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Blog - January 3rd, 2018

5 New Year’s resolutions for your finances

by Infocus

2018 is officially here and now is the perfect time to set some new year’s resolutions for your financial life. No matter what plans you have in place for the year ahead, take a look at our tops tips to keep you on the right track for the next 12 months.

1. Get on top of your debt

Understanding, breaking down and eventually clearing your debt is a fantastic way to kick of 2018. Although the prospect of working through your debts may at first seem daunting, it is most certainly for your benefit.

Make a list of all of your debts, including all loans, credit cards etc. and note down the amount owing and the current interest rate that you are being charged. Now that you can view you debts more clearly, there are two simple ways you can approach repayment in 2018.

1. Start by paying off your smallest debt, then your next smallest and so on.
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2. Start by paying off the debt that is charging you the most interest.

If you’re in a position where you can afford to pay a larger amount of money back on your loan, take a look at our calculator to see how this could work for you. Completely clearing one debt is an achievement and will give you the confidence to continue on this positive financial path.

2. Set a financial target

Take into consideration both your short and long term goals for the year, then make a note of the monetary value required to achieve them. By setting yourself a specific target, you provide yourself a goal to work towards and can break this down into realistic steps to help you achieve it.

ASIC’s money smart advice recommends that your goal setting is always SMART – specific, measurable, achievable, realistic and timely – so be sure to keep in mind your current financial situation. If you need some help setting goals, why not try their Goal Tracker App , or get in touch with our friendly financial advice team.

3. Build up your savings

Everyone has something to save for, whether it’s a holiday, a new car, a house – or simply a ‘rainy day fund’.  Take January 2018 as your opportunity to begin your savings journey, so matter how large or small – saving money brings satisfaction, peace of mind and usually rewards.

For some useful tips on where to start, input your details into out our range of savings calculators to see some useful projections of what you could achieve.

4. Take control of your super

A task that no doubt you have heard socialised in the media, consolidating your superannuation into one account not only helps you to keep track of your current value, but will also set you free of paying multiple fund fees. By taking charge of your super and researching your growth and investment options, you’ll gain a greater understanding of how your nest egg is developing.

We understand that this can be a complicated task, so don’t hesitate to contact our team for assistance with your super enquiries – we’re here to help.

5. Think about investing

If your finances are looking healthy as you enter into this New Year, it could be time to start making your money work harder for you.

Anyone can invest, but be sure to boost your knowledge about all aspects of investing before you commit to anything.

Take into consideration your time frame, will you want to invest in a fund the long or short term, will you want access to withdraw your money after a certain time? Have you considered how you tolerate the risk that comes with investing?

Investing comes with a number of important questions to answer, if you think you’re ready to invest but you’d benefit from our specialist expertise, simply reach out and we can set you on the right track.

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