5 things every woman should do to get on top of their finances

Having recently celebrated International Women’s Day, here’s a few savvy tips for all women everywhere on how to achieve greater financial wellbeing, all year round.

1. Manage your credit reputation

With Comprehensive Credit Reporting now in place, 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.

To brush up on your credit knowledge, have a chat with me, Lalaine Ladores, a finance broker and finance coach.

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, having a finance broker always take the time to shop around to find the product that suits your needs. Credit health checks every year is good to see if the existing 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.

This 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!

Let’s encourage all women to start taking control of their finances to create the future they want.

So, remember to stay on top of your score and guard yourself against anything that shouldn’t be on your file. Start managing your credit reputation, today.