12 December 2018
Is 2019 the year where you want to actually stick to your New Year’s resolution?
Let’s help you reach those goals by following these 5 steps!
Make a plan for your money
According to ASIC’s MONEYSMART, the best way to achieve your money goals is to be SMART about it.
SMART being specific, measurable, achievable, realistic and timely (2018). Establishing timely goals will allow yourself a timeframe to achieve them!
Having a SMART goal in mind makes it easier for you to plan to succeed! Check out our Budget Wise account to map out your finances. This will assist you in working out where your money needs to go. Think about essentials like rent or mortgage payments, utility bills and other expenses, then allocate some of your left over money towards your goals.
Be a keen saver
You never know when emergencies are going to pop up in your life. Having savings set aside for these types of unexpected events is SMART and will also help you to reach your goals!
Setting up recurring payments to transfer money weekly, fortnightly or monthly into a high interest earning savings account is a great way to save and you can even use our savings calculator to work out how much you’ll need to put away each week to reach these goals within your timeframe!
Check out our Bonus Reward Saver! It’s designed for the serious saver and can help you save for whatever you desire, whether it's a new car, holiday or even a deposit on a house. You can earn the bonus interest by depositing at least $20 a month and no withdrawals.
Check out our other high interest earning savings account.
Knock out your debts
Breaking down what you owe into manageable portions will help you prioritise what debts you can tackle first.
Did you know you can get a free copy of your credit report?
Start small. You could chip away at your smallest debt initially and once you’ve knocked that one out, you’ll be well prepared to move on to bigger ones.
Another option you could approach is paying off our debt with the high interest first.
If you are needing more information on how you can manage your debts, contact us on 1300 36 1066.
Consolidate your super
Take charge and get on top of your super. If you have multiple super accounts, you are paying fees for each one of these and in turn, this is decreasing your balance. You may be able to rollover your super accounts into one by visiting myGov to view and manage your super accounts. Click here for more information on consolidating your super. Superannuation sets you up for your future and this will help you grow your balance quicker!
Think about investing
Perhaps you don’t have any debts owing and have already built up some savings. 2019 could be the year you invest in your future!
It’s important you understand the investment options you’re interested in. Don’t hesitate you contact us regarding these options available to you. We will be happy to talk you through your options.
Growth assets like shares for example usually have better long-term returns, can be more volatile in the short term (ASIC’s MONEYSMART, 2018)
It could be a good idea to get acquainted with financial and investing experts to further your knowledge.
It’s well and good to set financial goals but executing a SMART plan will allow you a better chance of hitting your target.
Australian Government Australian Securities & Investments Commission. “New Year's Resolutions.” ASIC's MoneySmart, Australian Government Australian Securities & Investments Commission, 6 Dec. 2018, www.moneysmart.gov.au/tools-and-resources/news/new-years-resolutions?utm_medium=email&utm_campaign=MoneySmart%2BTips%2B-%2BDecember%2B2018&utm_content=MoneySmart%2BTips%2B-%2BDecember%2B2018%2BVersion%2BA%2BCID_89aa0d0f40459def1f09ef664ad75214&utm_source=CampaignMonitor&utm_term=Find%2Bout%2Bhow.