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 excellent time to reflect on the previous year and make some resolutions to improve ourselves. Most individuals’s resolutions revolve around being healthier, strengthening their career, or improving their financial health. Now all of us realise how tough it can be to keep our New Year’s resolutions, so it is necessary that you make reasonable, obtainable goals that can be achieved with a specific degree of determination and discipline.

If you’ve decided that you wish to improve your financial health in 2018, there’s a decent amount of planning and preparation involved. To acquire significant financial improvements in your life, it’s crucial that you concentrate on the things you can control and to revise your progression routinely. To give you some ideas on the best ways to do this, the following outlines some suggestions that you should follow if you want to enhance your financial well-being in the coming year.

Set clear financial goals
Research reveal that merely writing down goals markedly increases the probability of you accomplishing them. In a financial sense, writing down individual goals with an expected timeline not only increases the likelihood of you reaching these goals, but you’ll likewise understand what is most important to you.

Several financial goals, for instance retirement, may require the help of a financial planner, but there are many straightforward, plausible goals that you can plan on your own, such as buying a vehicle, saving for a home deposit, or creating an emergency fund for a rainy day. Itis critical that you take small steps to reach these goals, and assessing your progress regularly is the key to success.

Increase your savings
The majority of people have no idea how much money they save every year, so it is crucial that you establish an actual dollar amount that you hope to save for the forthcoming year. Regardless if you reach this goal or not isn’t the point, the fact that you’re setting specific goals and planning ways to achieve these goals is the most important part.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government contributions), or organise 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 just how much you spend every month is integral in having the capacity 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 fantastic apps that track your spending on the go, giving you an accurate indication of how much you’re spending with hardly any effort needed.

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

Assess your home loan and insurance policies
Examining your home loan and insurance policies is a reliable way to increase your savings. For instance, you should be examining how your current home loan and insurance policies compare with other providers on an annual basis. Financial institutions change their policy structures all the time, so chances are you can obtain 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 undoubtedly worth the time and effort! If you find a better offer elsewhere, don’t hesitate to ask your current provider to match it, and likewise, don’t hesitate to switch providers if they don’t. There’s lots of online resources which can adequately guide you through this process.

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

If you’re experiencing any financial anguish, the sooner you seek professional advice, the better your recovery options will be. For any advice regarding your financial predicament, don’t hesitate to reach out to Bankruptcy Whitsundays on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-whitsundays.com.au/

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