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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 unquestionably a fantastic time to reflect on the previous year and make some resolutions to improve ourselves. Lot of people’s resolutions focus on being healthier, developing their career, or improving their financial circumstances. Now we all appreciate how difficult it can be to keep our New Year’s resolutions, so it is essential that you make reasonable, attainable goals that can be achieved with a specific degree of determination and self-discipline.

If you’ve determined that you want to improve your financial health in 2018, there’s a fair amount of planning and preparation required. To realise meaningful financial improvements in your life, it’s essential that you address only the things you can control and to evaluate your progress routinely. To give you some insight on how you can do this, the following details some suggestions that you should follow if you choose to improve your financial well-being in the coming year.

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

Some financial goals, for instance retirement, may necessitate the help of a financial planner, but there are many practical, plausible goals that you can plan on your own, like purchasing a car, saving for a home deposit, or building an emergency fund for a rainy day. It’s important that you take small steps to reach these goals, and evaluating your progress often is the key to success.

Increase your savings
Lots of people have no idea how much money they save each year, so itis critical that you determine an actual dollar amount that you want to save for the upcoming year. Regardless if you accomplish this goal or not isn’t the issue, the fact that you’re creating specific goals and planning ways to achieve these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation contributions (and possibly Government contributions), or set up 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 long-term financial health.

Track your spending
Understanding how much you spend every month is pivotal 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 couple of fantastic apps that monitor your spending on the go, providing you with a detailed indication of how much you’re spending with little effort required.

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

Review your home loan and insurance policies
Assessing your mortgage and insurance policies is a useful 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 get 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 most certainly worth the time and effort! If you find a better package somewhere else, don’t hesitate to ask your existing provider to match it, and similarly, don’t hesitate to change providers if they don’t. There’s lots of online resources which can proficiently guide you through this process.

Seek advice immediately if you’re experiencing financial distress
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Lots of people suffer through years of stress from financial troubles without understanding that there are several options available to them to boost 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 talk with Bankruptcy Geelong on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-geelong.com.au/

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