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Ideas for riding out the current financial storm | Updated: 6:03:38 PM, Thursday March 29, 2012
By Mozo Ideas for riding out the current financial storm

Take some simple steps to help ride out the current financial storm. Sometimes getting out of the wet is simpler than you think.

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There has never been a better time to get more savvy about your finances. Share markets are up one day down the next, bank rates are changing daily and the cost of living is on the up. Here are some ideas to help you come out of the current crisis in one piece….

  • Lock in for the long term. With interest rates already on the move, if you have spare cash it’s a good time to lock in a great term deposit rate. Compare top term deposit rates now.
  • Health check your super. Often it’s the high growth options that take the biggest hit in a downturn. Talk to your fund manager about whether it makes sense to switch to a more conservative option.
  • Don’t Panic. Easier said that done, right? Keep a close eye on your super and share portfolio but remember these are long term investments and history has shown over time they ride out the market’s highs and lows.
  • Fix your home loan. If all this financial instability is making you nervous, now could be a perfect time to consider fixing all or part of your home loan. There are some great deals out there and it’s worth having a look to compare your current home loan with a fixed home loan rate.
  • Protect yourself. It might be a good time to look at income protection insurance . It’s inexpensive and provides security for you and your family. You can compare income protection quotes from some of Australia’s leading insurers, here on Bigpond.
  • Pay off your debt. Many credit cards have interest rates of 20% or more. You can reduce your interest payments by switching to a low rate or balance transfer credit card that will help you clear your debt faster and save you money.
  • Take a hiatus from financial risks. Maybe hold off on buying that investment property or splashing out a lot of cash for that new speed boat until the market has settled?
  • Reduce household bills. Set aside a few hours to shop around for better deals on major household expenses like car insurance, electricity, internet and mobile phones.
  • Quality shares on the cheap. If you’ve got some spare cash and nerves of steel, now is a great time to snap up some stock market bargains.
  • Escape the madness. Stocks may be down but holidays are cheap with the (still) strong Aussie dollar. If you have the cash to spend take advantage of the exchange rate and take that cruise or dream holiday.

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