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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 undoubtedly a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions focus on getting healthier, developing their career, or improving their financial health. Now we all recognise how tough it can be to keep our New Year’s resolutions, so it is essential that you make sensible, attainable goals that can be achieved with a certain degree of tenacity and discipline.

If you’ve elected that you wish to improve your financial health in 2018, there’s a decent amount of preparation and planning involved. To create significant financial improvements in your life, it’s critical that you concentrate on the things you can control and to revise your progression on a regular basis. To give you some ideas on how you can do this, the following outlines some suggestions that you should follow if you choose to improve your financial well-being in the coming year.

Set clear financial goals
Studies have shown that simply writing down goals substantially increases the likelihood of you accomplishing them. In a financial sense, writing down individual goals with an anticipated timeline not only increases the likelihood of you accomplishing these goals, but you’ll also understand what is most important to you.

Some financial goals, like retirement, may necessitate the support of a financial planner, but there are many practical, obtainable goals that you can arrange by yourself, for example purchasing a vehicle, saving for a home deposit, or putting together an emergency fund for a rainy day. It is crucial that you take small steps to accomplish these goals, and evaluating your progress regularly is the key to success.

Increase your savings
Lots of people have no idea how much money they save annually, so it’s important that you specify an actual dollar amount that you hope to save for the forthcoming year. Regardless of whether you accomplish this goal or not isn’t the point, the fact that you’re creating specific goals and planning ways to reach these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government payments), or arrange 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 each month is critical in having the capacity to increase your financial health. Keeping every bill and receipt and manually producing a spreadsheet is one way to do it, but there are some great apps that track 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 reputable 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 fit you, there are a number of other apps on the market, so don’t be afraid to test a couple to discover which is best for you.

Review your mortgage and insurance policies
Assessing your mortgage and insurance policies is a practical way to increase your savings. For example, you should be looking at how your current home loan and insurance policies compare with other providers on an annual basis. Banks and financial institutions modify 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 undoubtedly worth the effort! If you find a better package somewhere else, don’t be afraid to ask your current provider to match it, and at the same time, don’t be afraid to switch 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 turmoil
Improving your financial health doesn’t always equate to increasing your savings and emergency funds. Many individuals suffer through years of stress from financial problems without realising that there are a number of options available to them to enhance 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 regarding your financial circumstances, don’t hesitate to talk with Bankruptcy Parramatta on 1300 818 575, or visit our website for more information: https://www.bankruptcy-parramatta.com.au/

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