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Five positive financial habits for the new year.

Posted by Chris Collard on 23 January 2023
Five positive financial habits for the new year.

The new year is when many of us hit the reset button. It’s a chance to reflect on the past 12 months, reassess priorities and set new goals.

If you’re looking to create positive financial habits in 2023, here’s some tips to help secure control of your money.

Create a budget you can stick to

Extreme changes to your spending habits may appear to deliver immediate results, but they can be difficult to maintain over the medium and long term.

Focusing on a range of budgeting strategies that are sustainable will greatly increase your chances of sticking to them.

Automate payments and savings deposits so money moves to where it needs to go before you have a chance to spend it.

Regularly check the progress of your mortgage and savings accounts to stay motivated and reinforce good habits.

Use apps to manage your money

Gone are the days when you needed to set up a complicated spreadsheet to track your spending. Budgeting apps such as the FinancePath Wealth App make it easy to categorise your spending and quickly review your finances.

To learn more about the FinancePath Wealth App contact our relationship management team on 1300 780 440.

Cut back on non-essentials

Do you really need that takeaway coffee on your way to work? Look at your discretionary spending and where you can cut back or swap something for a cheaper alternative.

From making your own morning coffee and meal-prepping lunches to cancelling that streaming service you barely use, a series of small changes can add up to big savings without significantly impacting your lifestyle.

Seek out free activities and entertainment like a walk on the beach, a picnic at a local park or a family game night.

Consider consolidating debt

Debt consolidation is when all existing debts are brought together into one new loan. This can make it easier to pay back debts or to reduce monthly liabilities to improve cash-flow.

Other reasons to consider debt consolidation are the simplicity of one repayment, potential savings on interest rates and fees, and more manageable repayments.

We can help you assess whether debt consolidation is a suitable option for you.

Talk to FinancePath about your home ownership goals

Buying a property is one of the biggest purchases you’ll make in your lifetime and one that could set you up for financial security. Getting in control of your finances can assist with saving a deposit and qualifying for pre-approval with a lender.

We can help you determine your borrowing capacity, weigh up the pros and cons of fixed versus variable rates and ensure the home loan application process is as smooth as possible.

Whatever financial goals you have for 2023, we’re here to support. Get in touch today.

Ph 1300 780 440

Chris CollardAuthor:Chris Collard
About: As a keen investor myself, my passion is to make sure you are investment ready when opportunity knocks
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Tags:Financial planning