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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 definitely an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions focus on being healthier, boosting their career, or improving their finances. Now we all understand how difficult it can be to keep our New Year’s resolutions, so it is necessary that you make practical, obtainable goals that can be achieved with a certain degree of tenacity and self-discipline.

If you’ve come to a decision that you wish to improve your financial health in 2018, there’s a fair amount of preparation and planning required. To acquire considerable financial improvements in your life, it’s critical that you focus on the things you can control and to revise your progression continually. To give you some insight on the best ways to do this, the following outlines some recommendations that you should follow if you choose to enhance your financial well-being in the coming year.

Set clear financial goals
Studies have indicated that merely writing down goals considerably increases the likelihood of you achieving them. In a financial sense, writing down specific goals with an expected timeline not only increases the likelihood of you realising these goals, but you’ll also understand what is most important to you.

Some financial goals, for example retirement, may necessitate the support of a financial planner, but there are many practical, conceivable goals that you can plan by yourself, such as buying a car, saving for a home deposit, or preparing an emergency fund for a rainy day. Itis critical that you take small steps to reach these goals, and reviewing your progression regularly is the key to success.

Increase your savings
Most individuals aren’t sure how much money they save annually, so it is vital that you specify an actual dollar amount that you hope to save for the following year. Regardless if you reach this goal or not isn’t the issue, the fact that you’re creating 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 arrange an automatic deposit into an emergency fund or high interest savings account each week. Regardless of how you do this, increasing your savings will increase your net worth and general financial health.

Track your spending
Understanding just how much you spend every month is integral in having the ability to increase your financial health. Keeping every bill and receipt and manually producing 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 exact indication of how much you’re spending with little effort needed.

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

Review your mortgage and insurance policies
Examining your mortgage and insurance policies is an excellent way to increase your savings. For instance, you should be evaluating how your current mortgage and insurance policies compare to other providers on an annual basis. Banks and financial institutions modify their policy structures all the time, so chances are you can get 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 absolutely worth the time and effort! If you find a better offer elsewhere, don’t hesitate to ask your current provider to match it, and equally, don’t be afraid to change providers if they don’t. There’s plenty of online resources which can thoroughly guide you through this process.

Seek advice promptly if you’re experiencing financial hardshp
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Lots of folks suffer through years of stress from financial distress without realising that there are plenty of options available to them to enrich 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 pertaining to your financial situation, don’t hesitate to speak to Bankruptcy Gold Coast on 1300 818 575, or visit our website for more information: http://www.bankruptcy-goldcoast.net.au/

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