Staying afloat through the crisis If you had asked me when I wrote my last piece for Financy what I would be writing about this quarter, I could never, in a million years, have predicted that it would be about a global pandemic. We’re dealing with a health crisis that no one in our lifetime has experienced, which is having an impact on global and domestic economies that no one could have forecast. Entire industries – tourism, …
How to avoid bill shock with bill-smoothing payments Sidestep the shock of unexpected bills by smoothing out payments and making regular, automated instalments that can be planned well in advance. Ever experience that sinking feeling when you’ve opened a bill that you can’t possibly afford to pay? The shock of receiving a big bill – or worse, a number of them arriving at the same time – can be extremely stressful. Thankfully, by setting up …
5 days to get your finances in order Our New Year challenge Too time poor for resolutions? Try our challenge instead New Year’s resolutions are such a drag, right? Whether it’s fitness, family or finances, the best laid plans rarely last beyond the first week of January. Life has a habit of getting in the way, especially these days with so many demands on your time. We get it. Things got a whole lot more …
Can refinancing my home loan save me money? By replacing your home loan with a new one, you could take advantage of a better deal. Even if you secured a competitive package when you first took out your home loan, it’s worth reviewing each yeari to make sure the interest rates, fees, features and terms & conditions continue to meet your needs. And with interest rates at an all-time low in Australiaii, now may be a …
7 Tips to improve your financial wellness What is financial wellness? How you feel, is your wellness. How you feel about your money is your financial wellness. This can be measured by the financial wellness index, which measures a person’s satisfaction with their current and future financial situation. Some days you might feel confident you can meet your needs within the boundaries of your current income, whereas other days you may feel like you don’t …
High times for low interest rates With mortgage rates at their lowest since the days of black and white TV, this might be the right time to make a serious dent in your home loan. Lower rates mean any money you have in the bank could be earning less interest. But if you have a variable home loan rate and your lender passes on the cut, you’ll pay off more of your loan faster just …
Spending money in a cashless world How the move to electronic payments could be making it easier to spend…and what to do about it. It’s Thursday morning and almost the end of the working week. You’re walking to the train station and you realise you’ve forgotten to top up your public transport card. No matter…a few clicks later and you’ve transferred $50 over. At the station you grab a takeaway flat white before the train …
Dealing with being asset rich and cash poor Reverse mortgages could be one way to help with living expenses, but they may also erode any equity you have in your home over time. Given longer life expectancies, the rising cost of living and the property boom, more and more retirees find themselves asset rich and cash poor. One option is to downsize to a cheaper home, but this often has major disadvantages. If they are …
Making the most of record low interest rates The Reserve Bank of Australia (RBA) took the cash rate to a record low of 1% in July, bringing mortgage rates to their lowest level in more than half a century. However, the low cash rate also means your money in the bank could be earning less interest. Why did the RBA cut rates? Rate cuts are a way for the RBA to help stimulate the economy. …
Helping grown-up children with their finances It’s only natural to want to help your kids with big ticket items to give them a good start in life—particularly in an era when tuition fees and house prices make higher education and owning a home less affordable than in previous generations. But it can be difficult to know when to start turning off the tap. If you have an adult child who isn’t very good with money, …
