1. Pay your bills on time –

avoid late fees and grab a discount Paying your bills on time is a great way to keep your credit record clean. If you struggle with your bills, consider setting up a regular repayment amount to even out the cash flow. Some energy providers will also offer a discount to customers who pay on time.

2. Monitor your bank balance

To avoid paying overdrawn fees, ensure that the interest rate is correct and that you have not been charged for purchases you didn’t make.

3. Check how much interest you are paying on your credit card

If you owe money on your credit card, check what interest rate you are paying. Credit card interest rates can vary from less than 10% to more than

4. Customer rewards

Think about stores where you commonly do your shopping and find out if they have a rewards program and if it is worth signing up. Some may provide discounts, gift cards or other rewards. Be aware of the data they will collect and ensure you are comfortable with the payoff.

5. Bonus interest rate on savings account

Some providers offer additional ‘bonus’ interest on your savings account if you meet certain criteria, such as making a minimum monthly deposit or making no withdrawals. Sometimes the bonus rate expires after an introductory period. Check to see if your institution has a bonus rate, or consider switching to a savings account with a higher interest rate to save money.

6. Phone your bank and ask for a discount on your mortgage interest rate

Even a small discount could save thousands over the life of your loan – and there is currently more than a 2.5% difference between highest and lowest variable home loan rates on Canstar’s database.

7. Audit your bank accounts to see if you are not paying fees

If you are, there are plenty of fee-free options available.

8. Review your health insurance

Health insurance can be another great place to make savings. Canstar researched and rated 21 health insurance providers

9. Review your personal insurance

Review your personal insurance including your life, total and permanent disability, trauma and income protection insurance. Some of them can be paid via your superannuation fund (or maybe you have a double-up?) – is it a practical option for your needs?

10. Review your superannuation fund

A small difference in fees and/or return can make a big difference to your retirement nest egg.

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