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The year’s almost over, and it’s once again the time when many of us make our list of resolutions for the coming year. For some, it’s about creating a healthier lifestyle, while for others; the coming year is about becoming financially stable or independent. If you’re looking for financial stability, saving money is your first step to achieve that. We’ve put together a number of effective methods to employ in 2016 to help you save more money.

1. Set out financial goals.

Goal setting is very important because it allows you to better gauge your success as you move along the year. Your financial goals will be unique to what you are actually looking to achieve. It could be that you want to finally get rid of your debts, have more savings in your bank account, or invest in property.

Write down your goals and place them somewhere you will see them regularly. That will ensure that you don’t forget about these goals and that you’ll stay motivated until you reach them.

2. Review your current home loan.

A bulk of your debt usually comes from your home loan. If you want to save money, it makes sense to deal with that first. If you haven’t reviewed your home loan over the past 3 years, it’s time that you do so. The reason is that you’re probably missing out on great deals that have since cropped up during the period. These great deals are everywhere, especially because of the record-low cash rates that the Reserve Bank has introduced, which led lenders to follow suit.

If you’re considering switching to a different product or lender, make sure you consult a mortgage broker first as they will help you find an option that best suits your needs.

3. Pay off larger amounts of your mortgage.

Today’s record-low interest rates mean that you’re paying less on your interest repayments, which leaves more money in your pocket. It’s money that you can put towards paying off your loan amount. Doing so may help you pay off the loan sooner. Be sure to check with your lender first, however, if you can make extra repayments without incurring fees and charges.

4. Pay off your credit card debt.

A big portion of your debt may also go to your credit card payments and since this debt usually comes with hefty interest rates, make sure to pay it off as soon as you can. Otherwise, your debt might balloon quickly without you knowing it.

5. Consolidate your debts.

Struggling with your debts? Consolidating your debts means that you’ll place all your different debts into a single debt making it more manageable in terms of keeping track of it and paying it off. However, it is best to seek your financial adviser’s help before deciding to consolidate your debt to make sure that this is indeed the most sensible option for you instead of taking care of them individually.

Saving more money is all about taking better care of your finances. Hopefully the tips we shared with you here can help you save even more and make you debt-free by 2016.

Written by Cale Walsh.