We can easily get caught up in our daily routines and as long as we have money in the bank not focus on how we can be mindful and manage our money better. Here are 3 simple Money Moves you can make before 2020:

  1. Consolidate Your Super Funds. Did you know that super funds charge you fees just for having an account open with them? These fees are automatically deducted out of your super fund, which is why you may not have ever noticed them! Cut down on the number of super fund fees you pay by consolidating your super into one fund. Don’t know how many super funds you have? Log into MyGov and each of your super funds should be listed.
  2. Stop Paying Unnecessary Bank Fees. If your bank is is charging you bank fees for your every day accounts, switch to one that has no fees! It is a privilege for you to entrust your monies to a bank, and they should not be charging your excessive fees. There are plenty of bank account options out there that offer fee-free service.
  3. Track Your Spending. Most people are very aware of their fortnightly pay check amount coming into their bank account, but have you looked at where your money is going out to? Track your expenses with an app or even export your bank transactions into a software like Excel and categorise your spending transactions. I bet all those lunch dates over the course of a month will add up to an amount that is much higher than you expect! Becoming aware of where your money is going is the first step in managing it.

This is general advice and does not take into account your personal situation. For more info, visit ASIC’s Money Smart or consult your financial adviser.