These simple measures will help consolidate your money matters

Debt busters.
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We’re all feeling the pinch right now in the midst of the cost of living crisis.

To help in any way we can, Woman’s Day has rounded up our top tips to save you money in simple ways.


A recent study by found that the average Australian has $20,238 in personal debt (not including mortgages).

A lot of us are in the same boat. It’s important to sit down and make a list to get a clear picture. Government website recommends writing down how much each debt is, minimum monthly repayments (if any) and when the payment is due. Then add up all your debts to see how much you owe in total.


Now it’s time to crunch the numbers. Look at your list and make a priority of what you need to pay off first. Aim for the debt that has the highest interest attached to it, then work out how much you can afford to pay. Even an extra $30 on top of the minimum monthly repayments will make an impact you’ll notice in the long run.

Making a list of your debts and repayments is a handy way to stay on top of things. (Image: Instagram)


You’ve made the commitment by writing it all down, but sometimes those good intentions don’t last. One way to stay on track is to set up regular automatic payments to coincide with your
payday. Also consider that some banks and financial institutions offer debt consolidation, that is, bundling your debts together so you just need to pay off the one debt with one interest rate.


It’s hard not to be tempted by “buy now, pay later” deals for shiny big-ticket items, but now is not the time to commit. These services are often advertised as “interest free” or “0% interest” but they may charge late fees and account-keeping fees.

The same goes for new credit cards offering attractive extras such as frequent flyer points. You can overcommit to spending what you can’t afford. Both will just add to the pile of debt.


To get free and confidential help, call the National Debt Helpline on 1800 007 007. The helpline is open Monday to Friday, 9.30am to 4.30pm.

You can also call Way Forward on 1300 045 502 from Monday to Friday, 9am to 7pm. They can send you a free info pack on managing debt, and can also arrange a debt repayment plan on your behalf for free.

Don’t be afraid to ask for help. (Image: Instagram)

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