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. Most individuals’s resolutions focus on being healthier, strengthening their career, or improving their financial position. Now we all understand how challenging it can be to keep our New Year’s resolutions, so it is vital that you make sensible, obtainable goals that can be accomplished with a certain degree of willpower and discipline.

If you’ve made a decision that you want to improve your financial health in 2018, there’s a decent amount of planning and preparation needed. To obtain considerable financial improvements in your life, it’s fundamental that you focus on the things you can control and to review your progress continually. To give you some ideas on how you can do this, the following outlines some suggestions that you should follow if you choose to enhance your financial well-being in the coming year.

Set clear financial goals
Research indicates that simply writing down goals noticeably increases the probability of you accomplishing them. In a financial sense, writing down distinct 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, such as retirement, may necessitate the guidance of a financial planner, but there are many straightforward, obtainable goals that you can arrange on your own, for instance purchasing a vehicle, saving for a home deposit, or establishing an emergency fund for a rainy day. It is very important that you take small steps to accomplish these goals, and examining your progression on a regular basis is the key to success.

Increase your savings
Many people aren’t sure how much money they save every year, so it is very important that you specify an actual dollar amount that you wish to save for the coming year. Regardless of whether you accomplish this goal or not isn’t the point, the fact that you’re setting specific goals and planning ways to reach 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 increase your net worth and overall financial health.

Track your spending
Understanding just how much you spend each month is essential in being able 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 terrific apps that keep track of your spending on the go, providing you with an accurate indication of how much you’re spending with hardly any effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a credible and efficient 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 satisfy you, there are many other apps on the market, so don’t be afraid to test a few to discover which is best for you.

Evaluate your home loan and insurance policies
Evaluating your mortgage and insurance policies is an effective way to increase your savings. For instance, you should be evaluating how your current home loan and insurance policies compare to other providers on an annual basis. Financial institutions adjust their policy structures frequently, so chances are you can obtain 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 absolutely worth the effort! If you find a better package somewhere else, don’t be afraid to ask your existing provider to match it, and at the same time, 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 promptly 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 problems without understanding that there are plenty of options available to them to enrich their financial wellbeing.

If you’re encountering any financial suffering, 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 speak to Bankruptcy Perth on 1300 818 575, or visit our website for additional information: https://www.bankruptcy-perth.com.au/

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