Expert: Check Credit Cards To See Where You Can Save

People looking to save some money might like to review their credit cards

, one industry expert has noted.

Checking your credit cards at the start of the financial year could be a good idea for those who are looking to make cut backs on their outgoings.

This is according to Paul Clitheroe, writing for the Sunshine Coast Daily, who also recommended that people consider their mortgage, savings plan and budget in order to help them save money.

He added: "The cold winter nights provide an ideal opportunity to review your household budget. If you're feeling strapped for cash, your budget will show where you need to rein in spending."

But he insisted that there will be many homeowners who are strapped for cash, despite the Reserve Bank of Australia keeping the interest rate on hold at 4.5 per cent going into August.

However, this could be beneficial for credit card holders and especially those with Aussie credit debt.

It might be a useful time to try to keep credit card debt under control because Mr Clitheroe noted that rates have been edging upwards over the past year so people may be paying more on their card than they think.

Those who have managed to keep a bit saved up for a rainy day in a standard bank account should consider putting into a savings program in order to have some cash stored away for emergency purposes, he continued.

This could restrict people from having to turn to their credit card when an unexpected bill lands on the door step.

One way of transferring any saved-up money into an account with a higher interest, where it is more likely to prosper, could be over the internet and there are many different organisations which offer differing rates.

Mr Clitheroe noted: "Taking some time to fine tune money matters today could see your finances in much better shape when summer - and the big-spending holiday season, finally arrives."

by: Sam Gooch

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