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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 certainly an optimal time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions centre around becoming healthier, strengthening their career, or improving their finances. Now we all realise how difficult it can be to keep our New Year’s resolutions, so it’s important that you make sensible, attainable goals that can be achieved with a certain degree of dedication and self-control.

If you’ve come to a decision that you want to improve your financial health in 2018, there’s a fair amount of preparation and planning needed. To achieve significant financial improvements in your life, it’s necessary that you address only the things you can control and to examine your progress routinely. To give you some insight on how you can do this, the following outlines some recommendations that you should follow if you wish to improve your financial well-being in the upcoming year.

Set clear financial goals
Research indicates that merely writing down goals greatly increases the chances of you achieving them. In a financial sense, writing down specific goals with an anticipated timeline not only increases the probability of you accomplishing these goals, but you’ll also understand what is most important to you.

Several financial goals, for instance retirement, may necessitate the support of a financial planner, but there are many simple, plausible goals that you can plan on your own, for instance purchasing a vehicle, saving for a home deposit, or preparing an emergency fund for a rainy day. It’s important that you take small steps to accomplish these goals, and reviewing your progression often is the key to success.

Increase your savings
Most people don’t know how much money they save each year, so it is essential that you set an actual dollar amount that you aspire to save for the coming year. Whether you achieve this goal or not isn’t the point, the fact that you’re creating specific goals and planning ways to accomplish 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 established 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 integral in being able to increase your financial health. Keeping every bill and receipt and manually producing a spreadsheet is one way to do it, but there are a number of wonderful apps that monitor your spending on the go, giving you a true indication of how much you’re spending with minimal effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trustworthy and dependable tool that helps you realise 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 out there, so don’t hesitate to test a couple to find which is best for you.

Evaluate your home loan and insurance policies
Examining your mortgage and insurance policies is an excellent way to increase your savings. For example, you should be evaluating how your current home loan and insurance policies compare to other providers on an annual basis. Lenders change their policy structures regularly, 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 every year, so it’s most definitely worth the time and effort! If you find a better package somewhere else, don’t hesitate to ask your current provider to match it, and equally, don’t hesitate to change providers if they don’t. There’s plenty of online resources which can effectively guide you through this process.

Seek advice promptly 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 turmoil without realising 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 speak to Bankruptcy Sydney on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-sydney.com.au/

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