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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. Most individuals’s resolutions address issues like getting healthier, strengthening their career, or improving their financial health. Now all of us recognise how difficult it can be to keep our New Year’s resolutions, so it is vital that you make sensible, obtainable goals that can be accomplished with a certain degree of dedication and discipline.

If you’ve elected that you want to improve your financial health in 2018, there’s a decent amount of planning and preparation required. To develop considerable financial improvements in your life, it’s necessary that you focus on the things you can control and to examine your progression continually. To give you some insight on how to do this, the following outlines some recommendations that you should follow if you aspire to enhance your financial well-being in the upcoming year.

Set clear financial goals
Studies reveal that simply writing down goals significantly increases the probability of you achieving them. In a monetary sense, writing down exact goals with an anticipated timeline not only increases the chances of you achieving these goals, but you’ll also understand what is most important to you.

Certain financial goals, such as retirement, may necessitate the services of a financial planner, but there are many basic, feasible goals that you can arrange on your own, for example 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 often is the key to success.

Increase your savings
Lots of people don’t know how much money they save annually, so itis critical that you specify an actual dollar amount that you want to save for the forthcoming year. Regardless of whether you achieve this goal or not isn’t the point, the fact that you’re specifying specific goals and planning ways to achieve these goals is the most important part.

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 overall financial health.

Track your spending
Understanding how much you spend each 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 excellent apps that monitor your spending on the go, giving you an exact indication of how much you’re spending with very little effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trustworthy and dependable tool that helps you understand your average monthly and annual spending, so you can better plan and reach your financial goals. If this doesn’t fit you, there are numerous other apps out there, so don’t hesitate to test a few to see which is best for you.

Examine your home loan and insurance policies
Reviewing your mortgage and insurance policies is a reliable way to increase your savings. For instance, you should be reviewing how your current home loan and insurance policies measure up to other providers on an annual basis. Financial institutions change their policy structures all the time, 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 every year, so it’s clearly worth the effort! If you find a better package elsewhere, don’t be afraid to ask your current provider to match it, and in the same way, don’t be afraid to change providers if they don’t. There’s loads of online resources which can proficiently guide you through this process.

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

If you’re encountering any financial grief, the sooner you seek professional advice, the better your recovery options will be. For any advice relating to your financial predicament, don’t hesitate to talk to Bankruptcy Lismore on 1300 818 575, or visit our website for more information: https://www.bankruptcy-lismore.com.au/

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