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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 centre around becoming healthier, strengthening their career, or improving their financial health. Now all of us recognise how tough it can be to keep our New Year’s resolutions, so it’s important that you make realistic, attainable goals that can be achieved with a specific degree of willpower and self-discipline.

 

If you’ve made up your mind that you wish to improve your financial health in 2018, there’s a decent amount of planning and preparation needed. To achieve significant financial improvements in your life, it’s imperative that you address only the things you can control and to assess your progress continously. To give you some ideas on the best ways to 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

Studies have shown that merely writing down goals noticeably increases the chances of you reaching them. In a monetary sense, writing down precise goals with an expected timeline not only increases the probability of you achieving these goals, but you’ll also understand what is most important to you.

 

Certain financial goals, for example retirement, may necessitate the guidance of a financial planner, but there are many basic, conceivable goals that you can plan by yourself, for instance purchasing a car, saving for a home deposit, or building an emergency fund for a rainy day. It is vital that you take small steps to reach these goals, and assessing your progress often is the key to success.

 

Increase your savings

Lots of people don’t know how much money they save every year, so it’s important that you set an actual dollar amount that you wish to save for the upcoming year. Whether you reach 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 part.

 

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government contributions), or arrange an automatic deposit into an emergency fund or high interest savings account each week. Regardless of how you do this, increasing your savings will enhance your net worth and overall financial health.

 

Track your spending

Understanding just how much you spend each month is critical 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 keep track of your spending on the go, giving you an exact indication of how much you’re spending with little effort needed.

 

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

 

Evaluate your mortgage and insurance policies

Evaluating your home loan and insurance policies is a practical way to increase your savings. For instance, you should be assessing how your current mortgage and insurance policies compare with other providers on an annual basis. Banks and financial institutions adjust their policy structures regularly, 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 unquestionably worth the time and effort! If you find a better offer somewhere else, don’t hesitate to ask your existing provider to match it, and in the same way, don’t hesitate to switch providers if they don’t. There’s an abundance of online resources which can successfully guide you through this process.

 

Seek advice as soon as possible if you’re experiencing financial hardship

Improving your financial health doesn’t always correspond to increasing your savings and emergency funds. Many people suffer through years of stress from financial problems without understanding that there are plenty of options available to them to boost their financial well being.

 

If you’re experiencing any financial anguish, 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 speak to Bankruptcy Experts Gladstone on 1300 795 575, or visit our website for further information: www.bankruptcyexpertsgladstone.com.au

 

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