One phone call could save you thousands of dollars a year

You may be nursing a financial hangover in the new year but now is the best time to bounce back and get fiscally fit. This is why you need to ring you bank asap to save.

You’re probably nursing a hangover — whether it be alcohol-fuelled or a financial one.

Your waistline may also be bulging and so too is the amount of debt you’ve racked up over Christmas.

We’re already one week into 2019 so I’m sure as eggs you’ve broken your new year’s resolution if you bothered to make one.

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But there’s one thing I challenge you to do in the next week and no later.

Ring your bank.

They’re probably the last people you want to speak to right now but bite the bullet and pick up the phone.

Let’s face it, the banks are arriving in the new year up to their knees in poo.

Their bad behaviour was highlighted in last year’s financial services Royal Commission for charging fees for no service, gouging customers and being plain thieves.

So it’s your chance to pounce while they’re in the bad books.

Here’s few reasons why you must ring you bank.

CREDIT CARDS

These nasty little pieces of plastic have probably caused a few heart palpations in recent weeks, or will do when the December statement arrives in the post.

It’s time to get real with yourself.

Tell the bank are getting rid of your credit card.

You are simply spending money you don’t have.

Banks love customers who cannot pay off their cards in full each month.

If that’s you, look at getting a balance-transfer deal and chopping up your card asap.

Australians should be reviewing the deals they are on and phoning up their bank to see how they can save.

HOME LOANS

If you have an owner-occupier mortgage and are paying a rate with a “4” in front you are being ripped off.

Ring them up, ask to speak to their home loan retention team and tell them you want a better deal.

Make sure you have a quick look online at other offers going and hit them with cheaper options available.

If you talk tough with them there’s a damn good chance they’ll sit up and listen and give you a rate drop.

This could result in you saving hundreds if not thousands of dollars a year and you haven’t had to do a scrap of paperwork.

SAVINGS

If you have a savings account and a rate of less than 2 per cent you’re certainly not alone.

Savings rates are appalling and have been for a long time. Ask for a better rate, otherwise be prepared to switch.

Some banks are offering rates up to 3 per cent.

FEES

Check to see what fees you are paying on any accounts.

There’s dozens of fee-free accounts out there so why hand over money unnecessarily?

And this includes ATM fees.

If your bank is still stinging you with ATM fees for using some machines it’s about time you moved.

While the big four banks all offer ATM use for free, some banks will still sting you for using certain ATMs.

SAVINGS PLAN

Start a plan if you haven’t already. This could be opening up a separate account and siphoning off a chunk of cash when each pay cheque arrives for your upcoming holiday plans, to pay off debt or even to fund your next Christmas/New Year break.

Once it’s set in autopilot you won’t even notice.

Happy New Year!

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@sophieelsworth