22nd December 2015
With 2016 fast approaching, now is the perfect time to get your finances in order and make your ‘financially fit’ New Year’s resolution a reality.
Local Mortgage Choice franchise owner/mortgage broker Antony Muir said while no-one likes to think about their financial health, becoming a better budgeter doesn’t have to be a laborious task.
“Successful budgeting is all about making better financial choices,” he said. “Just because you are on a budget doesn’t mean you have to cut out all of life’s luxuries – far from.”
Mr Muir said the key to successful budgeting is to not see it like a chore, but rather view it as the perfect way to get more bang for your buck.
“Being money savvy will ultimately help you to achieve your financial goals sooner rather than later. For example, if your goal is to live mortgage-free sooner, then the start of a new year is a great time to set financial resolutions. Take the time to review your budget and look for ways to save money and make extra contributions to your home loan,” he said.
“At the end of the day, you have to be realistic about your goals. And in order to make your budget work, it is important to allow for treats every now and again. Creating a savings plan doesn’t mean you have to cut out all of your favourite things, it might just mean you have to scale them back from time to time.”
Mr Muir said if borrowers actively cut back on some of their habitual expenses and re-evaluate the way they spend money, they might be surprised by the impact it could have on their hip pocket.
Mortgage Choice in Bundall offers the following top financial resolutions to help you become financially healthy in 2016.
Resolution 1. Review your financial alliances
Data from Mortgage Choice shows more than 50% of Australians worry about their finances on a regular basis. But while the majority of Australians are worried about their money, it would appear they don’t want to do anything to change their situation, with 53% indicating that they will not make changes to their financial situation over the coming year. While reviewing your financial situation can seem like a hassle, it can save you a lot of money. Ask yourself, have you been with the same lender, health care provider or even insurance company for years? If the answer is yes, you could be doing yourself out of a bargain. Research your options online and see whether or not there is another provider or lender on the market that can offer you a better deal, like lower fees or greater interest on your savings account.
Resolution 2. Be diligent with your finances
One of the easiest ways to spend less and save more is to keep yourself accountable for the money you spend. If you know you do not have the diligence to pay off your credit card in full each month, cancel it. If you do take a diligent attitude towards your finances, then frequent credit card use could provide you with significant perks. Today, lenders offer great incentives to those who use their credit cards on a regular basis, including frequent flyer points, cash-back bonuses and extended interest free periods. Of course before you commit to a credit card, it pays to read the fine print, so you know what you are getting yourself in for and always make sure you pay your bill in full and on time each month.
Resolution 3. Find free entertainment
During the holiday season people will (understandably) want to go out more in order to catch up with family and friends. Unfortunately, frequent outings aren’t necessarily cheap and can cause your budget to blow out. Thankfully there is a way you can still go out without breaking the bank. Getting online and hunting down free entertainment in your local area will allow you to still go out and save money in the process. Opting for free or low-cost concerts, lectures, outdoor movies and art shows even one night per weekend can easily reduce the entertainment budget by $50 to $100 per month.
If you would like learn more about your home loan or financial advice options, call 07 5504 5569 or visit www.mortgagechoice.com.au/antony.muir
For further information, please contact:
Antony Muir or Michelle Henriksen
07 5504 5569
For further information and daily updates:
This article is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances.
About Mortgage Choice
Mortgage Choice is an ASX listed company that seeks to help Australians with all of their financial needs.
Established in 1992, Mortgage Choice was originally established to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.
Since that time, the company has grown and developed into a fully fledged financial services provider.
Today, Mortgage Choice helps customers source car loans, personal loans, credit cards, commercial loans, asset finance, deposit bonds, and risk and general insurance.
Further, the company offers Australians access to real, relevant and affordable financial advice through our qualified financial advisers.
Mortgage Choice has no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. It listed on the ASX in 2004 (MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA).
Mortgage Choice holds an Australian Credit Licence: no. 382869 and Mortgage Choice Financial Planning Pty Limited holds an Australian Financial Services Licence: no. 422854. Both licences are issued by ASIC.
Recent recognition: 2015, 2014 Australian Broking Awards Best Diversification Program; 2013, 2012, 2011 Australian Broking Awards Major Brokerage of the Year – Franchise; 2013, 2012 Australian Broking Awards Best Ethical/Social Responsibility Program; 2012 Australian Broking Awards Best Training and Education; No.1 on The Adviser magazine’s 2012, 2011, 2010 and 2009 Top 25 Brokerages list; 2012, 2010, 2009, 2008, 2006 and 2005 MFAA Awards Retail Aggregator/Originator of the Year; 2011, 2010, 2009 and 2008 10 Thousand FEET Top 10 Franchise list; 2010 Forbes Asia-Pacific Best Under A Billion list.
Visit www.mortgagechoice.com.au or call customer service on 13 77 62.