The Australian Securities and Investments Commission (ASIC) has offered eight smart money tips to help people start the Year of the Dog by taking charge of their finances.
Tidy up your home loan
While you're cleaning your house for the New Year, spend some time tidying up your mortgage as well.
Ask your lender if they can do a better deal on your interest rate
Compare interest rates, fees and features with other lenders
Work out the costs and fees of switching to another lender
Invest your red packets
If you receive “red packets” as part of the ancient New Year tradition, plan to use the money well by setting some savings goals. Deposit the money in a savings account with a high interest rate.
Teach your family
If your children receive money from friends or relatives, take this opportunity to teach them about managing money. Explain the basics, such as the importance of a budget, saving money, and paying off debts.
Change your habits
Try to find new ways to save your money, such as making lunch instead of buying it, avoid using your credit card, and stick to a shopping list to avoid impulse buying.
Make money go further
Consider making extra contributions to your superannuation fund.
Track your goals
Stay on the path towards good fortune by setting and tracking your progress towards your financial goals with ASIC's two free and easy-to-use mobile apps.
The TrackMyGOALS app helps you set realistic savings goals, and the TrackMySPEND app allows you to record your daily transactions to see how much you are spending.
Speak to a financial adviser. ASIC's financial advice toolkit makes it easy to find and work with the right adviser to suit your needs.
Expand your investment knowledge
Explore ways to grow your finances and maximise your money for a prosperous future.
ASIC has many free online tools to help you manage your money and make financial decisions. For more information in English, Chinese, Korean and Vietnamese, with links to helpful apps, visit www.moneysmart.gov.au/tools-and-resources/news/eight-money-tips-for-lunar-new-year.