Killing two birds with one stone – savvy! A better credit score might even get you a better interest rate on the credit products you need to assist you with your goals. Sign up for free at creditsavvy.com.au to see what your credit score is if you haven’t yet.

1. Saving Money

Have a stock take of where you are at with your set goals. Work out how much you need to save to catch up on a weekly basis. For example, if you are $1,000 behind your saving goals, you will need to catch up by an additional $50 per week for the remaining 20 weeks of the year.

(Read more in: How do phone and internet bills affect your credit score? here)

2. Cutting Down on Unnecessary Costs

Aww it is hard to give up that morning coffee but maybe it’s not the coffee that you need to cut. Packing your work lunch a few days a week could put $50 back in your pocket! That could be just what you need to keep up with your saving goals.

3. Paying Down Debts

The key thing here is not to miss your repayments, with the new comprehensive credit reporting system (CCR) any missed repayments will appear on your credit file which could lower your credit score. It’s also a good idea to pay down your debts in the order of the highest interest rates, e.g. credit cards, first to save you the most.. Think you may be paying too much interest? Why not check out our credit card and home loan products for a rate that may suit you better. Reducing interest payments can be just as good as saving!

Missed a credit card payment? If you’ve missed a payment it’s a good idea to call your lender as soon as possible and talk it through with them, they may be able to offer you an extension or waive any late fees depending on your situation. Can missed credit card repayments affect your credit score?