Budgets, Rail industry news (Australia, New Zealand), Workplace

MOVE Bank: Start the new year on a strong financial footing

move financial

Start the new year on a strong financial footing with MOVE Bank.

The holiday season is a time of joy and giving, but it can also put a strain on your finances. After the festivities come to an end, many people find themselves facing post-holiday debt and financial stress.

However, with a little planning and discipline, you can navigate this period successfully and start the new year on a strong financial footing.

MOVE Bank Finance, Treasury, and Analysis Manager Bryan Jones said the first step to post-holiday financial recovery was to assess how much was spent during the holidays.

“Look at your credit card statements, receipts, and bills. Understanding your expenses will help you gain clarity and set realistic financial goals for the year ahead,” he said.

Create a post-holiday budget

Jones said once holiday spending has been evaluated, create a post-holiday budget.

“Allocate your income to cover essential expenses like rent or mortgage, utilities and groceries, and then set aside funds to pay off any holiday debt. Be sure to factor in savings as well, even if it’s a small amount,” he said.

“MOVE Bank’s budget planner can make this task quick and easy. You can try it out at movebank.com.au/budgetplanner “

Prioritise debt repayment

“If you accumulated holiday debt, make it a priority to pay it off,”  Jones said.

“High-interest credit card debt can quickly snowball, so consider creating a debt repayment plan. Focus on paying off high-interest debt first while making minimum payments on lower-interest loans.”

Set realistic financial goals

Setting achievable financial goals is essential.

“Instead of aiming for drastic changes, make small, sustainable adjustments,” Jones said.

“These small savings can add up over time. For tips on how to save money without sacrificing fun or quality, check out this article at movebank.com.au/funfreefrugal.”

Automate savings

Jones said automating savings was a great way to ensure money was consistently being set aside.

“Consider setting up a salary credit that goes directly into your savings account every payday. Even a small amount can grow into a significant sum over time with compounding interest,” he said.

Build an emergency fund

Having an emergency fund is a strong tool to support financial stability.

“Start by setting aside a portion of your savings to create or replenish an emergency fund. This fund can help you cover unexpected expenses without going into debt,” Jones said.

“Opening a high interest savings account is a good place to start. MOVE Bank has a great range of savings accounts to help kick-start your savings. To see which account may be right for you, visit movebank.com.au/savings-accounts.

“Alternatively, if you are looking for certainty in your return and have the capacity to lock away some funds for a period of time, a term deposit could be an option to consider. To view MOVE Bank’s range of Term Deposits, visit movebank.com.au/termdeposit.”

Plan for the next holiday season

Finally, Jones urged planning for the next holiday season to begin early.

“You could create a dedicated savings account for holiday expenses and contribute to it throughout the year. This way, you’ll be better prepared when the holidays roll around again,” he said.


As part of its commitment to the rail industry, MOVE Bank continues to actively engage with the industry, including advertising through RAIL Express. Railways Credit Union Limited trading as MOVE Bank, ABN 91 087 651 090, AFSL / Australian credit licence 234 536. Any advice provided is general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on the information, consider whether it is right for you.