5 ways to get financially fit
If you still want to make 2019 your best year yet, and you want to take advantage of whatever you can… read on for the top 5 ways to get financially fit and free. Building wealth isn’t just going to happen. You’ve got to work at it. Set aside dedicated time to keep on top of it and make tweaks as you need to.
These tips will help you make a start. Put an appointment in your diary each month to check in with yourself and stay on track throughout your life.
Separate your money.
Keep the funds you need for bills and savings away from your weekly personal spending (dining out, entertainment, coffee, fuel, groceries – all the day to day stuff). Use a ‘cash hub’ with a bank that’s different from your usual bank to receive all income, and each week set up an automatic transfer into your spendings account. This money is all you can use for the week, and having it separated will help you stick to your budgeted amount! You can direct the remainder of your funds sitting in the cash hub towards savings, investments, debt reduction and bills.
Review your contracts.
There’s so much we pay for on a monthly basis (think phone, the internet, electricity, memberships, subscriptions, loans, mortgages, the list goes on…) and more often than not once we’ve set it up, we rarely look at it again. Take some time to go through everything you’re currently paying. Do a little googling to see if you’re getting the best deal. Pricing and packages change all the time, often becoming more competitively priced. So reviewing all of these monthly payments and making changes, where you could end up in huge savings over the course of a year.
Protect your future self
If you don’t have personal insurance set up, or you have some but maybe not enough, it’s time to get serious.Don’t let all of your hard work unravel because you’re not covered in the event of an emergency. At a cost of roughly between 1% and 2% of your total salary, you’ll be able to secure your future. Run a quick quote here to see what you might be up for cost wise, and you’ll probably find it’s nowhere near as much as you think.
Tidy up your superannuation.
Not the funnest (is that a word?) item on the list, but it is an important one.If you’re anything like I once was, you’ve got 11 different super accounts from every part-time job you ever had, before you got a serious career and started job hopping once every year or two instead of every three months. Ha! But seriously, it’s a few forms and it may surprise you how much you have once you put it together. Take an interest in it, choose your investments and check in with how it’s doing every once in a while. It may seem like a way off now, but super is the best tax-advantage investment vehicle we have in Australia. It’ll be your best friend one day.
Book a Free Strategy Session
Book a chat with one of our qualified Financial Coaches and they will help you identify your goals and where you want to be, exploring your current financial position and the strategy you are using to get ahead and learn more about what we do and how it could benefit you. You have nothing to lose, and everything to gain. (Better still, if you become a WE member, we’ll do most of the above – and more – for you!).
Disclaimer: all information contained within this article is of a general nature. It should not be relied upon when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.