5 things every woman should do to get on top of their finances
The Credit Savvy team have a few savvy tips for all women everywhere on how to achieve greater financial wellbeing.
1. Manage your credit reputation
With the rollout of Comprehensive Credit Reporting, knowing your credit score and what’s included in your credit file is now more important than ever, as more lenders use credit scores to assess the risk of lending you money and whether to approve or decline your application.
A credit score represents your credit worthiness in the eyes of financial institutions.
Your credit score is dynamic, meaning it may change from month to month as your financial circumstances change. So, it’s important to regularly monitor your score, find out the information behind it and fix any incorrect listings to improve your score.
2. Improve your financial literacy
Learning about finances can sometimes feel a bit dry, but understanding the fundamentals can help you find ways to save more money and put you in a better position if you wish to apply for credit in the future.
Brush up on your credit knowledge and see if you have what it takes to become a credit wizard.
3. Shop around for financial products
The huge range of financial products and services available can make the task of choosing one seem overwhelming, but it pays to familiarise yourself with different products and how they work as it can help you make more confident decisions about your money and how to use it.
With thousands of products in the market, always take the time to shop around to find the product that suits your needs. Don’t forget to do a credit health check every year to see if your products still suit your circumstances and lifestyle.
4. Set your savings goal & create a budget plan
Want to travel the world, buy a car or start a family? No matter what your goal is, the important thing is to be clear on what you want to achieve so you can take the steps to create the future you want.
Make an honest assessment of your finances – find out exactly how much income is coming in and what your expenses are. Assess your spending behaviour and identify unnecessary costs, you’ll be surprised by how much you can cut down in your spending to reach your savings goal sooner.
The CommBank Budget Calculator is a great place to start!
5. Find ways to tackle your debts
Gather the credit products you have outstanding, prioritise which one to pay off first by interest rate and your own financial situation. Always try and pay more than the minimum repayment to help reduce the overall interest you’ll pay on the loan.
Set up automatic, regular repayments to the lender. Remember with Comprehensive Credit Reporting, your repayment history makes up a big part of your credit score!
Credit Savvy encourages all women to start taking control of their finances to create the future they want.
Ready to Get Savvy? Stay on top of your score and guard yourself against anything that shouldn’t be on your file. Start managing your credit reputation with Credit Savvy today.