January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

The New Year is obviously an optimal time to reflect on the previous year and make some resolutions to improve ourselves. Most people’s resolutions concentrate on being healthier, enhancing their career, or improving their finances. Now we all recognise how difficult it can be to keep our New Year’s resolutions, so it is essential that you make realistic, obtainable goals that can be accomplished with a certain degree of persistence and self-control.

If you’ve come to a decision that you wish to improve your financial health in 2018, there’s a fair amount of planning and preparation needed. To attain significant financial improvements in your life, it’s integral that you focus on the things you can control and to evaluate your progress routinely. To give you some ideas on how to do this, the following outlines some suggestions that you should follow if you want to enhance your financial well-being in the upcoming year.

Set clear financial goals
Research have revealed that simply writing down goals significantly increases the chances of you accomplishing them. In a financial sense, writing down distinct goals with an expected timeline not only increases the likelihood of you realising these goals, but you’ll likewise understand what is most important to you.

Some financial goals, like retirement, may necessitate the guidance of a financial planner, but there are many practical, achievable goals that you can plan by yourself, like purchasing a vehicle, saving for a home deposit, or building an emergency fund for a rainy day. It is crucial that you take small steps to accomplish these goals, and assessing your progression frequently is the key to success.

Increase your savings
Many people don’t know how much money they save every year, so itis critical that you specify an actual dollar amount that you want to save for the coming year. Regardless of whether you accomplish this goal or not isn’t the point, the fact that you’re setting specific goals and planning ways to reach these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government payments), or arrange an automatic deposit into an emergency fund or high interest savings account each week. Irrespective of how you do this, increasing your savings will bolster your net worth and general financial health.

Track your spending
Understanding just how much you spend each month is integral in being able to increase your financial health. Keeping every bill and receipt and manually creating a spreadsheet is one way to do it, but there are a few wonderful apps that keep track of your spending on the go, giving you an exact indication of how much you’re spending with little effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trusted and reliable tool that helps you understand your average monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t satisfy you, there are numerous other apps out there, so don’t be afraid to test a few to discover which is best for you.

Revise your mortgage and insurance policies
Examining your home loan and insurance policies is an excellent way to increase your savings. For example, you should be assessing how your current home loan and insurance policies compare to other providers on an annual basis. Banks and financial institutions modify their policy structures regularly, so chances are you can receive a better deal if you do a bit of research.

Even small decreases in interest rates can save you thousands of dollars every year, so it’s clearly worth the time and effort! If you find a better offer somewhere else, don’t hesitate to ask your existing provider to match it, and equally, don’t be afraid to switch providers if they don’t. There’s lots of online resources which can proficiently guide you through this process.

Seek advice as soon as possible if you’re experiencing financial hardshp
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Lots of folks suffer through years of stress from financial problems without understanding that there are several options available to them to enhance their financial wellbeing.

If you’re encountering any financial anguish, the sooner you seek professional advice, the better your recovery options will be. For any advice relating to your financial situation, don’t hesitate to get in touch with Bankruptcy Northern Rivers on 1300 818 575, or visit our website for further information: https://www.bankruptcy-northernrivers.com.au/

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