Need help managing your money?
PEOPLE all over Australia are finding the importance of being money conscious.
Just last year, many money managing apps trended on the app store, including Raiz, Pocketbook and MoneySpend.
Over a million copies of the Barefoot Investor were also sold in Australian bookstores last year.
Despite the current trend, some people might not know how to get started when it comes to planning out their finances.
Well, according to the Australian Securities & Investments Commission, it all starts with what bank you're using.
This is important, as some banks charge for BPAY fees, withdrawals and can have significant transfer delays.
With a quick search online, you can easily click and compare banks to see which one will suit your financial needs.
After you secure a beneficial bank account, you then should look into budgeting techniques.
This includes tracking and monitoring your spending with consideration to how much you are actually earning.
If you are managing a loan or debt, it's also good to track how much money you can save in the long-term from repaying the debt faster.
With some research, you can switch home loan providers if one has a better deal that makes the swap worthwhile.
Superannuation is another major topic to investigate when it comes to being money smart.
Firstly, you need to check that you're being paid the right amount through your work, as well as combining all super accounts if you have more than one.
Then, it's important to look into your options in terms of superannuation investments.
See what works for you, and if you're comfortable, you can use your superannuation to support and buy shares for causes that you're passionate about.
You can even be money conscious when it comes to making donations.
Before you donate any amount, it's important to make sure you're dealing with a legitimate charity and whether you can afford any long-term donation commitments.
For either one-off or long-term payments, it's also good to check whether the donation is tax deductible.
If you're looking for more information on managing finances, check out the Australian Securities and Investments Commission or seek professional help from a local accountant.