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As we enter into 2019, many of us are eager to get stuck into our New Year’s resolutions and start the year out on the right foot. For some, this might mean taking up a new hobby or leading a healthier lifestyle, but for many, their goals for the year ahead are all about getting their finances back on track and paying off YOUR bad debt!
However, New Year’s resolutions have developed a bit of a bad reputation, and in many cases they’re completely forgotten about long before February rolls around. So, what can we do to make sure we succeed in our savings goals and avoid slipping back into old habits? Read on to find out our top tips on how to get financially savvy in 2019.
Education is key
When it comes to managing your finances, education really is key, and we really can’t stress this point enough. The more you learn about money, the more incentive you’ll have to stick to your goals – and the less likely you’ll be to make poor financial decisions! Start by reading some of the top financial advice books, and consider joining some finance related Facebook groups to hear more about other people’s experiences. Another great resource is ASIC’s MoneySmart website, which offers a wealth of helpful information and free downloadable guides.
Take a fresh look at your expenses
Once you’ve started on your path to financial education, it’s time to take a good hard look at your regular monthly expenditure. For some, this can be tough, and taking a close up look at where we spend our money can actually be a bit confronting. Nonetheless, it’s an important task, and you might be surprised at how much you’re spending in certain areas.
Create a foolproof plan
Now that you have a clear idea of where your money is going, devise a clearly laid out plan of how you intend to cut back and redirect your extra cash into high-interest savings accounts or stable investment opportunities. Think about what you can cut back on, and ask yourself honestly whether you really need to be spending as much on certain expenses. Remember, for your plan to work, it needs to be sustainable, so make sure to allow yourself some room to move.
Stick to your guns
With your new financial plan in place, it’s easy to think the hard work is done, but the truth is that you’re only just getting started! Opening a separate savings account isn’t do you any good unless you’re actually using it and breaking old habits is no easy feat, but we can assure you that it gets easier – especially once you start to see your savings adding up! One of the most guaranteed ways of sticking to your guns is to always pay yourself first. What that means is that you save before you do anything else, and whatever is left over is yours to spend.
Seek professional assistance
If you’re still feeling unsure about how best to get your finances back on track, it could be worth seeking assistance from an expert. Here at Rising Tide Financial services, our experienced financial planners can help you determine the best possible course of action, and provide you with all the information you need to know to make sure you reach your financial goals for 2019. To find out more, give us a buzz on 03 9600 2124 and set up an appointment today.