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January 19, 2018 Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

The New Year is most certainly an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Lot of people’s resolutions centre around getting healthier, boosting their career, or improving their financial health. Now most of us realise how tough 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 certain degree of tenacity and self-discipline.

If you’ve determined that you want to improve your financial health in 2018, there’s a decent amount of planning and preparation needed. To attain significant financial improvements in your life, it’s essential that you address only the things you can control and to assess your progress on a regular basis. To give you some ideas on how to do this, the following outlines some recommendations that you should follow if you choose to improve your financial well-being in the upcoming year.

Set clear financial goals
Research reveal that merely writing down goals significantly increases the likelihood of you reaching them. In a financial sense, writing down detailed goals with an anticipated timeline not only increases the probability of you realising these goals, but you’ll likewise understand what is most important to you.

Some financial goals, such as retirement, may require the guidance of a financial planner, but there are many straightforward, feasible goals that you can plan on your own, like purchasing a car, saving for a home deposit, or preparing an emergency fund for a rainy day. It is crucial that you take small steps to achieve these goals, and revising your progress frequently is the key to success.

Increase your savings
Many people aren’t sure how much money they save every year, so it is vital that you specify an actual dollar amount that you hope to save for the following year. Whether you achieve 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 schedule an automatic deposit into an emergency fund or high interest savings account each week. Irrespective of how you do this, increasing your savings will increase your net worth and general financial health.

Track your spending
Understanding how much you spend every month is crucial 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 fantastic apps that monitor your spending on the go, providing you with a precise indication of how much you’re spending with little effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trusted and efficient tool that helps you realise your average monthly and annual spending, so you can better plan and reach your financial goals. If this doesn’t fit you, there are many other apps available, so don’t hesitate to test a couple to discover which is best for you.

Evaluate your mortgage and insurance policies
Evaluating your mortgage and insurance policies is a reliable way to increase your savings. For example, you should be assessing how your current mortgage and insurance policies compare to other providers on an annual basis. Banks and lenders adjust their policy structures frequently, 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 each year, so it’s definitely worth the time and effort! If you find a better offer 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 proficiently guide you through this process.

Seek advice immediately if you’re experiencing financial turmoil
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Lots of individuals suffer through years of stress from financial hardship without understanding that there are a number of options available to them to enhance 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 regarding your financial circumstances, don’t hesitate to speak with Bankruptcy Mildura on 1300 818 575, or visit our website for more information: http://www.bankruptcy-mildura.com.au/

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