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January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

The New Year is most certainly a great time to reflect on the previous year and make some resolutions to improve ourselves. Lots of people’s resolutions focus on getting healthier, improving their career, or improving their financial health. Now all of us understand how difficult 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 willpower and self-control.

If you’ve determined that you wish to improve your financial health in 2018, there’s a decent amount of planning and preparation involved. To obtain considerable financial improvements in your life, it’s pivotal that you focus on the things you can control and to evaluate your progression on a regular basis. To give you some ideas on the best ways to do this, the following details some suggestions that you should follow if you want to enhance your financial well-being in the forthcoming year.

Set clear financial goals
Research reveal that merely writing down goals noticeably increases the probability of you accomplishing them. In a monetary sense, writing down distinct goals with an expected timeline not only increases the chances of you realising these goals, but you’ll additionally understand what is most important to you.

Several financial goals, for instance retirement, may necessitate the assistance of a financial planner, but there are many basic, conceivable goals that you can arrange by yourself, for example buying a vehicle, saving for a home deposit, or creating an emergency fund for a rainy day. Itis critical that you take small steps to reach these goals, and evaluating your progress regularly is the key to success.

Increase your savings
Most people aren’t sure how much money they save each year, so it is very important that you stipulate an actual dollar amount that you want to save for the coming year. Regardless if 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 aspect.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government payments), or schedule 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 overall financial health.

Track your spending
Understanding how much you spend every month is crucial in being able to increase your financial health. Keeping every bill and receipt and manually generating a spreadsheet is one way to do it, but there are a couple of wonderful apps that keep track of your spending on the go, providing you with an accurate indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a trustworthy and reliable tool that helps you realise your typical 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 out there, so don’t hesitate to test a few to see which is best for you.

Examine your home loan and insurance policies
Revising your mortgage and insurance policies is a reliable way to increase your savings. For example, you should be checking how your current mortgage and insurance policies measure up to other providers on an annual basis. Banks and lenders adjust their policy structures all the time, so chances are you can acquire 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 undoubtedly worth the effort! If you find a better offer somewhere else, don’t hesitate to ask your current provider to match it, and in the same way, don’t hesitate to change providers if they don’t. There’s loads of online resources which can proficiently guide you through this process.

Seek advice quickly if you’re experiencing financial hardshp
Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Lots of folks suffer through years of stress from financial turmoil without realising that there are plenty of 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 relating to your financial predicament, don’t hesitate to get in contact with Bankruptcy Alice Springs on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-alicesprings.com.au/

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