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Article image for Financial Fitness Challenge: Week 4 - Hit the pavement and consolidate

Posted by LLL

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Great, so you know where your funds are coming from and where they are going. That was a huge step – go you!

Let’s look a firming and toning your debt, spending and income.

Debt first:

  • When was the last time you spoke to your bank about the interest or the fees you are paying on your loans? Can these loans be consolidated or can you get a better rate? Don’t be afraid to push for a better rate or look to change your loan provider if you can get a better deal elsewhere. The fee to break a loan earlier will generally be saved by changing to a loan with a lower interest rate, not including the additional interest savings. Flex that muscle.
  • Credit cards? Approach your bank. Can you join multiple credit card debts together or reduce the rate? Or could you take your credit card debt to another bank to take advantage of zero percent introductory rate while you concentrate on paying extra to reduce the debt? Can you pay your credit card via direct debit each month, and avoid interest charges entirely?


  • Bills? Pester your providers. Call your utility providers, such as your electricity company, and ask for a better deal. It might surprise you where savings can be made.
  • Fees? Blugh, no one likes them. That is why the LLL does not charge fees on our Saving Accounts, but others do. It’s time to hit the phones to see if you can negotiate having all fees cut from your accounts, utilities or service providers.
  • Medical. Does your doctor or dentist bulkbill? Take advantage of services that offer you no out-of-pocket expenses. If you don’t know, it doesn’t hurt to ask.
  • Subscriptions. How easy is it to set and forget these costs? Are you really using them to their full potential? If you have a binge-worthy TV subscription and you use it, great! Keep it. But if you aren’t going to the gym as often as you first thought, could you reduce your membership to a casual visitor pass to save costs?
  • Groceries, petrol and coffee. We’re not going to say only eat beans and rice and drink water for the rest of your life, but look for sensible ways to save at the checkout. Buy at local markets or order online to avoid being tempted at the shops.
  • If it’s worth it to you, then it is worth it. However, are there saving to be made? Could you reduce your costs by only going out to dinner once a week instead of twice or watching a movie on your TV subscription instead of going to the movies?


  • Get more of it if you can! Can you set up a side hustle, sell unused items online, tutor or babysit, start a vlog, fix things, create things? The possibilities are endless.
  • Pay rise? You need to be bold to ask for a pay rise, but if you deserve it and can argue your case, go for it. Don’t go in demanding a key to the company volt. Be prepared, present yourself in your best possible light, justify why you deserve a pay rise and stipulate what you’ll do more of or continue to do to earn that raise. Good luck!

Hooray, you’ve found the leaks in your bucket and hopefully, you’ll have more in your budget to tinker with. Are you feeling flushed with cash or have a little extra to play with? Great! Every cent helps. Let’s form a plan in week five.

Week 5

For week four, add an additional $30 a week to your savings account. By adding $30 a week to your savings, you will have an extra $1,560 over a 12-month period plus any interest earnt! See how quickly just a few extra dollars saved each week can add up?

The LLL prides itself on providing savings accounts that are simple to operate, with a variable interest rate and no fees or charges. The LLL has a variety of savings accounts: personal and joint accounts; guardian accounts for children; and business accounts, including for self-managed super funds and not-for-profit organisations.

As an Authorised Deposit-taking Institution (ADI), the LLL is regulated under the Banking Act and by APRA.

This advice is general in nature and does not take into account your personal situation, needs or objectives. Please consider the Disclosure Documents to decide if this product is right for you.

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