Ensure your cash is working as hard as you are with these quick ways to freshen up your finances.

Upgrade your account

Time: 3 minutes
If you still use a standard savings account at a regular bank, which usually offers less than three per cent interest, you could be missing out on hundreds of dollars worth of interest. Some online accounts, like BankWest's Regular Saver, offer up to eight per cent. To compare accounts, visit www.mozo.com.au.

Future-proof your finances

Time: 4 minutes
It may be hard to imagine, but more than 40 per cent of the Australian workforce has been made redundant at least once in their working lives*, while others will face a serious illness that makes it impossible to work full-time. That's why it's essential to be prepared, states wealth coach Lesley Murree of www.wealthyfrog.com.au. "Take a few minutes to set up an emergency fund. You should aim to put 10 per cent of your monthly salary in a savings account, so when a crisis happens you're protected." And the ideal total amount? "It depends on your circumstances," says Murree. "But aim for around three to four months worth of your salary."

Set the record straight

Time: 5 minutes
A credit record contains information about your credit history, and determines how financially attractive you are to lenders. To obtain your credit record for free, visit www.mycreditfile.com.au or www.dnb.com.au. Next, pinpoint where your record is weak. Do you have unnecessarily large limits on your credit cards? Ring round and get them reduced, advises Murree, who explains that even if you have a $0 balance, your potential debt is taken into account by lenders. Lastly, check the information is correct; otherwise, ask the credit reporting agency to fix any mistakes.

Super-size your fund

Time: 6 minutes
One in four Australians has superannuation unknowingly split between multiple funds. "Visit the Australian Tax Office's website, www.ato.gov.au, with your tax file number, and you can find out if you have super lying in other accounts," says Murree. "And if you're not sure whether your money's being invested in the best fund, visit www.chantwest.com.au, where the different supers are rated."

Reward yourself

Time: 12 minutes
Do you use your credit card regularly and religiously pay off debt? Then you need to find a rewards scheme that works for you, whether it's a credit card that offers air points or shopping vouchers, recommends Cannex financial analyst Peter Arnold. To compare reward programs, visit www.cannex.com.au. Similarly, make a list of the three places you spend the most money – from your local petrol station to your regular supermarket and department store – and consider signing up for a loyalty card or in-store account. That way, you can at least reap rewards as you spend!

*Herald Sun, October 21, 2008

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