Save money with a financial health check

A financial health check is a great way to take a look at your budget and assess where you could save money.

Are you in the best place possible when it comes to your financial health? A financial health check might be just what you need to see how you're positioned financially. A good place to start is by examining what your current financial and services providers are charging and offering you. A financial health check is also a great time to review (or create) your budget, and consider your financial goals.

Review your current financial and service providers

Here an initial list you may consider:

  • Credit card fees and interest
  • Personal loan fees and interest
  • Home loan fees and interest
  • Car loan fees and interest
  • Car insurance
  • House insurance
  • Health insurance
  • Other insurance (such as life)
  • Phone connection and plans
  • Internet connection and plans
  • Entertainment subscriptions such as Netflix or Spotify
  • Electricity plans

To give you an idea on just how much you could save, we teamed up with the University of Technology Sydney to find out how much Australians are saving by switching things like their home loan, grocery supplier and phone plans. The opportunity for saving might surprise you!   

Review and update your budget

Keeping an up-to-date budget will help you feel more in control of your finances and give you insight areas to save money. Ensure all of your service and financial providers are included in your budget, as well as all other outgoing costs. Once you have finished comparing service and financial providers update your budget accordingly. If you have found areas for saving consider whether you could put this money towards paying off a debt sooner, or putting it into a high interest savings account.

Consider your goals

Now is the time to consider whether the savings you have found during your financial health check could be helping you reach your goals sooner. Whether you are wanting to manage your debt more effectively, or to save more money, considering your goals regularly is a great way to stay focused.

7 steps to reviewing your budget
Reviewing and setting out a budget can feel overwhelming. Here's 7 steps to help review (or create) your budget from home.
Share this