It’s the end of the year again, that period of time where we start to reflect on what we want the next year to look like. Maybe this year you’ve been able to save more than ever before, or perhaps it’s been a bit of a financial write-off. Either way, we’ve got some starting points for your list of financial resolutions. Set yourself up for success in 2018 by making goals you know you can achieve!
Up Your Savings Game
First of all, identify a goal for your savings. Maybe it’s a house deposit, home renovation, or a much-anticipated holiday. Knowing what you’re saving for will help to keep you motivated! If you’ve already got a savings plan in place from last year, try saving an extra $50+ per week if it’s available to you. Over the course of the year, this will add up to an extra $2,600+ – not too shabby! If you’ve never really committed to a savings plan, work out your budget and see how much is left over. Try to choose a reasonable amount, as you don’t want to have to dip into your savings for basic expenses. Trial it for three months and see how you like it – if it’s a struggle, drop it down. If it feels too easy, challenge yourself to put away more in the next quarter.
We’ve all made the grand statement that we’re never buying coffee again after realising we’re spending $25 or more every week. Despite the best of intentions, eventually that sweet nectar lures us back to our local coffee shop five days a week! So, instead of resolving to cut out spending altogether, try minimising instead. Limit those extra expenses to treats instead of a daily or weekly ritual. Maybe you have takeaway on the last Friday of the month instead of every Friday, or limit that daily $5 coffee to a Monday morning when you’re desperate. That way, instead of feeling like you’re missing out, you’ll get to look forward to those things and still see more money sitting in your account!
Do you feel like you’re constantly having to pull money from this and that account to pay your bills when they come in? Try automating your payments so they go out as soon as they’re due. This will mean that you’ll never be stuck with late fees, as well as always having an accurate view of how much disposable income you have. There’s nothing more frustrating than accidentally spending that carefully allocated bill money! Another great move is to automate the transaction from your income account to your savings account – this way, you’re guaranteed to always put the same amount away without being able to talk yourself out of it! After a while, you’ll hardly notice the money coming out, but you’ll certainly see your savings growing.
Get Out of Debt
It’s easy for those debts to pile up, from credit cards to car financing and multiple small loans. Paying interest to lots of different institutions can feel like its holding you back from clearing your debts and reaching your goals. For some people, getting a debt consolidation loan can be a great way to go. Simply add up your existing debt to see how much you need to pay it out, and apply for that amount. If approved, you’ll be able to just pay out one loan and have a clear idea of when that debt will be gone. If this sounds like the right option for you, Rapid Loans offers debt consolidation loans tailored to your situation, with an easy online application process and helpful loan consultants. Visit www.rapidloans.com.au or call 1800 RAPID LOANS (1800 727 435).
This is purely an opinion piece and should not be used as a sole source of guidance.