Skip to main content

You may not believe us, but getting financially fit is easier than you think – and you can get started by doing some fairly straightforward things. Interested? Keep reading for 14 simple tasks that could help you boost your financial wellbeing.

You could do the steps each day over two weeks, or do one a week for 14 weeks. Whatever time frame you choose, you’ll soon be benefitting from the changes you make.

Step 1: Create a monthly budget outlining income and expenses.

We know. We talk about budgets and budgeting a lot. But honestly, there are more pros than cons when it comes to having a budget set-up, trust us.

It’s not uncommon for budgeting to be placed in the ‘too hard’ basket, but there is an easy option for getting a budget created. It’s mymo by P&N Bank – the simple mobile app designed to make creating (and sticking to) a budget, easy.

If you still don’t think a budget is important, maybe this blog article will convince you!

Step 2: Identify one non-essential expense to cut or reduce this month.

The budget you’ve created in mymo will make this super easy because the app allows you to categorise your spending – but if you’ve decided not to use mymo there is another option. Look through your budget and find all your ‘wants’ spends and simply cull one. This could be the daily 3pm pick-me up from the office vending machine or the cheeky doughnut from the servo every time you fill up the car.

Is your non-essential expense related to a spending trigger? Some people online shop when they’re feeling sad, others order takeaway when they’re bored. Whatever your trigger is, identifying it could help you reduce unnecessary spending and find ways to curb those impulse purchases.

Step 3: Set a savings goal and create a plan to achieve it.

This goal doesn’t have to be a large sum of money. Your budget will help you identify your saving habits and where you could potentially save more.

Remember, you don’t need to save the same amount every time you add money to your savings account - $1 one week and $15 the following, is still saving. If this is your type of saving, then you’ll probably like our Pay&Save option. Choose to round up your daily transactions and move the difference to a savings account, to stash the cash without even thinking about it. Nice!

If you need help with setting savings goals, check out our top tips.

Step 4: Review your credit report for accuracy and potential improvements.

Your credit report details your credit rating (also known as a credit score) and is a guide for banks and financial institutions on how ‘risky’ you may be as a lender. There are several different websites you can use to check your report – CreditSmart being one which is free to use.

Step 5: Review your interest rates and account fees

Does your credit card still suit you and your situation? It’s a good idea to regularly review it because there could be a cheaper option available, depending on how you use it. Don’t just look at rate, consider the fees and benefits too.

Are you earning enough interest on your savings accounts? Why not have a look around and see if you could be earning more by finding a higher rate. And when it comes to fees – if you’re being charged a monthly account fee for your everyday transaction account, it’s time to find another option. Our & Transaction account is free from transaction fees. Check it out!

Step 6: Explore a new financial app or tool to help manage your money.

Have you tried our online tool, Your Financial Wellness yet? Well, don’t delay any longer. Register and complete the short nine-question survey to see what your personal Financial Wellness Index Score is before learning how you can improve it and your financial wellbeing.

Still not downloaded mymo? You might just like it!

Step 7: Improve your financial literacy.

Turn your social media doom scrolling time into learning time! Listen to a finance-related podcast, visit a money tips blog or spend some time reading up on the latest news in the personal finance world and educate yourself.

The self-paced learning available in Your Financial Wellness is also a great place to start. The guides, videos and resources will be tailored to your needs and based on the areas where there’s opportunity for you to grow.

Step 8: Get a better deal on a recurring expense.

Are you getting value for money from your mobile phone plan? Could you save money by switching internet provider?

Comparing and switching is often considered to be too difficult or a waste of time, but by allocating some time to look into just one of these recurring expenses, you could end up saving a tidy sum each month. In fact, Finder found that Australians paid $331 each in ‘loyalty tax’ in 2023 alone!

Step 9: Research and consider a new investment opportunity.

Term deposits, stocks, bonds, ETFs, property, high-interest savings accounts… There are numerous different investment opportunities available. Take some time to look into the many different options and seek out advice to see which may suit you, your financial situation and your goals.

Step 10: Set up or review your emergency fund.

Don’t have an emergency fund? Learn why you should have one here and then use your new budget to starting building one.

Step 11: Assess your retirement savings and adjust contributions if needed.

If you’ve not logged into your superannuation account recently to check on your balance, take the opportunity to do so today. Review the fees you’re charged and whether your current investment option is set to conservative or growth, and research ways to make additional contributions when appropriate.

While you’re thinking about superannuation – could you have lost some? The MoneySmart website is a great place to start to learn more about finding unclaimed money or tracking down any lost super. Easy!

Step 12: Find a cashback or rewards program for your spending.

The number of reward programs and cashback services available seems to grow every year, so there’s sure to be at least one that suits how you spend. Whether it’s earning air-miles when spending on your credit card, getting a percentage of your purchase cost paid into your super account or money off when fuelling up the car, choose what will work for you and your circumstances. 

Step 13: Share a financial tip or piece of advice with a friend or family member.

Regularly talking with a trusted person about money can help you manage your finances, reduce financial stress and improve your financial wellbeing – and help them too! Learn more about the benefits of speaking about money in this article.

Step 14: Explore and implement a side hustle or additional income stream.

Not everyone has the capacity to take on a second or third job but think about the ways you could earn a bit more cash (even if not regularly). Clearing out the loft? Consider selling some of it instead of sending it all to the op shop. It’s free to list things on Facebook Marketplace – just watch out for scams and ensure you keep yourself safe.


Banking and Credit products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant T&Cs, before downloading the app or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available.