you have set up your budget and are tracking it, you can easily find areas where you can cut back and can start saving money. 

2. Build an emergency fund

After you have created your budget and are starting to put money aside, it’s important that you take a part of your savings and put them into an emergency fund. The size of your emergency fund is really up to and can range from as little as $1,000 to three months of your salary. Your emergency fund is there in case unexpected expenses such as home repairs, car repairs or medical bills occur.


RELATED LINKS

  • 7 expenses you are probably forgetting to budget for

3. Pay off highest interest bearing debt first

If you have a range of different debts to pay off, start by paying off the highest interest bearing debt first as that is the fastest way mathematically to pay off your debts. This is because your highest interest bearing debts will incur the highest interest costs over time. So the sooner you pay those off, the cheaper it will be to pay off all your debts over time.

Free - No Obligation

Ask us for a free Property Investment Plan

4. Always shop around for the best deal

Another great way to improve your financial situation is by saving money on your weekly shopping and putting that money aside. You can use grocery comparison sites such as grocerycop.aom.au or use the mobile comparison app, Trolley Saver, to find the best deals on the items you buy every week. That will help you reduce your monthly expenses and will allow you to put money aside to invest.

5. Invest for the future

One of the most important steps you can take to improve your financial situation long-term is to start investing. Whether you buy a portfolio of stocks, place your money in savings bonds or purchase your first property, investing is how individuals build wealth and create financial freedom over time.

 


Follow us on Twitter for more news, tips and inspiration.
Like us on Facebook and Google+ explore our Pinterest boards.

Like this article or found it helpful? Share it!

Newsletter

Receive our articles directly to your inbox

Next article

Family holiday ideas: set sail on a cruise ship

Go to articles list

Programs

Work with us
Giving back
Become an affiliate
Refer a friend
Help desk
Property Management
Finance

Locations

Head office
Australia
Hong Kong
Singapore

Contacts

Toll free in Australia
P. 1300 723 318
Outside of Australia
P. +61 2 9525 2033

Social Media

Newsletter

Terms of use | Privacy policy | Guarantees

This information is provided by DPN Pty Ltd ABN: 94 630 700 186, Australian Credit Licence 514759. DPN Finance Pty Ltd is an authorised credit representative 504129 and a related entity of DPN Pty Ltd. Casa Capace Operations Pty Ltd ABN: 79 624 981 184, NDIS provider Number 4050038018 trading as Casa Capace.