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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 obviously an excellent time to reflect on the previous year and make some resolutions to improve ourselves. Lot of people’s resolutions focus on becoming healthier, improving their career, or improving their financial position. Now we all understand how tough it can be to stick to our New Year’s resolutions, so it is necessary that you make sensible, obtainable goals that can be accomplished with a certain degree of determination and self-control.

If you’ve come to a decision that you wish to improve your financial health in 2018, there’s a decent amount of preparation and planning required. To achieve significant financial improvements in your life, it’s integral that you address only the things you can control and to evaluate your progress frequently. To give you some ideas on the best ways to do this, the following outlines some recommendations that you should follow if you want to improve your financial well-being in the following year.

Set clear financial goals
Research have shown that simply writing down goals markedly increases the probability of you reaching them. In a monetary sense, writing down precise goals with an anticipated timeline not only increases the chances of you reaching these goals, but you’ll additionally understand what is most important to you.

A number of financial goals, like retirement, may necessitate the help of a financial planner, but there are many straightforward, plausible goals that you can arrange by yourself, for instance purchasing a car, saving for a home deposit, or organising an emergency fund for a rainy day. It is vital that you take small steps to reach these goals, and evaluating your progress on a regular basis is the key to success.

Increase your savings
Most individuals don’t know how much money they save annually, so it is essential that you specify an actual dollar amount that you wish to save for the coming year. Whether you reach 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 aspect.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government payments), or established 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 how much you spend each month is critical in having the capacity to increase your financial health. Keeping every bill and receipt and manually creating a spreadsheet is one way to do it, but there are a few excellent apps that monitor your spending on the go, giving you an accurate indication of how much you’re spending with hardly any 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 lots of other apps out there, so don’t be afraid to test a couple to see which is best for you.

Evaluate your home loan and insurance policies
Reviewing your home loan and insurance policies is an effective way to increase your savings. For instance, you should be looking at how your current home loan and insurance policies measure up to other providers on an annual basis. Banks and lenders change their policy structures frequently, so chances are you can acquire 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 certainly worth the time and effort! If you find a better offer somewhere else, don’t be afraid to ask your existing provider to match it, and at the same time, don’t hesitate to change providers if they don’t. There’s an abundance of online resources which can effectively guide you through this process.

Seek advice immediately if you’re experiencing financial distress
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 problems without understanding that there are a number 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 regarding your financial situation, don’t hesitate to speak to Bankruptcy Melbourne on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-melbourne.com.au/

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