The New Year is most certainly an excellent time to reflect on the previous year and make some resolutions to improve ourselves. Lot of people’s resolutions address issues like becoming healthier, improving their career, or improving their financial circumstances. Now we all appreciate how challenging it can be to stick to our New Year’s resolutions, so it is vital that you make practical, obtainable goals that can be achieved with a specific degree of persistence and self-discipline.
If you’ve decided that you want to improve your financial health in 2018, there’s a decent amount of planning and preparation involved. To acquire meaningful financial improvements in your life, it’s essential that you focus on the things you can control and to examine your progression often. To give you some ideas on how you can do this, the following details some suggestions that you should follow if you want to enhance your financial well-being in the following year.
Set clear financial goals
Studies have indicated that simply writing down goals markedly increases the chances of you achieving them. In a monetary sense, writing down exact goals with an anticipated timeline not only increases the chances of you accomplishing these goals, but you’ll likewise understand what is most important to you.
Certain financial goals, like retirement, may require the guidance of a financial planner, but there are many basic, plausible goals that you can plan by yourself, for example buying a car, saving for a home deposit, or assembling an emergency fund for a rainy day. Itis critical that you take small steps to reach these goals, and examining your progress on a regular basis is the key to success.
Increase your savings
The majority of people don’t know how much money they save each year, so it is essential that you determine an actual dollar amount that you hope to save for the upcoming year. Regardless of whether you accomplish this goal or not isn’t the point, the fact that you’re specifying specific goals and planning ways to accomplish these goals is the most important aspect.
Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government contributions), or arrange an automatic deposit into an emergency fund or high interest savings account each week. In any case, increasing your savings will enhance your net worth and overall financial health.
Track your spending
Understanding just how much you spend each month is vital in having the ability to increase your financial health. Keeping every bill and receipt and manually developing a spreadsheet is one way to do it, but there are a number of fantastic apps that keep track of your spending on the go, providing you with 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 understand your typical monthly and annual spending, so you can better plan and reach your financial goals. If this doesn’t suit you, there are many other apps out there, so don’t hesitate to test a couple to see which is best for you.
Review your mortgage and insurance policies
Revising your mortgage and insurance policies is an excellent way to increase your savings. For example, you should be looking at how your current mortgage and insurance policies measure up to other providers on an annual basis. Banks and lenders modify 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 clearly worth the time and effort! If you find a better package elsewhere, don’t be afraid to ask your existing provider to match it, and in the same manner, don’t hesitate to switch providers if they don’t. There’s lots of online resources which can proficiently guide you through this process.
Seek advice without delay if you’re experiencing financial hardshp
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Lots of folks suffer through years of stress from financial troubles without understanding that there are several options available to them to enrich 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 pertaining to your financial situation, don’t hesitate to speak to Bankruptcy Experts Cassowary Coast on 1300 795 575, or visit our website for more information: www.bankruptcyexpertscassowarycoast.com.au