Need some ideas to ensure you will be in a stronger financial shape by the end of the year?
1. Get a new job
Finding a new job is the number one New Year's resolution for many people and most end up better off financially once they step into a new role.
2. Review your budget
The beginning of the year is a great time to review your spending and to put a budget in place if you don’t already have one.
3. Make extra mortgage payments
Every little bit helps. Even a small amount extra paid on your mortgage on a regular basis will save you thousands of dollars on your mortgage over the long term.
4. Eat out less
Eating out and takeaways are not only hard on your waistline but also on your bank balance. Cook at home more and cut down on the amount of money you spend on convenience foods.
5. Watch your pennies
Every little bit adds up. Take that little bit longer to think about what you are spending your money on and if your spending is really necessarily. It may be only $5 or $20 here and there but a whole bunch of those small amounts add up to a significant amount of money over the long term.
6. Build a risk plan
1 in 7 people die during their working life and 1 in 5 have a critical illness. Talk to your insurance broker and ensure you have the right cover for your situation.
7. Pay off your credit card debt
Put a plan in place to pay off your outstanding credit card debt. Once it’s paid off try to put only those items on your credit card that you have planned for and that you can pay off each month so you don’t incur any interest.
8. Save more
Think about what your savings goals are for the year and start putting aside money on a regular basis. The best way to do this is to have a separate account for savings. Maybe one for each of your savings goals would even help that little bit further?
9. Review your retirement plan
Remember it’s never too early, so what things can you do this year to plan for your retirement? If you don’t have a financial advisor maybe this is the year to see one and start putting a plan in place. If you already have a plan, review it and see if there are any improvements you can make.
10. Get organised
Many people are disorganised with their money which often leads to late payment fees or interest they could have avoided paying and all the stress that goes with it. Find a way to organise your finances that works for you so you know what’s going on and can stay on top eg. Add reminders into your mobile/tablet/laptop to appear a few days before due dates occur.
11. Be positive
One of the most important ways to get ahead financially is to have a great attitude – not only about money but life in general.