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January 19, 20180

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

The New Year is undoubtedly an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Most individuals’s resolutions focus on being healthier, improving their career, or improving their finances. Now we all appreciate how tough it can be to stick to our New Year’s resolutions, so it is vital that you make reasonable, attainable goals that can be accomplished with a specific degree of willpower and self-discipline.

If you’ve determined that you want to improve your financial health in 2018, there’s a fair amount of preparation and planning involved. To create significant financial improvements in your life, it’s essential that you address only the things you can control and to examine your progression frequently. To give you some ideas on effective ways to do this, the following outlines some recommendations that you should follow if you wish to improve your financial well-being in the following year.

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

Several financial goals, such as retirement, may necessitate the services of a financial planner, but there are many simple, obtainable goals that you can plan by yourself, like purchasing a car, saving for a home deposit, or building an emergency fund for a rainy day. It is crucial that you take small steps to achieve these goals, and assessing your progress on a regular basis is the key to success.

Increase your savings
Most people have no idea how much money they save every year, so it is vital that you set an actual dollar amount that you wish to save for the forthcoming year. Regardless of whether you accomplish this goal or not isn’t the issue, the fact that you’re setting 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 payments), or established an automatic deposit into an emergency fund or high interest savings account each week. In any case, increasing your savings will increase your net worth and general financial health.

Track your spending
Understanding just how much you spend every month is essential in having the capacity 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 couple of terrific apps that monitor your spending on the go, providing you with an accurate indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trustworthy and dependable tool that helps you realise your typical monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t satisfy you, there are a number of other apps available, so don’t be afraid to test a few to find which is best for you.

Assess your mortgage and insurance policies
Revising your mortgage and insurance policies is a practical way to increase your savings. For example, you should be evaluating how your current home loan and insurance policies measure up to other providers on an annual basis. Banks and financial institutions modify their policy structures regularly, so chances are you can acquire 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 certainly worth the effort! If you find a better package elsewhere, 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 plenty of online resources which can thoroughly guide you through this process.

Seek advice as soon as possible if you’re experiencing financial trouble
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Many people suffer through years of stress from financial hardship without understanding that there are a number of options available to them to boost their financial wellbeing.

If you’re encountering any financial distress, the sooner you seek professional advice, the better your recovery options will be. For any advice pertaining to your financial circumstances, don’t hesitate to get in contact with Bankruptcy Frankston on 1300 818 575, or visit our website for more information: http://www.bankruptcy-frankston.com.au/

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