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 optimal time to reflect on the previous year and make some resolutions to improve ourselves. Most people’s resolutions address issues like becoming healthier, boosting their career, or improving their finances. Now most of us recognise how tough it can be to keep our New Year’s resolutions, so it’s important that you make realistic, attainable goals that can be achieved with a certain degree of persistence and self-discipline.

If you’ve come to a decision that you wish to improve your financial health in 2018, there’s a decent amount of preparation and planning involved. To realise considerable financial improvements in your life, it’s crucial that you address only the things you can control and to evaluate your progression routinely. To give you some ideas on effective ways to do this, the following outlines some recommendations that you should follow if you choose to enhance your financial well-being in the upcoming year.

Set clear financial goals
Studies have revealed that simply writing down goals greatly increases the likelihood of you accomplishing them. In a monetary sense, writing down exact goals with an anticipated timeline not only increases the likelihood of you achieving these goals, but you’ll likewise understand what is most important to you.

Certain financial goals, such as retirement, may require the help of a financial planner, but there are many practical, achievable goals that you can plan on your own, such as buying a car, saving for a home deposit, or putting together an emergency fund for a rainy day. It’s important that you take small steps to achieve these goals, and evaluating your progression frequently is the key to success.

Increase your savings
Most people don’t know how much money they save every year, so itis critical that you determine an actual dollar amount that you wish to save for the upcoming year. Whether you reach this goal or not isn’t the point, the fact that you’re creating specific goals and planning ways to achieve these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation contributions (and possibly Government contributions), 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 enhance 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 developing a spreadsheet is one way to do it, but there are a number of great apps that keep track of 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 trusted and effective tool that helps you understand your typical monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t fit you, there are plenty of other apps out there, so don’t be afraid to test a few to find which is best for you.

Assess your home loan and insurance policies
Assessing your home loan and insurance policies is a reliable way to increase your savings. For example, you should be reviewing how your current mortgage and insurance policies compare with other providers on an annual basis. Lenders adjust their policy structures frequently, so chances are you can receive a better deal if you do a bit of research.

Even small decreases in interest rates can save you thousands of dollars each year, so it’s most certainly worth the time and effort! If you find a better offer elsewhere, don’t be afraid to ask your current provider to match it, and similarly, don’t hesitate to change providers if they don’t. There’s loads of online resources which can effectively guide you through this process.

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

If you’re encountering any financial anguish, the sooner you seek professional advice, the better your recovery options will be. For any advice pertaining to your financial circumstances, don’t hesitate to speak with Bankruptcy Rockhampton on 1300 818 575, or visit our website for further information: http://www.bankruptcy-rockhampton.com.au/

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