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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 a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Most people’s resolutions focus on becoming healthier, boosting their career, or improving their financial circumstances. Now most of us recognise how challenging it can be to stick to our New Year’s resolutions, so it is necessary that you make practical, attainable goals that can be achieved with a certain degree of persistence and self-control.

If you’ve elected that you wish to improve your financial health in 2018, there’s a fair amount of preparation and planning needed. To enjoy meaningful financial improvements in your life, it’s crucial that you address only the things you can control and to revise your progress on a regular basis. To give you some insight on how to do this, the following details some suggestions that you should follow if you wish to enhance your financial well-being in the forthcoming year.

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

Certain financial goals, like retirement, may require the help of a financial planner, but there are many practical, conceivable goals that you can plan on your own, for example buying a car, saving for a home deposit, or building an emergency fund for a rainy day. It is very important that you take small steps to achieve these goals, and examining your progression regularly is the key to success.

Increase your savings
Most people don’t know how much money they save each year, so it is crucial that you stipulate an actual dollar amount that you want to save for the upcoming year. Regardless if you reach this goal or not isn’t the issue, 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 arrange an automatic deposit into an emergency fund or high interest savings account each week. Irrespective of how you do this, increasing your savings will bolster your net worth and general financial health.

Track your spending
Understanding just how much you spend each month is crucial in having the capacity 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 great apps that monitor your spending on the go, providing you with a detailed indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a reputable and efficient tool that helps you realise your average monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t suit you, there are many other apps on the market, so don’t be afraid to test a couple to discover which is best for you.

Examine your home loan and insurance policies
Evaluating your mortgage and insurance policies is a useful way to increase your savings. For instance, you should be reviewing how your current mortgage and insurance policies measure up to other providers on an annual basis. Financial institutions change their policy structures regularly, 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 clearly worth the effort! If you find a better package elsewhere, don’t be afraid to ask your current provider to match it, and in the same way, don’t be afraid to change providers if they don’t. There’s lots of online resources which can effectively guide you through this process.

Seek advice quickly if you’re experiencing financial distress
Improving your financial health doesn’t always equate to increasing your savings and emergency funds. Many people suffer through years of stress from financial turmoil without understanding that there are several options available to them to improve their financial wellbeing.

If you’re experiencing any financial grief, the sooner you seek professional advice, the better your recovery options will be. For any advice regarding your financial situation, don’t hesitate to speak with Bankruptcy Port Macquarie on 1300 818 575, or visit our website for further information: https://www.bankruptcy-portmacquarie.com.au/

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