Have you been following the events of the Banking Royal Commission, and everything that followed? I can’t blame you if not, it’s dragged on for the best part of a year, and although scandalous revelations were made regarding certain companies and practices in the financial services sector, it’s been a highly political extravaganza. How many of the recommendations that both parties have committed to actually get implemented is yet to be seen, but it’s started a conversation we weren’t really having before.

It’s not really accepted anymore that financial institutions automatically have your best interests at heart. Sometimes it’s human error, other times laziness or processes that aren’t regularly reviewed, and as the #BankingRC uncovered, some people just weren’t fulfilling their responsibilities and duty of care to clients.

I won’t bore you with recapping the 76 recommendations here, because both The ABC and RASK Media put together fantastic summaries (worth a squiz).

Your 30-second Guide To The Banking Royal Commission Report

It’s up to the politicians as to how quickly these recommendations are rolled out, and ASIC and APRA to enforce once they are. The success of the entire #BankingRC is yet to be seen, but it has definitely brought to light many issues that us as retail consumers wouldn’t be aware of otherwise. What we can do something about though, is making sure that we’re on top of our finances and aware of who is charging us fees and why they’re doing it. It’s never too late to take back control of your finances, and I hope that these steps empower you to take charge!

Check Your Bank Accounts

You’ve probably set up a whole range of different bank accounts over the years (I know I have), but it’s worth noting that some accounts still charge you monthly account keeping fees. Go through each of your accounts (maybe not Marie Kondo style as you might end up without one) and work out which ones you don’t need. Then get your financial institution to close them down, thus simplifying your finances and potentially saving you money in one swoop!

Savings Accounts and Interest Rates

Check Your Credit Cards

Credit Cards can have very enticing offers to get you to sign up, even waiving the annual fee in the first year, but if you’ve got a few floating around you could be charged hefty annual fees of cards that you’ve forgotten about. Qantas Money recently launched a titanium card with an annual fee of $1,200 — not a fun annual fee to forget about! Simplify your finances and remove any unneeded credit cards from your life before they make another annual fee from you (fun life lesson: cutting up the card isn’t enough, you actually need to get the provider to cancel the card).

Credit and Debit Cards

Check Your Super

Super is probably one of the most important areas of your finances to take control of, because it will affect your long term wealth creation ability and the quality of your retirement. You may have accumulated super in a handful of different accounts during your university days, but now’s the time to consolidate your accounts so you’re only paying fees and insurances on one account.

https://howtomoney.online/2017/12/10/super-its-your-money

The best time to plant a tree was 20 years ago, and the second best time is now.

Chinese Proverb

So now it’s time for you to take action and take control of your financial destiny! I’d love to hear what steps you take so free to email me at howtomoneyaus@gmail.com or comment below!

If you’re interested in learning more about money and personal finance, catch us on the How To Money podcast which you can find on iTunes, or via our online web-player. Follow us on Twitter @HowToMoneyAUS, and on Medium at How To Money Australia.

Kate — HTM Editor & Host

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