|January 19, 2018||Comments Closed|
The New Year is definitely an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions concentrate on getting healthier, boosting their career, or improving their financial health. Now all of us recognise how challenging it can be to stick to our New Year’s resolutions, so it is essential that you make realistic, attainable goals that can be achieved with a specific degree of dedication and self-control.
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 needed. To obtain significant financial improvements in your life, it’s key that you concentrate on the things you can control and to revise your progression continually. To give you some ideas on the best ways to do this, the following outlines some suggestions that you should follow if you aspire to enhance your financial well-being in the forthcoming year.
Set clear financial goals
Studies have indicated that merely writing down goals markedly increases the chances of you reaching them. In a financial sense, writing down exact goals with an expected timeline not only increases the chances of you realising these goals, but you’ll additionally understand what is most important to you.
A number of financial goals, for example retirement, may require the services of a financial planner, but there are many simple, feasible goals that you can plan by yourself, for example buying a car, saving for a home deposit, or building an emergency fund for a rainy day. It is vital that you take small steps to accomplish these goals, and revising your progression regularly is the key to success.
Increase your savings
The majority of people don’t know how much money they save annually, so it is very important that you stipulate an actual dollar amount that you wish 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 reach 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 established an automatic deposit into an emergency fund or high interest savings account each week. Irrespective of how you do this, increasing your savings will enhance your net worth and general financial health.
Track your spending
Understanding how much you spend every month is pivotal in having the capacity to increase your financial health. Keeping every bill and receipt and manually developing a spreadsheet is one way to do it, but there are a couple of terrific apps that track your spending on the go, giving you a precise indication of how much you’re spending with little effort needed.
ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a reputable and dependable 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 suit you, there are plenty of other apps available, so don’t be afraid to test a couple to discover which is best for you.
Review your mortgage and insurance policies
Examining your home loan and insurance policies is a useful way to increase your savings. For example, you should be reviewing how your current home loan and insurance policies compare to other providers on an annual basis. Lenders adjust 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 annually, so it’s most definitely 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 hesitate to switch providers if they don’t. There’s an abundance of online resources which can proficiently guide you through this process.
Seek advice quickly if you’re experiencing financial hardshp
Improving your financial health doesn’t always equate to increasing your savings and emergency funds. Many people suffer through years of stress from financial troubles without realising that there are plenty of options available to them to boost 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 pertaining to your financial circumstances, don’t hesitate to talk to Bankruptcy Adelaide on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-adelaide.com.au/