Money Management /

Three ways to organise your finances

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How do you feel about your money? Are you concerned about your finances in the year to come? According to ASIC's latest Australian Financial Attitudes and Behaviour Tracker, 58 per cent of people said they were confident when handling their money1. However, that still leaves nearly half of respondents who couldn't say the same.

If this is you – never fear. There's no time like a new year to set some resolutions and goals and give yourself the opportunity to look at how you can put your finances in order for the rest of the year.

Organise your debts

It's easy to turn a blind eye to your debts. After all, money can be fairly stressful, and around 30 percent of respondents to the ASIC survey agreed that this was the case. The Department of Human Services suggests this step-by-step process for identifying and managing debt:

  • Work out who you owe and how much you owe
  • Determine how much interest you pay on each debt
  • Calculate your expenses and which ones need to be prioritised
  • See if you can consolidate your debts
  • Figure out how close you might be to being debt free

It's daunting to directly address these issues, but taking a bold step forward and organising exactly how you'll handle debt can prevent it from spiralling out of control.

Keep track of everything

Did you make a 2016 resolution to put more money into your savings account? According to a finder.com.au survey, 25 percent of people who broke their resolutions last year did so because they didn't record their progress2.

When it comes to saving, keep a detailed summary of what you've put into savings, and what you will put in. It can help you continually improve, adding more and more until you have enough to reach your goal. To keep you on track, we have a range of savings accounts that will reward you with bonus interest when you deposit every month and don't withdraw your money.

Cut down on the fees and bills

Phone bills, power bills, bank account fees, the household bills can sometimes seem endless. To get yourself in order this year, try working out which regular payments you have that could be cut or made cheaper. For example, you might want to look at switching to a cheaper power provider for a better deal.

When it comes to spending money, you could switch to a transaction account with minimal fees – like the IMB Everyday Unlimited account, where you get unlimited monthly IMB transactions for a monthly fee.*

Research last year from the Australian Communications and Media Authority showed that 27 percent of mobile phone users were experiencing bill shock3. This year, get your finances in line, so you don't have to worry about all those surprise costs.

When you want to plan your finances, look at cheaper bank accounts, consolidate your debts or simply get a health check on your money, the team at IMB is ready to help – contact us today.

Get started

Source:

1. http://www.financialliteracy.gov.au/media/559093/australian-financial-attitudes-and-behaviour-tracker_wave-3.pdf

2. http://www.finder.com.au/press-release-new-years-resolution-statistics-2015-2016

3. http://www.acma.gov.au/Industry/Telco/Reconnecting-the-customer/TCP-code/mobile-bill-shock-down-a-further-six-percentage-points

http://www.humanservices.gov.au/customer/subjects/managing-your-money-and-debt

 

* Transaction fees apply to international transactions, Australia Post transactions and transactions conducted through non-IMB channels.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking and can arrange financial planning, insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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