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Financial New Year’s Resolutions

Orica Financial Services Feature Article

Financial New Year’s Resolutions You Can Keep

Did you make any resolutions concerning your personal finances last January? If so, how did you do?

Financial New Year’s Resolutions

Did you attain your goals or miss the mark? While the days leading up to New Year’s Eve are often spent reflecting on the year gone by, the following days should be spent reflecting on the New Year, reviewing your financial scorecard for the past year, and then looking for ways to improve.

The good news about New Year’s resolutions is that you get a fresh crack at them each year. Here are some financial moves that you should resolve to make in the year to come.

Key Takeaways 

  • New Year’s resolutions are often broken, but try to keep your financial ones.
  • Give yourself a financial check-up to start the year.
  • Paying down debt, consolidating debt, and making a budget that you can keep can all help you ring in the New Year with better financial health.

Calculate Your Net Worth

If you haven’t already done so, the start of the new year is an opportune time to determine how much you’re worth financially. Calculating your net worth is a key step in assessing your financial health and reaching your financial goals.

The resolutions that you need to make will become more obvious after doing this calculation. Looking closely at all your assets and liabilities helps to create a clear picture of where you are prioritizing your current spending and saving and where you may need to make changes in those habits.

It’s a good idea to recalculate your net worth each year. Doing so can help you keep on top of your progress toward your financial goals and correct any mistakes that you’re making before they create overwhelming debts.

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Update Your Savings Goals

Creating easy access to your funds can be tempting. You do run the risk that, if you are like many people, you will spend money that you can get to easily. To help you reach your goals, be sure to transfer amounts earmarked for savings from your everyday account to a designated separate savings or investment account. Better yet, have a set amount from your pay auto-deposited into savings or use the extra funds to pay down your mortgage or reduce personal finance like credit cards.

Make a Plan to Pay Down Debts

Take a few minutes now to set new savings goals for the New Year, including how much you would like to add to your superannuation nest egg and/or your children’s education fund or put towards a deposit on a new home. You should also consider paying some extra off your mortgage payment each month. Even an extra $100 per month can save thousands of dollars in interest over the life of the loan and pay off your home faster.

The team at Orica can quickly tell you how much you will save based on your extra repayments over the life of the loan. You may be surprised just how much even $100 a month will save you over a 30-year home loan.

Consolidate Credit Cards or other Personal Loans

If you owe money on credit cards, personal loans, car loans or store cards it may be worthwhile to look at consolidating those small loans in to 1 easier to manage loan. The benefits of consolidating your loans are that you may get a better interest rate than the combined rates of your credit cards, the monthly repayments may be lower than the combined repayments of other loans and you have one repayment amount each month, which is better than juggling 2 or 3 other repayments.

Another major plus is that personal loans generally have a better interest rate than credit cards and because they require both principal and interest repayments every time you make a repayment you lower the total amount you owe, meaning the amount of debt you have lowers every month till paid off in full.

Use our Debt Consolidation calculator for free to see how much you could save by consolidating debts – <just click here>

Find a better deal on your home loan

If you have a Home Loan, the New Year is a great time to review what you are currently paying and whether the features you currently have are suitable to your current situation.

With so many different lending options it is best to review your current mortgage with a finance professional who will run through all the different options from over 60+ lenders to find the best deals and make sure you are in a better position by refinancing.

Review Health Insurance

As you move through life, your health insurance needs will also change. Give some thought as to the level of cover you need and whether the cover you have currently is sufficient to meet your needs.

How Do You Maintain Financial Resolutions?

The key is to set realistic targets and remind yourself why you made the resolution when you’re tempted to give it up. Transferring money from your everyday account to a designated separate savings or investment account that’s not easily accessible—or having part of your pay automatically deposited in a savings account—can also help to remove any temptation.

How Much Money Can I Put Aside Each Month?

That depends on your individual circumstances. Once you work out how much you have coming in and review your spending habits and debts, it should become clearer how much you can reasonably set aside.

Some expenses, such as a mortgage and utilities, don’t allow for much wiggle room, but there are likely to be ways to cut down on others and allocate that money elsewhere. Financial experts recommend saving at least 20% of your income each month.

The Bottom Line

Take this opportunity to restate your financial resolutions simply and clearly for the New Year. Be cautious about setting too many or unrealistic financial goals. Otherwise, you may be unable to accomplish any of them.

It may be a good idea to maintain a checklist to keep track of how you are doing throughout the year so that you can make any necessary modifications. If you have a financial advisor or mortgage broker, consider meeting with them to review the goals that you have set for yourself or to help you with the planning process. At Orica Financial Services we offer a free mortgage and finance review and will give you advice on all your different options.

Financial New Year’s Resolutions

See how much you could save in repayments every month with our Debt Consolidation Calculator. 

Financial New Year’s Resolutions

See how much you could save in repayments every month with our Debt Consolidation Calculator. 

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Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions

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Frequently asked Questions

Financial New Year’s Resolutions

Save Time & Money

Here at Orica Financial Services, we are different from other brokers because we look at every positive aspect of your loan application before we make a recommendation on how you should move forward with your loan application.

There is no need to guess, call as at Orica today and we will help you with your loan application.

Lenders we work with

We have access to one of Australia’s largest lending panels, which means choice from over 60+ lenders and thousands of different loan options. 

Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions
Financial New Year’s Resolutions

Lenders we work with

We have access to one of Australia’s largest lending panels, which means choice from over 60+ lenders and thousands of different loan options. 

Financial New Year’s Resolutions

Non Conforming Loans

Good for getting you out of trouble, consolidating debt and lowering your monthly repayments

Borrowing up to 80% of the value of the residential property

Please note that lending policy, fees & charges apply

Financial New Year’s Resolutions

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