January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

Bankrupt Bundaberg,Bankruptcy Bundaberg,Insolvency Bundaberg

The New Year is definitely a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Most individuals’s resolutions revolve around getting healthier, boosting their career, or improving their financial health. Now we all recognise how difficult it can be to keep our New Year’s resolutions, so it’s important that you make practical, obtainable goals that can be accomplished with a specific degree of persistence 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 needed. To attain significant financial improvements in your life, it’s important that you focus on the things you can control and to examine your progress frequently. To give you some insight on effective ways to do this, the following details some suggestions that you should follow if you choose to improve your financial well-being in the forthcoming year.

Set clear financial goals
Studies indicates that merely writing down goals significantly increases the probability of you accomplishing them. In a financial sense, writing down individual goals with an expected timeline not only increases the chances of you realising these goals, but you’ll additionally understand what is most important to you.

Some financial goals, like retirement, may require the assistance of a financial planner, but there are many straightforward, feasible goals that you can arrange on your own, for instance purchasing a car, saving for a home deposit, or organising an emergency fund for a rainy day. Itis critical that you take small steps to achieve these goals, and revising your progress frequently is the key to success.

Increase your savings
Lot of people aren’t sure how much money they save every year, so itis critical that you establish an actual dollar amount that you hope to save for the forthcoming year. Regardless of whether you accomplish this goal or not isn’t the point, 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 contributions (and possibly Government payments), or organise an automatic deposit into an emergency fund or high interest savings account each week. Regardless 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 every month is critical in having the ability to increase your financial health. Keeping every bill and receipt and manually producing a spreadsheet is one way to do it, but there are a few terrific apps that track your spending on the go, giving you a precise indication of how much you’re spending with very little effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trustworthy and reliable tool that helps you realise your average monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t suit you, there are many other apps out there, so don’t hesitate to test a few to find which is best for you.

Evaluate your mortgage and insurance policies
Examining your home loan and insurance policies is an excellent way to increase your savings. For instance, you should be evaluating how your current home loan and insurance policies measure up to other providers on an annual basis. Banks and lenders change their policy structures regularly, 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 be afraid to ask your existing provider to match it, and in the same way, don’t be afraid to change providers if they don’t. There’s lots of online resources which can adequately guide you through this process.

Seek advice as soon as possible if you’re experiencing financial hardshp
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Lots of individuals suffer through years of stress from financial distress without understanding that there are plenty of options available to them to enrich 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 predicament, don’t hesitate to get in contact with Bankruptcy Bundaberg on 1300 818 575, or visit our website for further information: http://www.bankruptcy-bundaberg.com.au/

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