3 Key Steps for Better Financial Outcomes in 2019

04 Feb 3 Key Steps for Better Financial Outcomes in 2019

For many the New Year represents a desire to make change and improvement. However to ensure that good intentions lead to lasting change we need to put strategies in place to ensure that good intentions become good habits.

Your personal financial habits needs to be part of this rethink.

One of the key points to staying on top of your finances is to get to grips with where your money is going.

This doesn’t necessarily mean you need to become forensic about every cent you spend, identifying the key spend areas and costs can be a good start.

Start by identifying your monthly income and outgoings and then list your essential expenses that must be paid.  These can include such things as rent or mortgage payments, utility bills, council rates and basic food bills.

Now consider where else your income goes each month and whether you could be spending your money more effectively.

We have an easy budget tool available to help you with develop your budget.

Try to pay off debts
Set priorities for paying off or reducing expensive credit card debts or loans. Consolidating your debts into one loan could also be a good strategy in reducing overall interest paid. Give us a call to find out if this strategy could work for you.

Save for specific goals
Once expenses are understood and being managed, the next step is to look at savings options.

Few people are good at saving for its own sake.  Having goals is key in creating a savings habit.

Try developing both short and longer term goals. For a short term goals such as paying for a holiday or home renovations, it probably makes sense to setup a separate savings account.

For medium or longer term goals, like paying off your mortgage or funding your retirement, investing in shares offers the potential to earn higher returns.  We have specialists who can advise you on your goals and the strategies for achieving them.

It is important to not accept the status quo, there is always another, better way to get ahead.

Why not make a booking to see our Principal financial advisor, Daniel Sullivan, to review or get your financial strategy in place and working.

Forsythes Business and Financial Advisors
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