Welcome to 2020, chances are you have gone a little too hard over the last couple of months. Between all the gifts and celebrations, your bank account might not be feeling as merry as you are.
It is time to embrace “New Year, New Me, New Money”. Let’s dive into our six keys steps to help your money goals come to life in 2020.
While this may not be the most creative or innovative tip, it is quite possibly one of the most important. Probably why you have seen it before. Without a plan, you will be leading your money blind and can struggle to achieve your goals. Sit down and figure out what you want to achieve, then determine how you can get there. It is important to remember that while saving is a key pillar to financial security, you must make sure it is reasonable and you are not leaving yourself high and dry.
Save it your way
Not all savings should be dedicated to that holiday you’ve been dreaming of for the last nine months. Savings should focus on covering you in the event of an emergency, or aiming for bigger goals, like investing into the property market. Take the temptation away and set up regular automatic transfers to a high interest savings account. Shop around for the account that provides the most benefit to you.
Double down on debt
No-one likes debt, let’s just get that out of the way. However, debt exists for most Aussies, so how do we overcome it? Now this may not be as easily applicable to your 30-year home loan, but any other debts you are latched to currently, can be broken down into manageable chunks to pay off quicker. It is important to sit down and have an overview of the debt you currently hold and determine what is your priority to pay off.
Satisfy your super
When was the last time you checked your super? Well you better! This is the time to consolidate and pull multiple accounts into one. Review your current fees and charges and see what the best option for you is. Even consider adding additional contributions to your account and build your nest egg.
Think further ahead
It’s time to invest! Now investment isn’t for everyone, but if you would like to, then you need to give it some thought. Read up on areas you are interested in and take cautious steps forward. It is important to consider what you want your investments to achieve because not everything is designed for a short-term spike. Take serious guidance from trusted resources and invest smarter.
Have a wealth management meeting
Have a what? If you are really serious about kicking some major financial goals this year, arrange a meeting with a Finance Professional to discuss how best to get you there.
If you are wanting to do a little discovering yourself, test out our free budgeting tool or free wealth report for yourself. Ready? Contact our professional team today here.