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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 most certainly an optimal time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions address issues like becoming healthier, improving their career, or improving their financial circumstances. Now all of us appreciate how challenging it can be to stick to our New Year’s resolutions, so it’s important that you make reasonable, 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 fair amount of planning and preparation required. To obtain considerable financial improvements in your life, it’s important that you address only the things you can control and to revise your progress on a regular basis. To give you some insight on effective ways to do this, the following outlines some recommendations that you should follow if you choose to improve your financial well-being in the following year.

Set clear financial goals
Research have revealed that merely writing down goals considerably increases the probability of you reaching them. In a monetary sense, writing down precise goals with an anticipated timeline not only increases the probability of you achieving these goals, but you’ll likewise understand what is most important to you.

Several financial goals, like retirement, may necessitate the support of a financial planner, but there are many basic, obtainable goals that you can plan on your own, such as buying a vehicle, saving for a home deposit, or building an emergency fund for a rainy day. It is essential that you take small steps to reach these goals, and revising your progression regularly is the key to success.

Increase your savings
Most people aren’t sure how much money they save every year, so it is crucial that you specify an actual dollar amount that you aspire to save for the upcoming year. Whether you accomplish 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 contributions), or established 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 just how much you spend every month is vital in having the ability 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 great apps that track your spending on the go, giving you an accurate indication of how much you’re spending with little effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a credible and efficient tool that helps you understand your average monthly and annual spending, so you can better plan and achieve your financial goals. If this doesn’t suit you, there are a number of other apps out there, so don’t be afraid to test a few to see which is best for you.

Review your mortgage and insurance policies
Assessing your mortgage and insurance policies is an excellent way to increase your savings. For instance, you should be evaluating how your current mortgage and insurance policies compare to other providers on an annual basis. Banks and lenders change their policy structures all the time, so chances are you can obtain a better deal if you do a bit of homework.

Even small decreases in interest rates can save you thousands of dollars every year, so it’s most definitely 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 be afraid to change providers if they don’t. There’s lots of online resources which can adequately guide you through this process.

Seek advice quickly if you’re experiencing financial turmoil
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Many people suffer through years of stress from financial hardship without understanding that there are a number of options available to them to improve 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 relating to your financial situation, don’t hesitate to talk to Bankruptcy Geraldton on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-geraldton.com.au/

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