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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 definitely an optimal time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions centre around being healthier, improving their career, or improving their financial circumstances. Now we all know how difficult it can be to stick to our New Year’s resolutions, so it is vital that you make realistic, obtainable goals that can be accomplished with a certain degree of dedication and discipline.

If you’ve made up your mind that you wish to improve your financial health in 2018, there’s a decent amount of preparation and planning needed. To realise significant financial improvements in your life, it’s fundamental that you address only the things you can control and to evaluate your progression on a regular basis. To give you some ideas on the best ways to do this, the following outlines some suggestions that you should follow if you aspire to enhance your financial well-being in the upcoming year.

Set clear financial goals
Research reveal that merely writing down goals substantially increases the likelihood of you accomplishing them. In a monetary sense, writing down distinct goals with an expected timeline not only increases the chances of you reaching these goals, but you’ll likewise understand what is most important to you.

Several financial goals, like retirement, may necessitate the support of a financial planner, but there are many practical, feasible goals that you can arrange on your own, such as buying a car, saving for a home deposit, or preparing an emergency fund for a rainy day. It is crucial that you take small steps to reach these goals, and reviewing your progression regularly is the key to success.

Increase your savings
Most people don’t know how much money they save every year, so it is essential that you assign an actual dollar amount that you wish to save for the forthcoming year. Whether you reach this goal or not isn’t the issue, 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 contributions (and possibly Government payments), or organise 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 crucial in having the ability 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 number of great apps that monitor your spending on the go, giving you a precise indication of how much you’re spending with very little effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a credible and efficient tool that helps you understand your average monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t fit you, there are plenty of other apps on the market, so don’t be afraid to test a couple to see which is best for you.

Examine your mortgage and insurance policies
Examining your home loan and insurance policies is a practical way to increase your savings. For example, you should be inspecting how your current home loan and insurance policies compare with 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 every year, so it’s definitely worth the effort! If you find a better offer somewhere else, don’t be afraid to ask your current provider to match it, and similarly, don’t be afraid to change providers if they don’t. There’s loads 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 individuals suffer through years of stress from financial hardship without understanding that there are a number of options available to them to enhance 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 regarding your financial circumstances, don’t hesitate to speak to Bankruptcy Shepparton on 1300 818 575, or visit our website for more information: http://www.bankruptcy-shepparton.com.au/

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