If you have recently taken out a personal loan, car loan or a fast finance online loan for home renovation but feel like you need some financial advice to help set you up for the future, we can help. It’s never too late to educate yourself financially, so we thought we’d gather some resources for you to use.
Key components of financial literacy:
- Budgeting
- Saving
- Investing
- Debt management
- Understanding financial products
The better educated you are, the more likely you are to make informed decisions about spending, saving for emergencies, and planning.
Let’s look at these in more detail.
Budgeting: This is tracking all money moving in and out of your bank account and allocating funds to ensure you cover all bases.
Saving: fairly self-explanatory, learning different savings methods will help you accumulate a nest egg for emergencies or even a deposit on a house.
Investing: for many, the thought of investing in things like stocks, bonds, and mutual funds is overwhelming, but there are lots of good reasons why you might consider doing so
Debt Management: for anyone with a loan, it’s imperative to understand interest rates, types of debt, and debt management/reduction strategies to ensure they repay their debts promptly without defaulting.
How can I avoid debt and financial troubles?
Debt, like death and taxes, is part of life for many Australians. Borrowing money for a car, home renovation, or even a mortgage is an experience almost all Australians have. And, if you don’t have good financial knowledge, you can end up in trouble, making poor financial decisions and ending up with excessive debt. By learning about interest rates, credit scores, and responsible borrowing, you can avoid unnecessary debt, make wise credit decisions, and avoid falling into financial traps.
Credit Cards: While credit cards might seem like ‘free’ money, they often have high interest rates and, if not managed correctly, can land you in hot financial waters.
Loans: As with any loan, it is essential to have a clear understanding of each loan’s terms and conditions and interest rates, and, of course, learn how to avoid predatory lending practices and select a respected lender.
How do I build a strong financial foundation?
Investing early in life, setting attainable financial goals, and planning for major life events such as buying a home or starting a family are all part of creating a strong financial foundation. An old saying is, “Look after the pennies, and the pounds will look after themselves.” By making meaningful spending decisions and sticking to an attainable budget, you can put things in place to start building a strong financial foundation.
Where can I go for help?
Websites
- MoneySmart: One of the best websites we know to help you manage your money is the government’s moneysmart The site has an incredible range of resources, including and not limited to:
- Financial counselling
- Urgent help with money
- Save for an emergency
- Managing a low income
- Problems paying your bills
- Effie Zahos: One of Australia’s most trusted personal finance journalists, Canstar editor and author Effie Zahos, is a well-known financial commentator. Effie covers everything from personal finance to the property market, banking, insurance and investing.
- Anthony Keane: Anthony Keaneis a personal finance writer for NewsCorp Australia. Anthony focuses on investment, superannuation, retirement, debt, saving and consumer advice. He gives you advice to help set up a comfortable future.
- The Barefoot Investor: Scott Pape’s bestselling book The Barefoot Investorhas helped thousands of Australians get control of their finances; even better, he’s released a kid’s version! He also has a digital newsletter, so you can get his updates delivered straight into your inbox.
Podcasts
Over 20% of Australians now listen to podcasts, so if you’re one of those, here are a few finance podcasts you might enjoy.
These are two great starting points if you’re looking for episodes on budgeting, savings and everyday financial advice.
- Get Invested – The Podcast by Bushy Martin: Bushy Martin, one of Australia’s top 10 property specialists, shares his expert investment advice. He shows you the straightforward steps to make your financial dreams a reality.
Money Apps
For those of you who like to have everything at your fingertips, several excellent apps are available to help you stay on track. Here are our top picks
- Pocketbook: gives you a full breakdown of your spending habits to help you make smarter daily decisions with your money. Think of it like a digital personal assistant.
- Frollo: tracks your spending and alerts you about upcoming expenses, letting you control your finances.
- Finder: shows your bank accounts, investments, superannuation funds and credit cards all in one place, along with your monthly credit score.
Do you need a little help?
If you’re one of the many Australians facing unexpected financial challenges or cash flow issues, you might consider whether a short-term loan could be a potential solution. Short-term loans offer a quick and accessible way to obtain funds for immediate needs.
Choose Yes Loans for your loan
Talk to Yes Loans about our fast, efficient short-term, personal, and car loan broker options. The sooner you apply, the sooner you’ll have the money!
Our simple application process means you can get your online loan quickly. Our Perth finance brokers are committed to bringing you the best finance options. We offer:
- Tailored finance to suit you
- Dedicated brokers that will make you their priority
- Quick online acceptance
- Flexible repayment terms that meet your needs.
- A fast, hassle-free, transparent personal loan application process
We say YES more often if you want to buy a new car. Our car finance brokers in Perth and Australia-wide can help. Don’t wait. Our personalised loans come with a range of options and loan protection insurance. Check out how Yes Loans can provide the perfect fast finance for your situation, helping you get money fast. Call us today.