Losing weight, quitting smoking and getting finances under control are the top three New Year’s resolutions made by Australian’s every year. Whilst we’re not all that qualified to help you shrink your waistline or beat the cigarettes, we can certainly help with your finances.
If you want to make some New Year financial resolutions, there’s no quick and easy solution (unless you happen to win lotto). With the odds of that happening not in your favour, a better solution is to make a sensible plan and stick to it. It won’t be long before you start to see some progress and realise the benefits.
Here are some achievable tips to get you started.
Reduce your debt stress. Work out exactly how many loans, credit cards and store cards you have and the interest you’re being charged on each one. Pick the debt with the highest interest rate and make some regular, additional payments towards that debt. Once it’s paid off, do the same for the next highest interest debt.
Save for the unexpected – by using an online calculator, you can work out exactly what your income and expenditure is each month. By tweaking this and seeing which expenses you can reduce, you’ll be able to work out an amount you can reasonably transfer into a high interest savings account each month. This gives you a buffer and some emergency money if something unexpected occurs.
Grow your net wealth. This can be done by making some extra superannuation repayments, buying an investment property or investing in stocks. Talk to us to find out the most sensible option for your circumstances. Learning how to invest your money is a great way to position yourself positively for the future.
Reward yourself. Saving for something exciting like a new car or a holiday is easier when you really want the reward that comes at the end of all that saving effort. Stick a picture of the car or holiday destination on your fridge to motivate you to stick with your saving goals.
If a new years financial resolution is on the cards for you in 2016, why not give our team a call on 02 9997 7007 and you can kick start your most lucrative year ever.