It’s important to start the new financial year in good shape to minimise monetary stress. Source: istock

We’ve asked the experts for the top 10 exercises you can do to pump up your financial situation.

1. BUDGET

Run the microscope over your ingoings and outgoings and look at ways to cut back on unnecessary discretionary items.

There are plenty of online tools and mobile apps that help can help you rein in your expenditure.

Rising Tide Financial Services’ managing director Chris Browne encourages Australians to “not overcomplicate it.”

Rising Tide Financial Services’ managing director Chris Browne says penning out a budget is one of the easiest ways to kick on the new financial year in good shape. Source: Supplied

“Draw a line down the page and divide it up into needs, for example essential items like groceries, utilities, school costs and then your wants, the luxury items,’’ he said.

“Work out what you can cut out.”

2. CREDIT CARDS

Australians owe a giant $51.09 billion on plastic and $33.4 billion is accruing interest.

Mr Browne advised reviewing your card limit to ensure you’re not stretching yourself and spending money that you shouldn’t be.

Hunt around for a cheaper deal; some of the best cards on the market have interest rates below 10 per cent.

“Phone your bank and find out if you can lower your limit,’’ he said.

He also said customers should look at balance-transfer deals which allow you to move your debt from one card to another and enjoy zero per cent honeymoon periods to help you back your debt faster.

3. HOME LOANS

The Reserve Bank of Australia has the cash rate resting at a record low of two per cent giving borrowers plenty of reason to pump up their home loan repayments.

Borrowers should contact their bank, find out what rate they are paying and shop around for a better deal if they think they are paying too much.

Some banks are offering fixed and variable rate deals with a “3” or “4” per cent in front so if you’re not paying this, do something about it.

4. SWITCH BANKS

Find out how much you are paying in bank fees on all your financial products.

The Australian Bankers’ Association’s chief executive officer Steven Munchenberg said if you feel you are getting gouged, go on the hunt for a better deal.

Australian Bankers' Association chief executive Steven Munchenberg says consumers should shop around for better deals if they are not happy with their bank. Source: Supplied

“Some banks have fee-free accounts but if you are feel you are paying too much contact your bank and find out if they have a better product than the one you are in,’’ he says.

“There are ways to avoid bank fees, including getting cash out through EFTPOS rather than using another banks’ ATM.”

If you’re still not happy, he advised use online financial comparison sites to find a better offer.

5. USE DEBIT NOT CREDIT

Sweating it out over spending money that you can’t afford can easily be removed if you switch to just using debit — your actual own money, Mr Munchenberg said.

“If your issue is that your credit card is tempting at times, you are perhaps better off with a debit card that draws directly on your account so you only spending money you have got,’’ he said.

6. SAVINGS PLAN

Kickstart a savings plan — one of the easiest ways to do this is to arrange automatic direct debits into a special savings account so you aren’t tempted to spend money unnecessarily.

Tucking away cash each week into a separate bank account is a great way to start a successful savings plan. Source: News Limited

According to financial comparison site RateCity the highest savings account available is the RAMS saver which has a maximum interest rate of 3.6 per cent if you deposit $200 per month and make no withdrawals.

7. UTILITIES

Review your household bills — phone up your utility provider and tell them you’re going to move unless you get a more competitive offer.

The energy market is desperate to keep customers so you might be surprised with what they offer you.

8. INSURANCE

Comparison site iSelect’s spokeswoman Laura Crowden warns Australians not to be a “setter and forgetter” when it comes to insurance, particularly private health cover.

“Look over your various insurance policies and make sure they still meet your needs, particularly if your circumstances have changed over the past financial year,’’ she said.

9. CONSOLIDATE SUPER

There are more than 6.1 million lost and unclaimed super accounts worth about $16 billion waiting to be clawed back, Australian Taxation Office figures show.

Visit the MyGov website and click on the link to set up an account and then visit the Australian Taxation Office’s website and use their online services to track down and consolidate any lost or unclaimed super.

10. FINANCIAL RESEARCH

Educate yourself.

Read the newspapers and websites and educate yourself on your finances.

This will help you better understand whether or not you are getting good bang for your buck and help you get well on your way to financial fitness.