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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 excellent time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions address issues like being healthier, developing their career, or improving their financial circumstances. Now all of us appreciate how difficult it can be to keep our New Year’s resolutions, so it is necessary that you make reasonable, attainable goals that can be accomplished with a certain degree of persistence and discipline.

If you’ve elected that you want to improve your financial health in 2018, there’s a fair amount of preparation and planning needed. To enjoy considerable financial improvements in your life, it’s pivotal that you address only the things you can control and to revise your progress regularly. To give you some ideas on how you can do this, the following outlines some suggestions that you should follow if you want to enhance your financial well-being in the coming year.

Set clear financial goals
Studies indicates that simply writing down goals markedly increases the probability of you reaching them. In a financial sense, writing down distinct goals with an expected timeline not only increases the probability of you reaching these goals, but you’ll additionally understand what is most important to you.

Several financial goals, for instance retirement, may require the services of a financial planner, but there are many simple, plausible goals that you can arrange on your own, for instance purchasing a car, saving for a home deposit, or building an emergency fund for a rainy day. It is very important that you take small steps to reach these goals, and assessing your progression on a regular basis is the key to success.

Increase your savings
The majority of people aren’t sure how much money they save each year, so it is vital that you stipulate an actual dollar amount that you aspire to save for the upcoming year. Regardless if you achieve 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 schedule an automatic deposit into an emergency fund or high interest savings account each week. Irrespective of how you do this, increasing your savings will bolster your net worth and overall financial health.

Track your spending
Understanding just how much you spend each month is critical in being able 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 a precise indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trusted and reliable 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 satisfy you, there are numerous other apps out there, so don’t be afraid to test a few to find which is best for you.

Assess your home loan 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 mortgage and insurance policies compare with other providers on an annual basis. Banks and lenders adjust their policy structures all the time, so chances are you can receive a better deal if you do a bit of research.

Even small decreases in interest rates can save you thousands of dollars annually, so it’s absolutely worth the effort! If you find a better package somewhere else, don’t hesitate to ask your existing provider to match it, and at the same time, don’t hesitate to switch 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 distress
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Many people suffer through years of stress from financial troubles without realising that there are several options available to them to improve their financial wellbeing.

If you’re encountering any financial suffering, 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 get in touch with Bankruptcy Joondalup on 1300 818 575, or visit our website for further information: http://www.bankruptcy-joondalup.com.au/

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