5 resolutions to keep in this new financial year
With the financial year-end behind us, now is the ideal time to get organised and make a few new financial year resolutions to get you on your way to reaching your financial goals.
- Regularly review your finances
It’s always good to review your finances from time to time so this year, put a note in your diary to review your finances on a relatively regular basis – say once every three months. That way you’ll know how much is going out and how much is coming in.
And you’ll see how much you’ll need to reach your financial goals!
Regularly reviewing your finances will help with Resolution number 3 as you’ll also be able to see where savings can be made.
- Stick to the budget
Work out how much you need to live (food, mortgage/rent, utilities, fuel, car, kids etc).
Once you’ve created the budget, and there are many online resources to help with this, stick to it! That new pair of shoes or latest iPhone can wait until the next pay cheque – and they’ll be even better knowing that you’ve worked hard for them.
Plus, if you’ve got kids, you’ll be setting the example of good financial planning and be teaching them to ‘go without’ non-essential items and to live within a budget.
- Start saving
Challenge yourself to live on less money and start saving the extra.
Work out realistically how much you can save (see point 1!), then either open a savings account with high interest or pay the extra into your offset account if you already have a mortgage.
The easiest way to save is to set up a direct debit so the payment automatically goes out as soon as you get paid – that way you won’t be tempted to spend the money on other things. Or you could decide to forego the morning take-away coffee and put that money into a savings account instead.
If your takeaway coffee is, for example $3 per cup, that’s $15 per week you’re spending on coffee. Total this up for the year and that’s $780 you could be putting aside for other purposes.
Once you’ve created a savings plan and it’s started to grow, you’ll feel less stressed knowing there is a bit of money set aside should you need it in an emergency.
- Focus on your physical health
This may seem like an odd one to throw in here given that we’re talking about financial resolutions, but research has shown, people who regularly exercise, tend to have better credit scores. Money is probably most people’s biggest cause of stress, and with stress comes bad decisions.
So it stands to reason, if you’re in better health, you’ll make better decisions – and that includes financial ones.
Plus of course, you’ll enjoy the benefits of better health in other areas of your life!
- Learn about investing in property
If you haven’t already started, learn about investing in property. Read the property investment magazines, start looking at what makes a good investment property and areas to live in. Learn about the finances behind property investment and the benefits it can bring.
And there are many benefits…..
Even if you’re already an investor, it’s always good to keep on top of latest legislation, new products and pick up tips to help you stay ahead.
Our team is here to help. With over 40 years behind us, we know a lot about investing in property and can give you lots of information and tips to consider to help you make informed decisions about property investment.
Come on in for a chat or give us a call on 02 4956 9777.
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