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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 a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Most individuals’s resolutions revolve around becoming healthier, developing their career, or improving their financial health. Now most of us recognise how tough it can be to keep our New Year’s resolutions, so it is essential that you make reasonable, attainable goals that can be achieved with a certain degree of persistence and discipline.

If you’ve decided that you wish to improve your financial health in 2018, there’s a decent amount of preparation and planning required. To acquire significant financial improvements in your life, it’s fundamental that you focus on the things you can control and to revise your progression continously. To give you some ideas on how to do this, the following outlines some suggestions that you should follow if you aspire to improve your financial well-being in the coming year.

Set clear financial goals
Studies indicates that merely writing down goals substantially increases the probability of you achieving them. In a monetary sense, writing down detailed goals with an anticipated timeline not only increases the likelihood of you accomplishing these goals, but you’ll additionally understand what is most important to you.

Several financial goals, like retirement, may necessitate the services of a financial planner, but there are many basic, achievable goals that you can plan by yourself, like buying a vehicle, saving for a home deposit, or establishing an emergency fund for a rainy day. It is crucial that you take small steps to achieve these goals, and examining your progression on a regular basis is the key to success.

Increase your savings
Most individuals don’t know how much money they save each year, so it is crucial that you set an actual dollar amount that you want to save for the forthcoming year. Whether you accomplish this goal or not isn’t the point, the fact that you’re creating 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 payments (and possibly Government payments), or set up 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 how much you spend every month is vital in having the capacity to increase your financial health. Keeping every bill and receipt and manually generating a spreadsheet is one way to do it, but there are a few wonderful apps that monitor your spending on the go, providing you with an exact indication of how much you’re spending with hardly any effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trustworthy and efficient tool that helps you realise your typical 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 available, so don’t be afraid to test a couple to discover which is best for you.

Revise your home loan and insurance policies
Revising your home loan and insurance policies is a practical 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. Financial institutions modify their policy structures regularly, 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 every year, so it’s most certainly worth the effort! If you find a better offer elsewhere, don’t hesitate to ask your current provider to match it, and in the same way, don’t be afraid to switch providers if they don’t. There’s loads of online resources which can successfully guide you through this process.

Seek advice as soon as possible if you’re experiencing financial turmoil
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Many individuals suffer through years of stress from financial problems without understanding that there are plenty of 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 relating to your financial circumstances, don’t hesitate to speak to Bankruptcy Maitland on 1300 818 575, or visit our website for more information: http://www.bankruptcy-maitland.com.au/

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