|January 19, 2018||Comments Closed|
The New Year is most certainly an excellent time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions concentrate on getting healthier, strengthening their career, or improving their finances. Now all of us know how difficult it can be to stick to our New Year’s resolutions, so it is essential that you make realistic, obtainable goals that can be accomplished with a specific degree of willpower and self-discipline.
If you’ve decided that you want to improve your financial health in 2018, there’s a decent amount of planning and preparation required. To create significant financial improvements in your life, it’s vital that you address only the things you can control and to revise your progress continually. To give you some ideas on how to do this, the following details some recommendations that you should follow if you want to enhance your financial well-being in the forthcoming year.
Set clear financial goals
Research reveal that merely writing down goals markedly increases the likelihood of you reaching them. In a financial sense, writing down precise goals with an anticipated timeline not only increases the chances of you achieving these goals, but you’ll likewise understand what is most important to you.
Some financial goals, like retirement, may require the guidance of a financial planner, but there are many basic, achievable goals that you can plan on your own, for example buying a vehicle, saving for a home deposit, or creating an emergency fund for a rainy day. Itis critical that you take small steps to reach these goals, and reviewing your progression regularly is the key to success.
Increase your savings
Many people have no idea how much money they save each year, so it is vital that you set an actual dollar amount that you hope to save for the coming year. Regardless of whether you reach this goal or not isn’t the issue, the fact that you’re creating specific goals and planning ways to reach these goals is the most important part.
Simple ways to increase your savings account is to increase your superannuation contributions (and possibly Government payments), or set up 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 critical in having the ability to increase your financial health. Keeping every bill and receipt and manually developing a spreadsheet is one way to do it, but there are some great apps that monitor your spending on the go, providing you with a precise indication of how much you’re spending with very little 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 accomplish your financial goals. If this doesn’t satisfy you, there are plenty of other apps out there, so don’t hesitate to test a couple to find which is best for you.
Evaluate your mortgage and insurance policies
Assessing your home loan and insurance policies is a useful way to increase your savings. For example, you should be assessing how your current mortgage and insurance policies compare with other providers on an annual basis. Banks and financial institutions 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 annually, so it’s unquestionably worth the time and effort! If you find a better package elsewhere, 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 lots of online resources which can proficiently guide you through this process.
Seek advice as soon as possible if you’re experiencing financial hardshp
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Many individuals suffer through years of stress from financial distress without understanding that there are several options available to them to enhance 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 reach out to Bankruptcy Wyong on 1300 818 575, or visit our website for more information: http://www.bankruptcy-wyong.com.au/