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How to improve your money habits.

Read time 3 min
Are you worried about rising costs and keeping track of your expenses? By taking small and practical steps now, you can stay in control and be prepared for unexpected financial challenges.

Track your spending.

If you're wondering where your money goes every month, start by listing regular expenses to help you see exactly where your money is going. Use a tool that works for you - notepad, spreadsheet or a budgeting app.

If your expenses outweigh your income, group spending into categories like groceries, transport, and subscriptions. Then identify which ones take up most of your budget. Prioritise essential costs and look for areas where you can cut back or switch to cheaper options.

Spotting patterns early can help you make informed decisions and avoid unnecessary spending like frequent takeaway meals.​

Prepare for the unexpected.​

Prepare for any unplanned costs or emergencies by setting up a savings goal to help you stay in control of your finances if things change.​

Start with a small amount each week or month, and increase it when possible. Set up automatic transfers to move a portion of your income into savings and help you stay on track with your goals.​

To create your savings goal in the Bankwest App, search ‘Goals’ to get started.

Review your debts and repayments.

Taking the time to review your finances can help you feel more in control of your money. Start by getting a clear picture of your money—this includes things like your account balances, interest rates, and any repayments you’re making.​

  • Automate minimum repayments on your credit cards and loans to avoid late fees and stay on track.​
  • If you're finding it difficult to pay off your credit card balance, consider switching to a low rate card or a new provider to help reduce interest and lower your repayments.​
  • If you have a home loan, ask for a rate review and check that the features and fees are suitable for your situation.

 

Need support?

If you’re behind on your repayments or require ongoing financial assistance, we’re here to help.  You can message us in the app or via online banking.

Early Customer Engagement team​

We can help you explore flexible options for your future payments. We’re available Monday to Friday, 6am - 6pm and Saturdays 8am - 2pm AWST.​

Financial Assist team​

If you’d like to discuss ways to manage your credit card or loan repayments, get in touch with us via chat or phone 6am - 6pm AWST Monday to Friday.​

If you’re overseas, call +61 8 9481 8115. Calls made overseas from landlines or mobile phones will be subject to international call rates.

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