Articles

Start the year in control: Take stock of your personal finances

As the new year begins, it’s the perfect time to take stock of your financial situation and set the tone for a successful year ahead.

1. Assess your financial position

Take a comprehensive look at your current financial situation. List your accounts, including bank accounts, loans, credit cards, and investments. Understanding where you stand is the first step toward taking control.

2. Consolidate your finances

If you have accounts scattered across multiple institutions or are juggling several products, consider consolidating them. Having everything in one place can make managing your money simpler and more efficient. Plus, you may save money by moving everything to one institution.

3. Minimise debt

Debt can weigh heavily on both your mind and finances. Take the opportunity to review your outstanding balances and create an achievable plan to reduce or even eliminate debt. Start by focusing on high-interest debts, such as credit cards.

Consider whether consolidating your debt into a lower-interest option could save you money in the long run. A personal loan might be a good option to explore. Here at Illawarra Credit Union, we offer a range of unsecured and fixed or variable personal loans, including sustainable loan options. Find the right personal loan for your needs. It only takes a few minutes to apply online, so take a look and see what might work for you.

4. Set goals and a budget

Having clear and realistic financial goals is key to staying on track. Whether you want to save for a holiday, pay off your car, or boost your retirement fund, writing down your goals makes them more achievable.

Build a budget that aligns with these goals and stick to it. Consider our bucket account, where you can open up to 9 bucket accounts to manage your money, save for a rainy day, or put money aside for a special occasion.

5. Build an emergency fund

An emergency fund is your financial safety net. Aim to save three to six months’ worth of living expenses in an easily accessible account. This fund can protect you from unexpected costs, such as car repairs or medical bills.

6. Automate where possible

Make managing your finances easier by automating bill payments, savings contributions, and investments. Automation ensures you never miss a payment and helps you stay consistent with saving.

Ensuring your finances are easily viewable is another great way to stay in control. For example, our moneytree app allows you to view balances, make payments, and manage accounts on the go, directly from your phone—anytime, day or night.

By taking these steps at the start of the year, you’ll set yourself up for financial success and peace of mind. Remember, small actions taken today can lead to significant results over time. Here’s to a year of financial control and confidence!

get in touch

Not sure what's the best fit for your needs? No worries. Get in touch with one of our banking specialists today.

Apply now.

Already a customer?

Apply in internet banking

New customer?

Apply online