January 08, 2016
Don’t rely on luck. Take an active approach to enjoy a financially happy New Year.
Boost your finances in 2016 with our six simple steps. Try just a few – or adopt them all – to power ahead over the coming year.
1.) Draw up a budget
You knew we were going to suggest drafting a personal budget, right? The fact is, without a budget you’re winging it financially throughout 2016, and that means leaving a lot to chance. Take control of your cash by putting pen to paper to work out how much money is coming in, and where it is being spent.
2.) Set one clear money goal
Bypass fluffy resolutions that are forgotten by Australia Day, we’re talking serious fiscal goals. Boost your chances of success by focusing on just one financial goal. Make it achievable and add some numbers for clarity. For example, setting a goal like “I plan to pay an extra $50 off my home loan each month in 2016” is far more specific than “I want to pay off my loan sooner”.
3.) Reduce waste
We all have one area where we tend to spend wastefully. From gym memberships that rarely get used to subscriptions for magazines you never get around to reading. If you’re not using it, make 2016 the year you no longer pay for it. Take a look at your home loan too. Don’t pay for features you don’t need or use.
4.) Be organised
Taking a seat-of-the-pants approach to life may sound like fun but spontaneity can also leave you out of pocket. This year, try being organised about your finances to enjoy big savings.
As a guide, instead of simply renewing your car or home insurance with your current provider, make a diary note of the renewal date and take the time to shop around to see if you could get a better deal. Remember, your Mortgage Choice broker does more than help you secure the right home loan. We can also keep you covered with all your insurance needs.
5.) Don’t fall victim to complacency
Complacency can be a massive cause of unnecessary extra spending. Sure, your internet provider/energy supplier/home loan lender may have offered the best deal several years but in a competitive and rapidly changing market new deals are coming on board all the time. So check them out. Speak with your Mortgage Choice broker about a free home loan health check – it’s a no-fuss way to know if you could pocket savings on your home loan. Set a date today.
6.) Think like the rich
The world’s wealthiest people don’t just work hard, they work smart to grow their money, and that means tapping into every available resource. Take the same approach with your money.
Check if your savings account is paying a competitive return. Minimise the cash held in no-interest transaction accounts, and actively explore opportunities to invest. Your home equity for instance could be a low cost source of funds to purchase a rental property or other investments. Your Mortgage Choice broker can explain what’s involved in unlocking home equity.
To make headway with your money in 2016 book an appointment with your local Mortgage Choice broker or for more information call our office on 03 9748 7999.