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New Year's Resolutions

Article By Janik Hrabovcak | | Financial Planning

If you're serious about reaching your money goals this year, set your target so you know where to aim.

Here are 5 tips on how to set up or realise your goals:

  1. Work out what financial goals you want to achieve, then break them down into realistic steps that will lead you there. Think about your short-term goals, as well as those larger, long-term goals.
  2. Not all debt is equal. Make a list of your liabilities and organise them by the annual interest rate. Those with the highest rates (like your credit card) should be paid off first. It does no good to invest money while you are paying 19 percent or more in interest each year.
  3. 2018 could be the year you get on top of your super. If your super is spread out across multiple funds, you are probably paying multiple sets of fees that are reducing your balance. Your super is your nest egg for your future, so why not start the year by consolidating your super into one fund so you pay less fees and grow your lump sum faster.
  4. Up your savings by $100-$300 a month (depending on your salary). Doing a trial for three months is ideal, because it will force you to see what your budget would be like if you were short $100-$300. Ideally, you'll realise that when you automate the transfer to a savings account, you may not miss that money at all. If all goes well, you can keep your higher savings rate all year.
  5. Making a budget can help you control your spending and possibly ensure that you do not spend more than you make. It can also help you keep your spending priorities in check.

To get your financial plan started for 2018, contact your Altitude Adviser!

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