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 an excellent time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions revolve around being healthier, strengthening their career, or improving their financial position. Now we all realise how tough it can be to keep our New Year’s resolutions, so it is vital that you make reasonable, obtainable goals that can be accomplished with a specific degree of tenacity and discipline.

If you’ve determined that you wish to improve your financial health in 2018, there’s a decent amount of planning and preparation needed. To acquire significant financial improvements in your life, it’s key that you address only the things you can control and to review 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 forthcoming year.

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

Some financial goals, like retirement, may necessitate the guidance of a financial planner, but there are many straightforward, achievable 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 very important that you take small steps to reach these goals, and revising your progress on a regular basis 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 forthcoming year. Whether you reach 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 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 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 generating a spreadsheet is one way to do it, but there are a few terrific apps that track your spending on the go, giving you a precise indication of how much you’re spending with hardly any effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trustworthy and efficient 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 on the market, so don’t be afraid to test a few to see which is best for you.

Review your home loan and insurance policies
Reviewing your mortgage and insurance policies is a practical way to increase your savings. For instance, you should be evaluating how your current home loan and insurance policies measure up to other providers on an annual basis. Banks and financial institutions adjust their policy structures frequently, so chances are you can acquire a better deal if you do a bit of homework.

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

Seek advice immediately if you’re experiencing financial turmoil
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Many individuals suffer through years of stress from financial hardship without understanding that there are a number of options available to them to enrich 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 predicament, don’t hesitate to get in touch with Bankruptcy Wagga Wagga on 1300 818 575, or visit our website for more information: http://www.bankruptcy-waggawagga.com.au/

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