Simple Tips for Getting Financially Fit

To help inspire the nation to get financially fit, BankWest has teamed up with money coach and author of Smart Couples Guide to Money, Gay Curtis and top athletes Robert and Chantelle Newbery to offer the following savings tips. For more simple savings advice people should visit www.getsaving.com.au

Give yourself a financial once over
Just as Robert and Chantelle couldn’t perform on the diving board if they weren’t in peak physical condition, people wanting to get their finances in shape should first check just how financially fit they currently are.

Gay advises to "review your debts, your current earnings and any additional financial commitments you have. Make a detailed list so you know exactly where you’re starting from."

Get on track - budget!
According to Gay, people often don’t realise just where their money goes every month and a budget is a tool that can fix this.

"After working out how much your after-tax income is, aim to devote 10 per cent of it towards achieving your future goals and put that money straight into a high interest savings account. Next, set aside a regular amount of your income to paying off any outstanding debts and the remaining amount devote to everyday living expenses," says Gay.

For the Newbery’s using this simple formula has had great results. Robert Newbery says, "After the Commonwealth Games, Chantelle and I sat down and made a detailed and realistic budget. Now when bills come in we’re ready for them, plus we’re right on track to taking a long-awaited family holiday at the end of the year."

Set some goals
Reaching the top was Robert and Chantelle’s ultimate goal. Having this goal gave them a clear direction of where they had to get to and what it would take to get there.

"You too should have clear financial goals," says Gay. "These should include short-term goals such as getting on-top of bills as well as long-term goals such as an overseas holiday."

Stay motivated
Sticking to good financial habits especially if you’ve been financially unfit for a while can be a challenge.

"Use the support and encouragement of friends and family around you to keep you motivated and help you get through those times you may be tempted to veer off track," recommends Gay. Chantelle Newbery comments, "Having our loved ones on the side of the pool cheering us on was one of the ultimate deciders in our success - without their support and motivation it is unlikely that we’d be where we are today."