Wealth Connexion shares our top four financial moves you’ll want to say yes to in 2022.
It’s the beginning of a new year, which means new resolutions. Every year we see resolutions where people are trying to get themselves or their life in order, so we’re here to support you so that you can reach that goal. Below we’ve outlined our top financial recommendations, sourced by our experienced Brisbane financial planners.
Be More Organised
Another popular new year resolution is to be more organised, which goes both in managing your calendar and your finances. It’s important to stay on all relevant repayments you may have, especially the sly credit card bills that always creep up. While the credit card is a magical tool, it can also be quite hazardous if you don’t keep yourself up to speed with how much you’re spending. Our first tip to overcome surprises when those bills start racking up is to keep track of how much you’re spending each week. This will give you a better understanding of how much you’ll need to repay each month. On that note, it’s a good idea to pay your credit card repayments in full per month. This saves any stress or any tricky fees that may pop up if you miss any repayment due dates. Another goal to add to your resolution for the year is to be serious about staying on top of your spending. If you have any outstanding credit card debts, minimise the card’s use until you can easily pay it off. Our Brisbane financial planners believe this is the easiest way to prevent any headaches in the future. Another hot tip is to consider having a look at your credit report so that you have a better understanding of how the banks may see you. Reviewing your credit report is easy, with three reviews completely free per year.
How Can I Save?
This tip can be a tricky one and may not be entirely helpful for some Australians who may be struggling financially. Large bills such as mortgages, utilities or insurance can be impactful and lower the chances of having any savings. For those who do have a little more wiggle room, look at what you need and want you to don’t. It’s important to keep track of your regular purchases so that you can find the best practice to save some cash for that dream holiday or car. This could be as simple as sticking to one coffee a day or bringing lunch to the office instead of takeaway. It may not seem like a lot, but that extra five or ten dollars can go a long way in the long run. And for those who struggle to keep their eye on the prize, our Brisbane-based financial planners recommend seeking a separate savings account that regularly enters a certain amount of money each week.
Review Insurances
Depending on your situation, you may be able to lower the coverage you have on your insurance to lower the impact of those heavy bills. Whether it’s by choosing your cover more carefully and adding up what’s of more value to you, to choose a different provider that may have cheaper but still adequate services. Providers quietly change their prices and what they offer all of the time, so it’s a good idea to check what’s available each year.
Feeling Overwhelmed?
Figuring out the best way to support yourself financially can be hard, especially when you have to keep track of quite a few things. If you’re nervous about managing your income and how you’re spending it, it may be a good idea to seek expert advice. Our Brisbane-based financial planners are here to support you with whatever you may need. They’ll be able to outline your goals, where you could lower your spending with minimal impact on your everyday life and many more while educating you through every step. If this sounds like you, please don’t hesitate to contact Wealth Connexion on 07 3891 5666 or email us at admin@wealthconnexion.com.au. We’re here to support you.
