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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 certainly an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions centre around getting healthier, developing their career, or improving their financial position. Now all of us know how tough it can be to keep our New Year’s resolutions, so it is essential that you make sensible, obtainable goals that can be accomplished with a specific degree of determination and discipline.

If you’ve elected that you want to improve your financial health in 2018, there’s a fair amount of preparation and planning required. To obtain meaningful financial improvements in your life, it’s necessary that you address only the things you can control and to examine your progression routinely. To give you some insight on effective ways to do this, the following details some recommendations that you should follow if you choose to improve your financial well-being in the forthcoming year.

Set clear financial goals
Research have shown that merely writing down goals markedly increases the likelihood of you achieving them. In a monetary sense, writing down distinct goals with an anticipated timeline not only increases the likelihood of you accomplishing these goals, but you’ll also understand what is most important to you.

Several financial goals, like retirement, may require the assistance of a financial planner, but there are many straightforward, plausible goals that you can arrange by yourself, for instance buying a vehicle, saving for a home deposit, or assembling an emergency fund for a rainy day. It is very important that you take small steps to reach these goals, and examining your progress regularly is the key to success.

Increase your savings
Lots of people aren’t sure how much money they save every year, so it is essential that you stipulate an actual dollar amount that you hope to save for the forthcoming year. 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 aspect.

Simple ways to increase your savings account is to increase your superannuation contributions (and possibly Government payments), 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 bolster your net worth and overall financial health.

Track your spending
Understanding how much you spend every month is vital 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 few terrific apps that track your spending on the go, giving you an accurate indication of how much you’re spending with very little effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trusted and dependable 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 a number of other apps available, so don’t be afraid to test a few to see which is best for you.

Assess your mortgage and insurance policies
Reviewing your mortgage and insurance policies is an excellent way to increase your savings. For instance, you should be inspecting how your current home loan and insurance policies compare with other providers on an annual basis. Banks and financial institutions modify their policy structures frequently, so chances are you can obtain 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 most definitely worth the effort! If you find a better package somewhere else, don’t hesitate to ask your current provider to match it, and likewise, don’t be afraid to switch providers if they don’t. There’s lots of online resources which can successfully guide you through this process.

Seek advice quickly if you’re experiencing financial trouble
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Lots of individuals suffer through years of stress from financial problems without understanding that there are plenty of options available to them to boost 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 predicament, don’t hesitate to get in contact with Bankruptcy Port Stephens on 1300 818 575, or visit our website for more information: https://www.bankruptcy-portstephens.com.au/

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