The New Year is upon us, and with it brings the opportunity to take a new approach to our finances.
Year in year out we plan to eat healthier, exercise more, so why don’t we get out finances involved as well?
While maximising your savings isn’t easy, a little bit of planning can go a long way. By developing a strategic budget, you could be closer to reaching your financial goals for 2017 and beyond.
Here are 5 easy tips to help get things in order:
Cut back on unnecessary extras: Take a look at you regular outgoings and look at what you can cut back on. Identify guilty pleasures like premium television packages, takeaway coffees, ordering in every Friday and dedicate a significant portion of what you’d spend on those treats to your savings account.
Think small when budgeting: Budget in accordance with your pay period, or on a monthly basis. This allows for immediate amendments if your expense estimations aren’t quite right. Motivation remains higher as well, when you meet your monthly budget or key milestone instead of looking at your finances as a 12 month block.
Assess your savings account: Compare savings accounts available from various financial institutions and consider moving your savings across to an account with lower fees and higher interest rates so you can save more money in less time.
Pay off your debts: Interest rates on credit cards and personal loans are notoriously high. Relying on constantly using your credit card and not repaying it at the end of each month can lead to significant debt. It can be hard to break the cycle as the interest continues to accrue. Make paying off your credit card and loan debts an early priority, and then cancel them as soon as possible.
Compare and find a better deal: You could be paying more than necessary on your home loan, utility bills, insurances etc. Compare your home loan and insurance options with one of our Mortgage Choice Woolloomooloo brokers and find the best deal for your needs and potentially save some money!
Happy New Year from Mortgage Choice Woolloomooloo! We hope 2017 is a great year for all!