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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 most certainly a great time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions concentrate on becoming healthier, developing their career, or improving their financial circumstances. Now most of us realise 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 accomplished with a specific degree of determination and discipline.

If you’ve come to a decision that you want to improve your financial health in 2018, there’s a decent amount of planning and preparation involved. To acquire meaningful financial improvements in your life, it’s integral that you focus on the things you can control and to examine your progression continously. To give you some insight on how you can do this, the following outlines some suggestions that you should follow if you aspire to enhance your financial well-being in the coming year.

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

Certain financial goals, for instance retirement, may require the support of a financial planner, but there are many basic, feasible goals that you can arrange by yourself, for example buying a vehicle, saving for a home deposit, or assembling an emergency fund for a rainy day. It is very important that you take small steps to accomplish these goals, and revising your progression regularly is the key to success.

Increase your savings
Most individuals aren’t sure how much money they save each year, so it is very important that you specify an actual dollar amount that you hope to save for the forthcoming year. Regardless if you reach this goal or not isn’t the issue, the fact that you’re creating specific goals and planning ways to reach 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 arrange an automatic deposit into an emergency fund or high interest savings account each week. In any case, increasing your savings will enhance your net worth and overall financial health.

Track your spending
Understanding just how much you spend each month is crucial 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 some great apps that monitor your spending on the go, providing you with a true indication of how much you’re spending with very little effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trusted and reliable tool that helps you realise your average monthly and annual spending, so you can better plan and reach your financial goals. If this doesn’t suit you, there are numerous other apps available, so don’t be afraid to test a couple to discover which is best for you.

Revise your home loan and insurance policies
Revising your home loan and insurance policies is a useful way to increase your savings. For example, you should be reviewing how your current mortgage and insurance policies compare to other providers on an annual basis. Banks and financial institutions change their policy structures all the time, so chances are you can get a better deal if you do a bit of homework.

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 package elsewhere, don’t hesitate to ask your existing provider to match it, and in the same manner, don’t be afraid to change providers if they don’t. There’s plenty of online resources which can adequately guide you through this process.

Seek advice as soon as possible if you’re experiencing financial trouble
Improving your financial health doesn’t always correspond 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 suffering, the sooner you seek professional advice, the better your recovery options will be. For any advice regarding your financial situation, don’t hesitate to get in contact with Bankruptcy Canberra on 1300 818 575, or visit our website for further information: http://www.bankruptcy-canberra.com.au/

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