6 Things You Must Do With Your Finances in 2020
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Welcome to the Australian Finance Podcast, a podcast for people who want to learn more about their personal finances and get the most from their money. This series is hosted by Kate Campbell from HowToMoney and Owen Rascovich from Rask Finance.
The Australian Finance Podcast is provided for educational purposes only. The information is general in nature and does not take into account your needs, goals or objectives. What that means is the information does not apply to you specifically. So consider getting the advice of a licensed and trusted professional before acting on the information. Kate, welcome to this episode of the Australian Finance Podcast.
Welcome back, Owen, and we're back to 2020, so brand new year.
That's it. We are indeed. And it might sound a bit unusual for our listeners because we're doing this via remote call.
Yeah, and we have spent all of last year recording in person together, so it's a new experience for the two of us.
That's it. It just happens to be raining very heavily this evening, so getting from point A to point B is quite difficult. But yeah, we hope that this first episode of the new year is going to be special and And what are we talking about today, Kat?
Absolutely. So today we wanted to talk about five things you must do in 2020. So if you only take five things away, these are the five things. Don't have to worry about every other thing any media tells you. Just do five things and you'll make serious financial progress this year.
That's it. So we've recorded, what, 50 episodes? And we've got potentially tens of thousands of listeners to these podcasts. And we know from certain studies that perhaps not everyone follows the knowledge that they learn or that put it to use. So we are hoping that some of the knowledge you acquire can be distilled down into these five really important steps that you can take today. And the first one off our list is a very simple one and it's kind of boring, but it's probably the most important. It is to pay down debt.
Yeah. So even if it's a really small debt like an afterpay loan or it's actually a big credit card debt that's sort of been hanging over you for the last few years, now is the perfect time to get started on slowly chipping away at that.
And one of the things that we've talked about time and again, the different strategies that you can use to pay down debt. And my favorite is the snowball, and it's a very popular technique. And it effectively just requires you to identify the credit card, the afterpay, or the debt that you have. Maybe it's a debt to a family member. You identify the one that is charging the most interest, but it's also the lowest in value.
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Sounds like good money advice... But is it?