Building your wealth is a part of the journey to financial security and stability, but it’s often easier said than done.
Improving your finances tends to be a lifelong goal for most people but it typically involves a lot of work – work that may not be that fun.
Nobody wants to spend their weekends analysing their spendings and finding complicated ways to slightly increase your savings and barely reduce expenses. Most people want the quick simple things they can do to get the best results and big money wins. So, here are four of them:
1. Plan for Future Expenses
When it comes to anything in life, it’s always better to plan ahead. The same is true for your finances. Even though some costs may hit you out of the blue, there are some costs like your mortgage and other everyday living expenses you can carefully plan for.
While you’re planning for expected expenses, it’s worth taking the time to plan for potential unexpected costs too. Consider creating an emergency fund and keeping a portion of your money in a safe place where you can easily access it.
2. Evaluate Debt
One way to ensure you improve your financial health is to evaluate your debt and plan for ways to pay them off quicker.
This is especially important as you edge closer to retirement age. Entering into your retirement with debt can be financially stressful and challenging.
You may like to review the interest rates of your loans to refinance at a better, more manageable rate. Doing this will allow you to lower your monthly payments or take a new loan with a lower interest rate, helping you save more money.
3. Save for Future Goals
No matter where you are in life, you likely have lifestyle and financial goals that you are working towards. Before you start making grand money decisions, consider what your goals are and if they are realistic.
The next step is to create a budget and a savings plan that is actually realistic to your circumstances. Whether you are saving for a car, a house, or retirement – it’s so important to plan for and review your financial goals regularly. We recommend reviewing your goals every 6 months at a minimum.
4. Meet With a Financial Adviser
If you want to take your finances to the next level, set an appointment with a financial adviser.
They can help you achieve your money goals by providing expert advice, organising your finances, and helping you make smart investment choices to grow your money. They can even help you with other aspects like planning for early retirement or moving into aged care which can help you cover all aspects of your financial freedom.
Ready to Improve Your Finances?
Increasing your savings can sound like a daunting, tedious task. But, Central Coast Financial Planning Group can help.
CCFPG is a team of wealth management advisers providing cash flow management, investment portfolio management, retirement planning, and financial advice on the Central Coast.
We can help you make sound financial decisions and achieve your goals. Contact us today to get started on improving your finances!
Disclaimer: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.