The New Year is certainly an excellent time to reflect on the previous year and make some resolutions to improve ourselves. Most individuals’s resolutions focus on getting healthier, developing their career, or improving their finances. Now we all recognise how difficult it can be to stick to our New Year’s resolutions, so it is necessary that you make practical, attainable goals that can be accomplished with a specific degree of tenacity and self-discipline.

If you’ve come to a decision that you want to improve your financial health in 2018, there’s a decent amount of planning and preparation involved. To obtain significant financial improvements in your life, it’s necessary that you address only the things you can control and to examine your progress on a regular basis. To give you some insight on how you can do this, the following details some suggestions that you should follow if you aspire to enhance your financial well-being in the following year.

Set clear financial goals

Research have revealed that merely writing down goals noticeably increases the probability of you accomplishing them. In a monetary sense, writing down specific goals with an expected timeline not only increases the likelihood of you achieving these goals, but you’ll also understand what is most important to you.

Certain financial goals, like retirement, may necessitate the services of a financial planner, but there are many simple, achievable goals that you can plan on your own, such as purchasing a car, saving for a home deposit, or assembling an emergency fund for a rainy day. Itis critical that you take small steps to reach these goals, and reviewing your progress frequently is the key to success.

Increase your savings

Most individuals aren’t sure how much money they save each year, so it is very important that you assign an actual dollar amount that you want to save for the coming year. Whether you reach this goal or not isn’t the point, the fact that you’re specifying specific goals and planning ways to reach these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation payments (and possibly Government payments), or arrange an automatic deposit into an emergency fund or high interest savings account each week. Irrespective of how you do this, increasing your savings will increase your net worth and long-term financial health.

Track your spending

Understanding just how much you spend every month is essential in being able to increase your financial health. Keeping every bill and receipt and manually producing a spreadsheet is one way to do it, but there are a couple of excellent apps that track your spending on the go, providing you with a true indication of how much you’re spending with minimal effort required.

ASIC’s TrackMySPEND app ( is a trusted and reliable tool that helps you understand your average monthly and annual spending, so you can better plan and reach your financial goals. If this doesn’t satisfy you, there are lots of other apps available, so don’t hesitate to test a couple to discover which is best for you.

Examine your mortgage and insurance policies

Assessing your mortgage and insurance policies is an excellent way to increase your savings. For instance, you should be reviewing how your current mortgage and insurance policies compare to other providers on an annual basis. Banks and lenders modify their policy structures regularly, so chances are you can receive a better deal if you do a bit of homework.

Even small decreases in interest rates can save you thousands of dollars every year, so it’s definitely worth the time and effort! If you find a better package elsewhere, don’t be afraid to ask your existing provider to match it, and at the same time, don’t hesitate to change providers if they don’t. There’s loads of online resources which can successfully guide you through this process.

Seek advice promptly if you’re experiencing financial hardshp

Improving your financial health doesn’t always translate to increasing your savings and emergency funds. Lots of individuals suffer through years of stress from financial hardship without understanding that there are plenty of options available to them to improve their financial wellbeing.

If you’re encountering any financial distress, the sooner you seek professional advice, the better your recovery options will be. For any advice regarding your financial circumstances, don’t hesitate to talk to Bankruptcy Experts Albury on 1300 795 575, or visit our website for more information: