It doesn’t have to be the new year to make resolutions. Any time’s a good time for introspection and to make little improvements to your life – including some that could change your future for the better such as buying your first home.
The most dreaded of these have to be financial resolutions, but they don’t have to be a drag. We’ve had a look at a few changes you could make today that could help make your money work for you, rather than the other way around.
Hoard your pennies
Most of us have had a time in our lives when we’ve gone in a little too hard with our savings goals. Cutting coffee, not eating meals out, and perhaps working overtime every night. It takes a special kind of person to hack that kind of savings plan.
Take a more gentle approach and you’ll find that it’s more sustainable, and that you don’t crash out in a blaze of overspending glory. MoneySmart’s data shows that 43 per cent of Australians don’t save at all, so something is always better than nothing.
Make smaller incremental goals and build up to a larger savings target. We’re talking 10 per cent of your income a week at first, until you begin to not miss the money – at which point you can build up to a larger percentage.
Set your sights on a goal
Achieving goals feels like a win. Every little win feels good and gives you an excuse to treat your self just a little on the weekend.
So set your sights on something that you want to achieve with your savings, be it a solid investment, your first property or perhaps even some travel.
But don’t stop there – make it real by getting advice on how exactly to achieve your goals.
From financial advisers, to mortgage brokers, there’s a wide range of professionals who can help make your goals a reality.
If property’s your goal, the first thing you should do is talk to us – that way you’ll get a clear idea of what exactly you can borrow and what you need to aim for.
Risk it to get the biscuit
If you risk nothing you gain nothing. We’re not saying buy a lotto ticket, but that action gets results and that you should start saving and setting goals right now.
The quicker you do, the quicker you’ll achieve them!