Published on November 23, 2015 11:48 am, by Jen Bakker
With 4 weeks to go until Christmas, it makes perfect sense to start thinking about what you have achieved this year, and what’s in store for your next year.
Here are 4 things to help you get a head start on being financially fit next year:
Convert your goals for 2016 in to a dollar figure. What do you want to achieve in 2016? Can you convert your goals in to financial terms? Do you want to get fit? How much will that cost? Do you want to take a holiday or save for a home deposit? How much do you need in how long? Do you have debt you want to pay off? It’s a great time to sit down and look at your budget, tie your lifestyle goals in to your financial goals and set them together at New Years.
Set up automatic payments to repay debt or increase savings. How much do you need to put away each pay period to meet your 2016 goals? How much bad debt do you have? How long will it take to repay? How much can you spare each pay period, set up an automatic payment to come out on payday. No debt? Check out a compound interest calculator and work out how much you can save over the next 1, 5, 10 years by putting away a specified amount each pay. Set up your automatic payment for pay day.
Set aside time each week, fortnight or month to go over your budget and spend for the last period. Commit to the time now & pop it in your calendar/diary for next year. This is when you’ll check where you’ve done well, and where you could do better. It’s where you see if you’re on track to meet your goals for the year. If you’re doing well it’s the perfect time to transfer more to repay your debt faster or increase your savings. Check out MoneyBrilliant (moneybrilliant.com.au) as a simple way to keep track of your finances.
Choose 3 services to shop around for. Is your phone contract finished, can you convert to a BYO SIM plan? Do you use your gym membership, is it expensive, can you get more value elsewhere or commit to exercising without the gym for a while? Which of your services have you not checked in and negotiated for twelve months, there are so many we pay for and forget, gas & electricity, home internet, pay TV, insurance – health, car, contents.
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.