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

There's little reason for optimism about Closing the Gap, despite changes to education targets

Melitta Hogarth, Lecturer, University of Southern Queensland

Again this year, the Closing the Gap report delivered disappointment.www.shutterstock.comThis week saw the release of the annual Closing the Gap report. Much like the previous decade of reports, we learned progress was lacking, failure was apparent and in 2018, only two of the seven targets were on ...

how queer texts could fight homophobia in Australian schools

Annamarie Jagose, Dean of the Faculty of Arts and Social Sciences, University of Sydney

Books are a good starting place to make schools more inviting places for queer students.www.shutterstock.comRecently, the Australian Association for the Teaching of English (AATE) — the peak professional body for Australian English teachers — published a special issue of the journal Engl...

The glowing ghost mushroom looks like it comes from a fungal netherworld

Alison Pouliot, Australian National University

The ghost fungus emits an eerie green glow.Author providedSign up to Beating Around the Bush, a series that profiles native plants: part gardening column, part dispatches from country, entirely Australian.It’s worth tolerating the mosquitoes and the disconcerting rustle of unseen creatures tha...

Michelle Grattan on reopening Christmas Island and One Nation's shenanigans

Michelle Grattan, Professorial Fellow, University of Canberra

University of Canberra Vice-Chancellor Deep Saini and Michelle Grattan talk about the week in politics. They discuss including the government’s historic defeat in the House of Representatives on the medevac legislation, plans to reopen the Christmas Island detention facility, One Nation’...

The Catholic Church is headed for another sex abuse scandal as #NunsToo speak up

Kathleen McPhillips, Senior Lecturer, School of Humanities and Social Science, University of Newcastle

All eyes will turn to Rome between 21-24 February, when senior church clerics across the world meet to discuss how to handle the widening sexual abuse crisis in the Catholic Church. Until recently, this has been focused on the abuse of children. But now Pope Francis has admitted – for the firs...

Holidays & Travel

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...

Things to Do and See in Ballina, Australia

The intricate coastline of New South Wales is renowned for its sumptuous, decadent beaches, hidden resorts and secret camping spots. A long and slow ride down the winding highway that...

Guide to Travel Necessities for 2018

Sure, it sounds like quite an adventure to hit an open road with nothing but a one-way ticket and an open mind, but the harsh reality is – you won’t...

Top Sightseeing Spots in New Zealand

New Zealand is one of the most fascinating locations for anyone to visit in the world. After all, it’s a place with a variety of unique landscapes, but it isn’t...

Must-Pack Items for a Travel Blogging Boss

As a travel blogger, you get to see and explore so many wonderful destinations and meet various interesting people, but before you embark on a new adventure you need to...

Fashion & Beauty

Five Trends That Will Transform Beauty

Remember the Groucho brows, the palm tree hairstyle and the giant hair that were huge trends back in the ‘80s? Well, those times are behind us, fortunately, and with each...

Fashion Trends to Know in 2019

No matter if you’re a die-hard fashionista or just a girl who loves to keep up with the latest fashion trends from time to time – you’re definitely at the...

Five Fabulous Items Every Single Makeup Bag Must Have According to The Experts At Lime Crime

Most women find it necessary to bring a purse with them. A purse makes it easy to keep items around that they need during the day. One of the most...

The Best Eyelash Enhancers in the Market Today

The human obsession with beauty goes way back in our history as can be seen in antique paintings and sculpture and it is one that continues to persist today and...

Budget Gifting Ideas That Teens Can Utilise

Teens don't have to be left out of gift giving occasions. In fact, many teens would love to be able to present family and friends with gifts on holidays, and...

How to Get Your Child Into Modelling: 5 Top Tips for Breaking Into the Industry

Modelling, or even just playing pretend modelling, can be a fun and interesting experience for young children. The activity can help boost their self-esteem, which is crucial for self-development and...

Popular articles from Modern Australian

Why you should hire equipment for your next party or eventLiving life without fearFive Trends That Will Transform Beauty Moving home is always complicated but even more challenging in SydneyWhy Chocolate Can Be Good For YouHow to Choose the Right Wedding SuitTop 5 Non-Surgical Cosmetic Procedures for Men in 20192019’s Unforgettable Valentine’s Day Ideas In SydneyFashion Trends to Know in 2019David Lennon:   Five reasons to get your car loan sorted before visiting a dealership5 Sleep-Friendly Bedroom Tips for Career WomenTop 5 Car Finance TipsAustralian Bathroom Design Trends for the Upcoming Season6 Signs it’s Time to Consider Laser Tattoo RemovalLocal Moving Checklist