Modern Australian Magazine

The ‘No Debt Project’

  • Written by Modern Australian


With the frenzy of the festive season behind us, the new year announces the realities of bills to pay and budgets to balance. There is no better time than the beginning of a new year to make healthy financial resolutions and reap the rewards of a healthier bank account. Comparison website Mozo has done the legwork and consolidated the best and most rewarding changes you can start incorporating into your daily life to help manage your money and knock out unwanted debt.

 

Take a snapshot of your finances

Mapping out your expenses and listing them in order of priority is the first step to taking back control of your finances. Non-negotiable essentials such as weekly groceries and utility bills should be at the top of your list. Review your list and see if there is any unnecessary spending or subscriptions you no longer use or need. Listing your debts is a crucial element as writing these down will help you make sense of the best way to tackle them.

 

Make a plan to knock out your debt

With a bit of planning and some discipline, you will be able to see motivational changes in your bank account over time. With the average Australian owing over $4000 in credit card debt, owing money can be just a fact of lifefor many. You may consider taking out a balance transfer which can be a useful way to save on interest repayments by transferring your current credit card debt to another card at a lower rate. Another option is to consolidate your debt and move it into a low-interest personal loan, with a payment plan. Whatever you decide to do, gaining a snapshot of your financial situation - both good and bad, is the first step to getting debt free and financially fit.

 

Evaluate your spending

Look at your spending priorities and perhaps consider where you could make savings. This could be as simple as switching your branded household items to non-branded products. Reevaluating spontaneous spending, such as splurging on the latest pair of designer shoes, is also a surefire way of helping you save. The changes you make dont have to be categorically life-changing but they will help you save big in the long-run. Every little bit helps and your saving discipline will develop into your new favourite habit.

 

Spend within your means

After having established a written plan, it is time to set a budget and stick to it. Money saving apps can help you in this process by keeping track of your incoming and outgoing funds. There are apps out there for everyone and every type of spender, and many banks are now offering inbuilt budgeting or money tracking features, to help you understand where your money is going.

 

Maybe even save a little

The more debt you keep knocking off, the closer you are to being able to do more than squirrel small amounts away into the coin jar. If you have kept on track of making the minimum repayments on your credit card and combined that with healthier spending habits, you may find yourself in a position to start saving. According to the latest Mozo research, you could save up to $30,000 this year by making small changes, for example swapping your take-away latte for coffee at home or cancelling your gym membership in favour of exercising for free with your friends in the park.

 

For more money saving tips, head to mozo.com.au

Australia Today

what exactly does a showrunner do?

Darren Paul Fisher, Head of Directing, Department of Film, Screen and Creative Media, Bond University

Donald Glover is the showrunner on Atlanta, 'perhaps the most curious credit in the history of the small screen'. imdb/FX NetworksWhat do J.J. Abrams, Phoebe Waller-Bridge, Shonda Rhimes, David Lynch, Aaron Sorkin, Donald Glover, Jenji Kohan, Jordan Peele, Tina Fey, and Joss Whedon have in common? T...

why memorising poetry still matters for human connection

Veronica Alfano, Research Fellow, Australian Catholic University

Committing poetry to memory is so much more than a rote exercise.Taylor Ann Wright/UnsplashMemorising poetry was once common in classrooms. But it has, for the most part, gone out of style. There are good reasons for this. Memorisation can clash with creativity and analytical thought. Rote learning ...

Surge in pre-poll numbers at 2019 federal election changes the relationship between voters and parties

Stephen Mills, Hon Senior Lecturer, School of Social and Political Sciences, University of Sydney

Another issue is that pre-polling gives an advantage to the major parties over the smaller ones, due to the latter having fewer resources.AAP/Bianca de MarchiOn the morning of the last Monday in April, 2019, federal election officials opened the doors of more than 500 pre-poll voting centres around ...

How many people have eating disorders? We don't really know, and that's a worry

Laura Hart, Senior Research Fellow, University of Melbourne

Eating disorders disproportionately affect females and young people.From shutterstock.comLast week, federal health minister Greg Hunt announced that more than 60,000 Australians will be asked about their mental health and well-being as part of the Intergenerational Health and Mental Health Study.The...

keep in mind the 'bacon and eggs' principle

Michelle Grattan, Professorial Fellow, University of Canberra

Morrison describes the “the bacon and eggs principle" where "the chicken is involved, but the pig is committed".AAP/Shutterstock/The ConversationScott Morrison has a sharp lecture for bureaucrats about their KPIs, in a comprehensive speech laying down how he expects the Australian Public Servi...

Holidays & Travel

Go on vacation without letting yourself go

Going on a holiday is great, especially when you deserve a vacation. But there are two things that are annoying to deal with when you come home: the fact that...

What to Do When Traveling From Australia to USA

Planning a trip to USA with your friends for the first time? Well, then you have miraculously landed at the right page. We have done all the homework to prepare...

5 Top Offbeat Things to do in Hong Kong

Hong Kong sure has some quirky attractions hidden up its sleeve. And if you are looking for some unusual sights and unique fun activities to experience, you won’t be disappointed...

Exploring Whakatane NZ

One of the most exciting road trips travelers can embark on is a motorhome hire new zealand journey. This unique and exciting country has it all when it comes to...

Important Considerations When Choosing Broome Accommodation

Broome is a fantastic place for visitors of all ages. Whether you want to lounge on the golden sands of Cable beach or take the kids to learn something new...

A tour guide to Melbourne

Welcome to the second most populous city in Australia with its beautiful sites and amazing scenery. Melbourne has been identified in so many spheres as one of the most livable...

Top 5 Places to Visit in Australia

The sheer, breathtaking expanse of the Australian continent is a thing of beauty. The vast landmass is actually packed with awe-inspiring landmarks to see and countless blood-pumping activities to partake...

Adhari Park: Why is it one of the must-visit sites in Bahrain?

Despite its small area that does not exceed the 1,000 square kilometers mark, the Kingdom of Bahrain is known for being rich of touristic sites and attractions. Bahrain comprises destinations...

Exciting Off Road Adventures In Western Australia

Western Australia has long been a top destination for off roading enthusiasts from all across the world. One look at some of the top off road destinations on offer in...

Fashion & Beauty

How to Dress for Work: Chic 9-5 Style

Do you want to look professional and put-together yet stay true to your personal style? Is it even possible to make your work outfits look chic and interesting and not...

What Men Like in Women’s Fashion

Men are great admirers of women’s fashion. When a woman walks down the street while wearing an attractive piece of clothing, men are always going to notice it. Of course...

5 ways to hydrate your hair and skin while you travel

Holidays are one of the most exciting and looked forward to times of the year, especially around the winter months where many people shoot off across the world to enjoy...

An All-in-one Guide to Buying Women’s Glasses

Getting your first pair of women’s glasses is pretty exciting; will you get retro cat eye frames or minimalist lightweight ones? Not only can specs improve your vision and potentially...

Should you get a hair transplant in Turkey if your hair is grey?

The color of hair is a result of the pigment melanin which is made by special cells called melanocytes. The production of the pigment is largely genetically determined so you...

Marvelous Makeover - 5 Tips to Revitalize Your Look This Summer

The winter months can wreak havoc on your health and wellbeing. Your skin can dry out, your hair darkens and can go oily, and even your body changes as you...

Popular articles from Modern Australian

Splurge or Save: Our tips on what to Spend the Big Money on for your Wedding5 ways to make sure you have a good camping tripMouth Ulcer Treatment – The Easiest It Can GetLaser Treatment For Skin Tag RemovalThe Importance of Mental Health During PregnancyFavourite Pastimes for SeniorsHow to Dress for Work: Chic 9-5 StyleFind out how reading Funeral Poems can bring comfort to your griefWhat Men Like in Women’s FashionDocument you need for a divorce7 Steps Complete Guide to Sustainable Lifestyle5 ways to hydrate your hair and skin while you travelGreat Ways to Stay Fit When You are BusyThe Pros and Cons of Leasing A Car - Should You Do It?Deliveroo announces reusable packaging partnership with Returnr in world-first scheme