6 easy New Year’s resolutions to boost your financial success
Take control of your future by setting some financial goals this year. Here are our top tips to help make 2019 your best year yet.
Make a plan for your money - What are your money goals for this year? To give yourself the best chance at achieving them, your goals need to be SMART: specific, measurable, achievable, realistic and timely. Setting timely goals means giving yourself a timeframe to achieve them.
With a SMART goal in mind, you now need to set up a plan for how you'll achieve it. For example, if you want to save $5,000 by the end of the year, work out how much you can allocate to that goal each pay day.
Start with a budget - A budget will help you to map out your finances and work out where your money is going. Start with the essential costs like rent or mortgage, food, bills and transport, then allocate money for any debts you're paying off. Anything left over can go towards your other money goals.
Home in on your savings - Having savings set aside will help cover you in case of an emergency and will also help you reach your bigger money goals. Set up an automatic recurring payment to regularly transfer money into a high-interest savings account that is easy to deposit into but hard to withdraw from.
Knock out your debts - If you want to get on top of your debt in 2019, break down what you owe into manageable chunks by prioritising what you can pay first. You could start by making extra repayments on your smallest debt first. Once you have paid that off, move on to the next smallest, and so on. If you start small, by the time you get to your biggest debts you will be well equipped to knock them out.
Take charge of your super - Make 2019 the year you get on top of your super. If your super is spread out across multiple funds, you are paying multiple sets of fees that are reducing your balance. Your super is your nest egg for your future, so why not start the year by consolidating your super into one fund so you pay less fees and grow your lump sum faster. You might also think about contributing extra to your super to grow your balance.
Invest in your future - If your debts are under control and you've built up some savings, 2019 could be the year to start investing. Never invest in something you don't fully understand; take the time to read up on the types of investment options you're interested in. Follow the golden rules and invest smarter. You might also consider reading money or investing magazines or following finance and investing experts on social media.
Setting and reaching your money goals will help you achieve financial freedom. By putting a good plan in place and committing to keeping your money on the right course, you'll hit your target.
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