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January 19, 2018Comments Closed

New Year’s Resolution – Improving your Financial Health

Posted by:Bankruptcy Specialist onJanuary 19, 2018

Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo

The New Year is undoubtedly an excellent time to reflect on the previous year and make some resolutions to improve ourselves. Many people’s resolutions address issues like being healthier, enhancing their career, or improving their financial circumstances. Now most of us know how challenging it can be to keep our New Year’s resolutions, so it is essential that you make sensible, attainable goals that can be achieved with a certain degree of determination and self-control.

If you’ve made a decision that you wish to improve your financial health in 2018, there’s a fair amount of preparation and planning involved. To create significant financial improvements in your life, it’s essential that you concentrate on the things you can control and to revise your progression continually. To give you some insight on how you can do this, the following details some suggestions that you should follow if you want to improve your financial well-being in the upcoming year.

Set clear financial goals
Studies reveal that merely writing down goals markedly increases the probability of you reaching them. In a monetary sense, writing down specific goals with an anticipated timeline not only increases the chances of you achieving these goals, but you’ll likewise understand what is most important to you.

Some financial goals, for example retirement, may necessitate the support of a financial planner, but there are many basic, plausible goals that you can arrange on your own, such as purchasing a car, saving for a home deposit, or assembling an emergency fund for a rainy day. Itis critical that you take small steps to reach these goals, and examining your progress regularly is the key to success.

Increase your savings
Most individuals aren’t sure how much money they save annually, so itis critical that you specify an actual dollar amount that you wish to save for the following year. Whether you accomplish this goal or not isn’t the issue, the fact that you’re setting specific goals and planning ways to accomplish 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 enhance your net worth and general financial health.

Track your spending
Understanding how much you spend each month is integral in having the ability to increase your financial health. Keeping every bill and receipt and manually generating a spreadsheet is one way to do it, but there are some great apps that keep track of your spending on the go, providing you with an exact 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 understand your average monthly and annual spending, so you can better plan and accomplish your financial goals. If this doesn’t suit you, there are plenty of other apps out there, so don’t hesitate to test a couple to discover which is best for you.

Assess your mortgage and insurance policies
Evaluating your mortgage and insurance policies is an effective way to increase your savings. For instance, you should be looking at how your current mortgage and insurance policies compare with other providers on an annual basis. Banks and lenders modify their policy structures regularly, 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 package 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 plenty of online resources which can effectively guide you through this process.

Seek advice as soon as possible if you’re experiencing financial hardship
Improving your financial health doesn’t always equate to increasing your savings and emergency funds. Lots of folks suffer through years of stress from financial problems without understanding that there are several options available to them to enrich their financial wellbeing.

If you’re encountering any financial distress, the sooner you seek professional advice, the better your recovery options will be. For any advice pertaining to your financial predicament, don’t hesitate to speak with Bankruptcy Bendigo on 1300 818 575, or visit our website for additional information: https://www.bankruptcy-bendigo.com.au/

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