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January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

The New Year is undoubtedly an excellent time to reflect on the previous year and make some resolutions to improve ourselves. Most individuals’s resolutions address issues like being healthier, improving their career, or improving their finances. Now most of us appreciate how tough it can be to stick to our New Year’s resolutions, so it’s important that you make sensible, attainable goals that can be accomplished with a specific degree of dedication and self-control.

If you’ve come to a decision that you want to improve your financial health in 2018, there’s a decent amount of preparation and planning involved. To develop meaningful financial improvements in your life, it’s fundamental that you address only the things you can control and to review your progress frequently. To give you some insight on the best ways to do this, the following outlines some recommendations that you should follow if you aspire to improve your financial well-being in the coming year.

Set clear financial goals
Research indicates that merely writing down goals significantly increases the likelihood of you reaching them. In a monetary sense, writing down exact goals with an anticipated timeline not only increases the probability of you achieving these goals, but you’ll additionally understand what is most important to you.

Several financial goals, for instance retirement, may necessitate the services of a financial planner, but there are many basic, plausible goals that you can arrange by yourself, for instance buying a vehicle, saving for a home deposit, or organising an emergency fund for a rainy day. It is essential that you take small steps to reach these goals, and examining your progress frequently is the key to success.

Increase your savings
The majority of people don’t know how much money they save each year, so it is vital that you set an actual dollar amount that you aspire to save for the coming year. Regardless of whether you accomplish this goal or not isn’t the issue, the fact that you’re specifying 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 payments), or arrange an automatic deposit into an emergency fund or high interest savings account each week. In any case, increasing your savings will increase your net worth and overall financial health.

Track your spending
Understanding how much you spend each month is vital 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 terrific apps that monitor your spending on the go, providing you with a true indication of how much you’re spending with hardly any effort needed.

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

Evaluate your mortgage and insurance policies
Assessing your mortgage and insurance policies is a practical way to increase your savings. For instance, you should be looking at how your current mortgage and insurance policies measure up to other providers on an annual basis. Banks and financial institutions change their policy structures regularly, so chances are you can obtain 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 definitely worth the time and effort! If you find a better package somewhere else, don’t be afraid to ask your existing provider to match it, and at the same time, don’t hesitate to change providers if they don’t. There’s lots of online resources which can effectively guide you through this process.

Seek advice as soon as possible if you’re experiencing financial distress
Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Lots of individuals suffer through years of stress from financial problems without realising that there are several options available to them to enhance 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 regarding your financial circumstances, don’t hesitate to speak with Fresh Start Solutions Brisbane on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-brisbane.net.au/

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