Happy Lunar New Year 2018! (Year of the dog)
It’s never too late to be in charge of your finances and as we’re celebrating this Lunar New Year why not take the opportunity to begin now! Here are our eight tips to help you get started.
1. Give your home loan a makeover
When was the last time you sat down and reviewed your home loan? It’s just as important to evaluate your home loan as it is to check your health to ensure that its features and benefits coincide with your current goals, and if personal circumstances have changed, you have the right loan that suits your needs.
- Is your current interest rate still competitive?
- Is your fixed rate or interest-only period due to expire?
- Are you thinking of refinancing?
- It would be an excellent opportunity to talk to us to see if we can kick-start your home loan makeover.
2. Save money
It is easy to lose track of what you spend. If you need the motivation to start saving, now is the perfect time to make simple changes to see your savings grow.
Here are a few tips on what you can do.
- Check your savings account on a weekly basis
- Clear your credit card balance every month to avoid high-interest charges & manage what you’re spending.
- Never just pay an insurance renewal- get a new quote & compare.
- Cancel your gym membership and walk to work instead! You will be amazed at how much you will save each month!
3. Setting up your financial future
Planning your financial goals for the future – Don’t put off until tomorrow, what you can do today. Talking to your Financial advisor will give you a better understanding of your current financial situation and the best way to prepare and make goals for your future.
4. Investment opportunities
Have you started your investment journey? Growing your wealth and exploring new ways to invest, like a new investment property, a share portfolio or managed investments could be one of many ways you start investing.
5. Updating the old car
As life changes, your lifestyle and needs may change too. You could be expanding your family, have a new job and need a more reliable vehicle, or simply just wanting to keep up to date with the latest improvements in safety-technology.
Speak to us about getting started and see how we can get you in your new car sooner!
6. Set Goals
If you are considering getting your financial life in control, it is essential to set goals & financial objectives regardless of your life stage. Determining your short, mid, and long-term goals are necessary for the process. You’ll be able to prioritise & decide what goals are realistic and when you want to achieve them. Start by writing them down & you will have a better chance at reaching them.
7. Pay-off your short-term Debts
Wanting to start tackling some of your debts by paying them off sooner? Write down a list of all your short-term ones (excluding your home loan as they are usually long-term) in order from the smallest amount to the largest amount. These debts could include a credit card, car loan or a personal loan. Focus on making regular payments & see how quickly you can pay off the smallest loan first. Depending on the type of contract, making lump sum payments could mean getting it paid off sooner.
8. Debt consolidation
Depending on how many debts and types of loans you may have, you could save on interest and reduce your fees by consolidating your debt. You could tailor your loan by having flexible options that make your life easier and possibly pay your loan off sooner!
We’re ready to help you get in charge of your finances. Contact us today to get started.
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