Last year, did you make resolutions for your personal finances? If so, how did you do? Did you hit your financial goals, or was this year a total financial blowout?
It’s common for most of us to hit the ground running financially as we start the year, but it’s just as common for us to lose steam as we get through the year. Hopefully, by following a few of these tips, you can make 2018 the year of financial improvement.
Stick to a budget: Spending less than you make creates wealth. Creating and sticking to a budget will help you accomplish this important goal.
Audit subscriptions: Subscription services have exploded over the last few years – Netflix, Stan, Spotify etc. – and the charges really add up. Review your financial statements once a year and get rid of anything you’re not using.
Refinance your mortgage: You can easily save tens of thousands of dollars over the life of a mortgage. At FINANCIA, we know the market inside and out. If you have got any questions, we’d love to help.
Lower credit card interest rates: A mortgage isn’t the only debt that can be refinanced. If you’re struggling with credit card debt, refinancing to a 0% balance transfer card will reduce the amount of interest you pay, and will lessen your time in debt.
Maximise your rewards: Many people use credit cards for everyday spending because they’re convenient and secure. Who says you can’t get cash back while you spend.
Get a will: Particularly if you’ve got a partner or kid, a will is a must. It’s easy to put off, but essential. We can connect you with a professional to assist in organising, so bite the bullet, call a lawyer and get it done.
Exercise: It may seem counter-intuitive, but by creating good habits with your health, the benefits spill over to our spending habits. Get healthy – get wealthy.
Choose at least three financial goals: This list is intended to spark some ideas. Of course, you can’t do it all, so pick the three most important financial goals for the New Year, and focus on those.