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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 unquestionably an optimal time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions focus on becoming healthier, strengthening their career, or improving their finances. Now most of us know how challenging it can be to keep our New Year’s resolutions, so it is vital that you make reasonable, obtainable goals that can be accomplished with a specific degree of willpower and discipline.

If you’ve made up your mind that you wish to improve your financial health in 2018, there’s a fair amount of planning and preparation needed. To develop significant financial improvements in your life, it’s imperative that you concentrate on the things you can control and to evaluate your progression routinely. To give you some insight on the best ways to do this, the following outlines some recommendations that you should follow if you want to enhance your financial well-being in the upcoming year.

Set clear financial goals
Studies have shown that simply writing down goals greatly increases the chances of you achieving them. In a financial sense, writing down exact goals with an expected timeline not only increases the chances of you reaching 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, conceivable goals that you can plan by yourself, for instance buying a car, saving for a home deposit, or assembling an emergency fund for a rainy day. It is vital that you take small steps to reach these goals, and assessing your progress on a regular basis is the key to success.

Increase your savings
Lots of people have no idea how much money they save each year, so it’s important that you stipulate an actual dollar amount that you want 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 accomplish these goals is the most important part.

Simple ways to increase your savings account is to increase your superannuation contributions (and possibly Government contributions), or schedule 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 long-term financial health.

Track your spending
Understanding how much you spend each month is critical 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 number of excellent apps that track your spending on the go, giving you an exact indication of how much you’re spending with very little effort needed.

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

Revise your mortgage and insurance policies
Reviewing your home loan and insurance policies is an effective way to increase your savings. For example, you should be examining how your current mortgage and insurance policies measure up to other providers on an annual basis. Banks and lenders adjust 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 undoubtedly worth the time and effort! If you find a better offer elsewhere, don’t be afraid to ask your existing provider to match it, and likewise, don’t hesitate to switch providers if they don’t. There’s an abundance of online resources which can successfully guide you through this process.

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

If you’re experiencing any financial suffering, the sooner you seek professional advice, the better your recovery options will be. For any advice pertaining to your financial predicament, don’t hesitate to get in contact with Bankruptcy Ipswich on 1300 818 575, or visit our website for further information: http://www.bankruptcy-ipswich.com.au/

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