WEEKLY WALLET WINS

10 biggest super funds in Australia

Online 'op shop' that can save you hundreds

Sign of the times? Major bank hikes rates

Granny flat mania: Worth the hype?

Read this before Xmas shopping

Credit card debt climbs 

Car insurance + $150 gift card

A puzzled reader called Jayne reached out to me over the weekend about an unusual financial hiccup she hadn’t seen coming. She had made moves to upgrade her phone and couldn’t get access to credit–not because she’s careless with her money, but ironically, because she’s too responsible!

With her house and car already paid off, a credit card in her husband’s name and her previous credit check expired, she couldn’t show a credit history. Bye bye, new phone. Her situation shows how easy it is to be marooned without access to credit. 

So what are Jayne’s options? Having utility bills in her name is one way to build a credit history, and so is taking out a low fee credit card, which she opted to do and pay off in full each month. This is important not only for your credit score, but also to avoid a different kind of pickle. 

Recent RBA figures showed that, as of September, there’s approximately $18.4 billion of debt sitting on credit cards clocking up interest. That’s the highest level in more than four years, showing those spending on cards are finding it harder to keep it in check. 

The numbers also showed the average credit card debt in Australia is around $5,330. If you have that kind of debt, it’s important to chip away at the balance. If you owed that much and just made your minimum monthly repayments, you’d be looking at 40 years to pay off that $5,330, and be up for a brutal $15,891 in interest.  

Got a wallet win or burning question? Send it to me this week at nina.rinella@canstar.com.au  

Find out which funds are leading the pack and what it means for your nest egg.

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Dreaming of extra space (or extra income)? See how much it could cost you to build a granny flat and whether it’s worth it.

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NSW drivers – are you missing out on toll road rebates?

For many of us, toll roads are a costly but necessary part of the daily commute, but NSW drivers don’t just have to grin and bear it. In fact, if you’re a regular toll road user in the state, you could be sitting on hundreds in rebates right now. Services NSW says that eligible motorists who spend more than $60 in a week on personal trips in private vehicles can claim any additional spending back, up to $400. In theory, you could claim back up to $340 a week this way, which is an awful lot of trips. As of June this year, an estimated $130 million of rebates for NSW drivers were sitting unclaimed, so make sure you don’t miss out, especially if you live in the Western Suburbs, where tolls are hard to avoid!

The savvier way to buy your signature scent

This week I have a savings hack for our perfume and cologne lovers that is simple but packs an aromatic punch. Ever found yourself sampling the latest scents on your work break at a nearby department store or beauty retailer? If you’re keen on a new fragrance, don’t buy it on the spot and do a search online first. My work friend was recently bowled over by the perfume ‘Lazy Sunday Morning’ by Maison Margiela, which was an eye-watering $245 for an 100ml bottle at the big name store she was in. She whipped out her phone and in two minutes found the same product at Dick Smith for $168, saving $77. And that included free shipping! Now that’s a shrewd shopping secret worth sharing.

Black Friday lands early with Coles Plus Saver special

Coles is letting new members test-drive its Coles Plus Saver program for three months for free with the code: SAVERFREE. The program, which usually costs $7 a month, gives you access to double Flybuys points, plus you get 10 per cent off on a single Coles shop every month (capped at a saving of $50 per shop). A word of warning, mind you. While it’s easy enough to do a shop of at least $70 a month to get your $7 back, if it means you’re changing your shopping habits and spending more at Coles on full price products just to get 10 per cent, rather than waiting til they go on special or shopping at cheaper stores, the life hack might actually be getting the better of you.