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January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

The New Year is obviously a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions address issues like getting healthier, developing their career, or improving their financial circumstances. Now all of us understand how difficult it can be to stick to our New Year’s resolutions, so it’s important that you make practical, attainable goals that can be accomplished with a certain degree of dedication and discipline.

If you’ve made up your mind that you wish to improve your financial health in 2018, there’s a fair amount of planning and preparation involved. To develop meaningful financial improvements in your life, it’s vital that you address only the things you can control and to review your progress continually. To give you some ideas on how to do this, the following outlines some suggestions that you should follow if you choose to improve your financial well-being in the following year.

Set clear financial goals
Research have indicated that simply writing down goals greatly increases the likelihood of you achieving them. In a monetary sense, writing down detailed goals with an expected timeline not only increases the chances of you achieving these goals, but you’ll also understand what is most important to you.

Several financial goals, for example retirement, may necessitate the assistance of a financial planner, but there are many practical, obtainable goals that you can arrange by yourself, like purchasing a car, saving for a home deposit, or organising an emergency fund for a rainy day. It is very important that you take small steps to accomplish these goals, and reviewing your progress on a regular basis is the key to success.

Increase your savings
The majority of people have no idea how much money they save annually, so it is very important that you assign an actual dollar amount that you aspire to save for the following year. Regardless of whether you accomplish this goal or not isn’t the issue, the fact that you’re setting specific goals and planning ways to accomplish these goals is the most important part.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government payments), or schedule an automatic deposit into an emergency fund or high interest savings account each week. In any case, increasing your savings will enhance your net worth and long-term financial health.

Track your spending
Understanding how much you spend every month is integral in having the capacity to increase your financial health. Keeping every bill and receipt and manually producing a spreadsheet is one way to do it, but there are some excellent apps that keep track of your spending on the go, providing you with a detailed indication of how much you’re spending with minimal effort needed.

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

Revise your mortgage and insurance policies
Revising your home loan and insurance policies is an excellent way to increase your savings. For instance, you should be reviewing how your current mortgage and insurance policies compare to other providers on an annual basis. Banks and lenders modify their policy structures all the time, 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 annually, so it’s undoubtedly worth the effort! If you find a better offer somewhere else, don’t be afraid to ask your existing provider to match it, and similarly, don’t be afraid to switch providers if they don’t. There’s loads of online resources which can effectively guide you through this process.

Seek advice quickly if you’re experiencing financial turmoil
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Lots of folks suffer through years of stress from financial turmoil without realising that there are several options available to them to enhance their financial wellbeing.

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

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