January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

The New Year is most certainly a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Lot of people’s resolutions address issues like getting healthier, improving their career, or improving their financial health. Now all of us understand how challenging it can be to keep our New Year’s resolutions, so it’s important that you make realistic, obtainable goals that can be achieved with a certain degree of determination and self-discipline.

If you’ve come to a decision that you wish to improve your financial health in 2018, there’s a fair amount of preparation and planning involved. To acquire significant financial improvements in your life, it’s pivotal that you address only the things you can control and to examine your progression routinely. To give you some insight on the best ways to do this, the following details some suggestions that you should follow if you wish to enhance your financial well-being in the forthcoming year.

Set clear financial goals
Research have shown that merely writing down goals considerably increases the chances of you reaching them. In a financial sense, writing down detailed goals with an expected timeline not only increases the probability of you achieving these goals, but you’ll also understand what is most important to you.

Some financial goals, for instance retirement, may require the assistance of a financial planner, but there are many straightforward, conceivable goals that you can arrange by yourself, for example buying a car, saving for a home deposit, or establishing an emergency fund for a rainy day. It is vital that you take small steps to accomplish these goals, and revising your progression often is the key to success.

Increase your savings
Lot of people have no idea how much money they save every year, so it is essential that you establish an actual dollar amount that you aspire to save for the upcoming year. Whether you achieve this goal or not isn’t the point, the fact that you’re setting specific goals and planning ways to accomplish these goals is the most important aspect.

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

Track your spending
Understanding just how much you spend every month is crucial in having the ability 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 excellent apps that keep track of your spending on the go, providing you with an exact indication of how much you’re spending with hardly any effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a credible and effective tool that helps you realise your typical monthly and annual spending, so you can better plan and achieve your financial goals. If this doesn’t satisfy you, there are plenty of other apps available, so don’t hesitate to test a couple to find which is best for you.

Assess your home loan and insurance policies
Assessing your mortgage and insurance policies is an excellent way to increase your savings. For instance, you should be inspecting how your current mortgage and insurance policies compare with other providers on an annual basis. Banks and financial institutions adjust their policy structures regularly, so chances are you can get a better deal if you do a bit of homework.

Even small decreases in interest rates can save you thousands of dollars each year, so it’s unquestionably worth the time and effort! If you find a better offer elsewhere, don’t be afraid to ask your current provider to match it, and similarly, don’t be afraid to switch providers if they don’t. There’s lots of online resources which can effectively guide you through this process.

Seek advice promptly if you’re experiencing financial turmoil
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 distress without realising that there are a number of options available to them to enhance their financial wellbeing.

If you’re encountering any financial grief, the sooner you seek professional advice, the better your recovery options will be. For any advice relating to your financial circumstances, don’t hesitate to reach out to Bankruptcy Tweed Coast on 1300 818 575, or visit our website for more information: http://www.bankruptcy-tweedcoast.com.au/

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