January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

The New Year is definitely an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Lot of people’s resolutions centre around being healthier, boosting their career, or improving their financial health. Now all of us recognise how difficult it can be to stick to our New Year’s resolutions, so it is essential that you make reasonable, obtainable goals that can be achieved with a specific degree of tenacity and self-control.

If you’ve made a decision that you wish to improve your financial health in 2018, there’s a fair amount of preparation and planning involved. To achieve considerable financial improvements in your life, it’s vital that you concentrate on the things you can control and to examine your progress routinely. To give you some ideas on effective ways to do this, the following details some recommendations that you should follow if you want to improve your financial well-being in the coming year.

Set clear financial goals
Research have indicated that simply writing down goals markedly increases the chances of you accomplishing them. In a financial sense, writing down exact goals with an anticipated timeline not only increases the chances of you reaching these goals, but you’ll additionally understand what is most important to you.

Some financial goals, like retirement, may require the support of a financial planner, but there are many basic, feasible goals that you can plan on your own, such as purchasing a car, saving for a home deposit, or creating an emergency fund for a rainy day. It is vital that you take small steps to achieve these goals, and evaluating your progress regularly is the key to success.

Increase your savings
Most individuals don’t know how much money they save each year, so it is crucial that you establish an actual dollar amount that you hope to save for the following year. Regardless of whether you reach this goal or not isn’t the issue, 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 contributions (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 increase your net worth and overall financial health.

Track your spending
Understanding how much you spend every month is pivotal in having the ability to increase your financial health. Keeping every bill and receipt and manually developing a spreadsheet is one way to do it, but there are a couple of excellent apps that track your spending on the go, providing you with an accurate indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a reputable and dependable tool that helps you realise your typical monthly and annual spending, so you can better plan and reach your financial goals. If this doesn’t fit you, there are lots of other apps out there, so don’t be afraid to test a couple to discover which is best for you.

Review your mortgage and insurance policies
Reviewing your home loan and insurance policies is an effective way to increase your savings. For instance, you should be examining how your current home loan and insurance policies measure up to other providers on an annual basis. Financial institutions adjust their policy structures all the time, so chances are you can acquire a better deal if you do a bit of research.

Even small decreases in interest rates can save you thousands of dollars annually, so it’s undoubtedly worth the time and effort! If you find a better package somewhere else, don’t hesitate to ask your existing provider to match it, and similarly, don’t hesitate to change providers if they don’t. There’s plenty of online resources which can successfully guide you through this process.

Seek advice without delay if you’re experiencing financial turmoil
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Lots of individuals suffer through years of stress from financial distress without understanding that there are plenty of options available to them to improve their financial wellbeing.

If you’re encountering any financial distress, the sooner you seek professional advice, the better your recovery options will be. For any advice regarding your financial circumstances, don’t hesitate to get in contact with Bankruptcy Tablelands on 1300 818 575, or visit our website for further information: http://www.bankruptcy-tablelands.com.au/

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