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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 an ideal time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions focus on getting healthier, improving their career, or improving their finances. Now we all recognise how difficult it can be to keep our New Year’s resolutions, so it is vital that you make practical, obtainable goals that can be accomplished with a certain degree of persistence and self-control.

If you’ve come to a decision that you wish to improve your financial health in 2018, there’s a decent amount of planning and preparation needed. To acquire meaningful financial improvements in your life, it’s pivotal that you focus on the things you can control and to review your progress continually. To give you some insight on how you can do this, the following outlines some recommendations that you should follow if you aspire to enhance your financial well-being in the following year.

Set clear financial goals
Studies have indicated that merely writing down goals substantially increases the likelihood of you reaching them. In a financial sense, writing down individual goals with an anticipated timeline not only increases the likelihood of you achieving these goals, but you’ll also understand what is most important to you.

Some financial goals, for example retirement, may necessitate the guidance of a financial planner, but there are many basic, obtainable goals that you can plan by yourself, like buying a vehicle, saving for a home deposit, or setting up an emergency fund for a rainy day. It is vital that you take small steps to achieve these goals, and examining your progress on a regular basis is the key to success.

Increase your savings
Most people don’t know how much money they save annually, so it is crucial that you assign an actual dollar amount that you want to save for the upcoming year. Regardless if you accomplish this goal or not isn’t the point, the fact that you’re setting 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 contributions (and possibly Government payments), or set up 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 general financial health.

Track your spending
Understanding just how much you spend each month is vital in being able to increase your financial health. Keeping every bill and receipt and manually developing a spreadsheet is one way to do it, but there are some fantastic apps that track your spending on the go, giving you a detailed indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a reputable and reliable tool that helps you understand your typical monthly and annual spending, so you can better plan and achieve your financial goals. If this doesn’t satisfy you, there are plenty of other apps out there, so don’t be afraid to test a few to discover which is best for you.

Evaluate your mortgage and insurance policies
Reviewing your mortgage and insurance policies is a reliable way to increase your savings. For instance, you should be inspecting how your current mortgage and insurance policies compare with other providers on an annual basis. Lenders change their policy structures regularly, so chances are you can receive a better deal if you do a bit of homework.

Even small decreases in interest rates can save you thousands of dollars annually, so it’s definitely worth the effort! If you find a better package elsewhere, don’t hesitate to ask your current provider to match it, and in the same manner, don’t be afraid to change providers if they don’t. There’s loads of online resources which can thoroughly guide you through this process.

Seek advice without delay if you’re experiencing financial distress
Improving your financial health doesn’t always equate to increasing your savings and emergency funds. Lots of individuals suffer through years of stress from financial troubles without realising that there are plenty of options available to them to enhance their financial wellbeing.

If you’re encountering any financial grief, the sooner you seek professional advice, the better your recovery options will be. For any advice relating to your financial situation, don’t hesitate to reach out to Bankruptcy Darwin on 1300 818 575, or visit our website for further information: http://www.bankruptcy-darwin.com.au/

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