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

Our helicopter rescue may seem a lot of effort for a plain little bird, but it was worth it

Rohan Clarke, Director, Monash Drone Discovery Platform, and Senior Lecturer in Ecology, Monash University

John Harrison/WIkimediaThis article is part of Flora, Fauna, Fire, a special project by The Conversation that launched this week. The project tracks the recovery of Australia’s native plants and animals after last summer’s bushfire tragedy. Explore the project here and read related artic...

this plucky little fish survived Black Summer, but there's worse to come

Mark Lintermans, Associate professor, University of Canberra

Tarmo A. RaadikThis article is part of Flora, Fauna, Fire, a special project by The Conversation that launched this week. The project tracks the recovery of Australia’s native plants and animals after last summer’s bushfire tragedy. Explore the project here and read related articles here...

A few months ago, science gave this rare lizard a name – and it may already be headed for extinction

Jodi Rowley, Curator, Amphibian & Reptile Conservation Biology, Australian Museum

Australian MuseumThis article is part of Flora, Fauna, Fire, a special project by The Conversation that launched this week. The project tracks the recovery of Australia’s native plants and animals after last summer’s bushfire tragedy. Explore the project here and read related articles he...

I'm searching firegrounds for surviving Kangaroo Island Micro-trapdoor spiders. 6 months on, I'm yet to find any

Jess Marsh, Research fellow at the Harry Butler Institute, Murdoch University

Jess Marsh, Author providedThis article is part of Flora, Fauna, Fire, a special project by The Conversation that launched this week. The project tracks the recovery of Australia’s native plants and animals after last summer’s bushfire tragedy. Explore the project here and read related a...

how are the plant and animal survivors 6 months on? We mapped their recovery

Wes Mountain, Multimedia Editor

Australia roared into 2020 as a land on fire. The human and property loss was staggering, but the damage to nature was equally hard to fathom. By the end of the fire season 18.6 million hectares of land was destroyed.So what’s become of animal and plant survivors in the months since?Click thro...

Holidays & Travel

Fantastic Fishing Destinations Around Australia

There are numerous things that Australia is famous for, but one of the best is definitely the fishing experience. Here you will find some of the most delicious freshwater fish...

Underwater Paradise: Best Islands for Snorkeling

Are you ready for another unforgettable summer adventure? Because no matter where you are, the waves are waiting, and the sun is making it impossible to stay inside when you...

Three cities worth visiting in Poland

Poland is an interesting holiday destination, particularly for those who prefer sightseeing and active recreation to sunbathing at the swimming pool. Check out which cities are particularly worth visiting in...

Planning a wedding overseas? Keep your spending in check with these simple tips

Congratulations on your upcoming nuptials! As I’m sure you’re coming to realise, planning a wedding can be quite stressful at times, especially if you’re hoping to have your wedding overseas...

FAMOUS PLACES THAT ARE A MUST TO VISIT

Everyone dreams of exploring new things and traveling around the globe. After all, the earth is full of mind-blowing wonders, from beautiful architecture to breathtaking locations. There are countries with...

Bright Ways to Cut The Costs of Business Travel

What a new industry means for companies looking to minimise their business travel costs. Credit Capital business finance states, “global business travel spending topped a record-breaking $1.2 trillion in 2015, and...

Honeymoon Planning: 6 Tips for Creating the Trip of Your Lifetime

Going on a romantic honeymoon and spending some time alone with the love of your life is the best way to get the much-needed break from all the wedding preparations. While...

Safety First: Tips & Tricks for Your First Road Trip

So, you’ve finally decided to go on your first road trip. Well, you’re in for a real adventurous treat, since this type of travel offers you all the freedom you...

How To Get The Best Hotel Experience And Save Money

Whether it is a business trip or a vacation, getting the best hotel room while traveling is very critical. Planning ahead plays an important role in the perfect trip. However...

Fashion & Beauty

A Quick History of Knitwear

Knitwear is undoubtedly a winter staple, in whatever form it may come in – whether it be an old vintage piece from an op shop or a brand new and...

Upgrade your career in beauty therapy with these short beauty courses

There are plenty of things to love about a career in beauty therapy. From the wide scope for creativity and continual development to the fast-paced industry dynamic, a career as...

Tammy Hembrow Launches Mini Saski In Time For Mother's Day

Australian fitness expert and influencer Tammy Hembrow has launched her first children’s clothing range, Saski Mini, and Unisex tracksuits TODAY in time for Mother’s Day this Sunday.   The must-have range is...

Get Through Lockdown with Retail Therapy: Buying Your First Designer Bag Online

Stuck in lockdown? Feeling worried? Maybe some retail therapy will cheer you up. And while going out to shop on the high street is certainly not recommended right now, online...

Beyond Beauty - 5 Ways Cosmetic Procedures Can Improve More Than Just Your Appearance

Whether it’s baggy eyes, severe scarring due to a car accident, a few pimples, or excess skin due to extreme weight loss, we all have hang-ups about our appearance.  But, beauty...

TOP 10 TRENDS OF MEN'S WEDDING SUITS

A wedding is one of the life-changing occasions for a couple and this life-changing occasion has to be special by all means. The importance of a groom is the same...

Popular articles from Modern Australian

How to supercharge your immune system for cold and flu season9 Reasons Sydney Is the Best Place to LiveWhat Do Pool Cleaners Do?ULTIMATE GUIDE TO STUDENT ACCOMMODATION6 Tips For Setting Up a Beautifully Functional Home NurseryPruning, What Is It And Are You Doing It Correctly?Fantastic Fishing Destinations Around AustraliaAre 4wd wheels expensive?What Actually Do Stamp Collectors Do?How to find affordable steel blue work boots in Australia for safety6 Ways To Get Quality Sleep When It’s HotThe Dangers of Uncontrolled High Blood Pressure7 Tips for Renovating a Heritage Home8 Bathroom Renovation Tips for the ElderlyWhy Flying Kites Is Considered A Fun Activity In Perth