January 26, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 26, 2018

The New Year is most certainly an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions concentrate on being healthier, improving their career, or improving their financial health. Now we all recognise how tough 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 discipline.

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 needed. To create significant financial improvements in your life, it’s imperative that you concentrate on the things you can control and to assess your progress continously. To give you some ideas on how to do this, the following details some recommendations that you should follow if you want to enhance your financial well-being in the forthcoming year.

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

Certain financial goals, for example retirement, may necessitate the guidance of a financial planner, but there are many simple, obtainable goals that you can arrange on your own, for example buying a car, saving for a home deposit, or preparing an emergency fund for a rainy day. It’s important that you take small steps to achieve these goals, and examining your progression often is the key to success.

Increase your savings
Lots of people have no idea how much money they save each year, so it is crucial that you stipulate an actual dollar amount that you aspire to save for the following year. Regardless of whether you achieve this goal or not isn’t the issue, the fact that you’re creating 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 contributions (and possibly Government contributions), or organise an automatic deposit into an emergency fund or high interest savings account each week. Regardless of how you do this, increasing your savings will enhance your net worth and general financial health.

Track your spending
Understanding just how much you spend every month is essential 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 number of excellent 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 trusted and reliable tool that helps you realise your average monthly and annual spending, so you can better plan and achieve your financial goals. If this doesn’t fit you, there are lots of other apps on the market, so don’t hesitate to test a few to find which is best for you.

Review your home loan and insurance policies
Examining your home loan and insurance policies is an effective way to increase your savings. For example, you should be evaluating how your current mortgage and insurance policies compare with other providers on an annual basis. Banks and lenders change 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 package elsewhere, don’t hesitate to ask your current provider to match it, and at the same time, 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 without delay if you’re experiencing financial trouble
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Many people suffer through years of stress from financial troubles without understanding that there are several options available to them to improve their financial wellbeing.

If you’re experiencing any financial distress, the sooner you seek professional advice, the better your recovery options will be. For any advice relating to your financial situation, don’t hesitate to talk with Bankruptcy Wollongong on 1300 818 575, or visit our website for more information: http://www.bankruptcy-wollongong.com.au/

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