Five easy tips to improve your financial situation
As the new financial year is less than a month away now would be a good time to look at your current situation and make changes to improve your future financial situation and refresh your financial plans.
Getting a regular health check on your home loan and other areas of your finances may be the key to ensuring you are better prepared for whatever may come your way.
1. Review your plans, activities and financial commitments from the past year and create a diary of what will be repeated or changed in the year ahead. This will help you plan for what can be expected;
2. Re-do your budget according to any recent changes to your financial circumstances, lifestyle and any plans, events or occasions expected over the next 12 months;
3. Make sure you are continually educating yourself about the economic influences on the cash rate decision so you have an idea of when to expect possible home loan interest rate cuts or rises;
4. If you have a home loan, make certain you have the most suitable loan for your needs over the coming year – get a free ‘home loan health check’ through a reputable mortgage broker; and
5. If you are saving for a deposit to buy property, ensure you have set a time limit and a realistic savings plan to stick to while having your goals firmly in mind.
It is simply a matter of taking the time in the coming weeks to look for ways in which your financial situation could be improved ahead of the new financial year.
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