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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 obviously an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Lot of people’s resolutions centre around getting healthier, developing their career, or improving their financial position. Now most of us realise how challenging it can be to stick to our New Year’s resolutions, so it is necessary that you make reasonable, obtainable goals that can be accomplished with a specific degree of dedication and self-control.

If you’ve decided that you wish to improve your financial health in 2018, there’s a fair amount of preparation and planning involved. To realise meaningful financial improvements in your life, it’s crucial that you concentrate on the things you can control and to review your progression frequently. To give you some insight on how you can do this, the following outlines some suggestions that you should follow if you want to improve your financial well-being in the upcoming year.

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

Some financial goals, for instance retirement, may require the support of a financial planner, but there are many basic, achievable goals that you can arrange by yourself, like purchasing a car, saving for a home deposit, or preparing an emergency fund for a rainy day. It’s important that you take small steps to reach these goals, and assessing your progress on a regular basis is the key to success.

Increase your savings
Most individuals have no idea how much money they save each year, so it is vital that you specify an actual dollar amount that you aspire to save for the forthcoming year. Regardless of whether you achieve this goal or not isn’t the point, the fact that you’re creating specific goals and planning ways to achieve these goals is the most important part.

Simple ways to increase your savings account is to increase your superannuation payments (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 long-term financial health.

Track your spending
Understanding just how much you spend each month is crucial 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 track your spending on the go, giving you an exact 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 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 fit you, there are a number of other apps out there, so don’t hesitate to test a couple to find which is best for you.

Revise your mortgage and insurance policies
Reviewing your mortgage and insurance policies is an effective way to increase your savings. For instance, you should be examining how your current mortgage and insurance policies compare with other providers on an annual basis. Banks and financial institutions change 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 each year, so it’s clearly worth the time and effort! If you find a better offer elsewhere, don’t hesitate to ask your existing 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 adequately guide you through this process.

Seek advice quickly if you’re experiencing financial turmoil
Improving your financial health doesn’t always equate to increasing your savings and emergency funds. Many people suffer through years of stress from financial distress without understanding that there are several options available to them to improve their financial wellbeing.

If you’re experiencing any financial grief, 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 speak with Bankruptcy Dandenong on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-dandenong.com.au/

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