Now is the best time to get into good financial habits
The new financial year is upon us, and with it comes the opportunity to wipe the slate clean and pool our energy into new goals.
One of the best tips on starting a new set of fiscal goals is to do a budget. Find out where your money is going and how much you could be saving with the right amount of discipline. Discipline must also go hand in hand with flexibility, where your savings are concerned. You need the willpower to not dip into your savings for frivolous items, but be flexible enough to realise that saving money isn’t always straight forward and costly items and unexpectedly high bills are going to crop up every once in a while.
Being educated is a big contributor to saving successfully and seeking advice could help you take that next step towards big savings.
Financial Planner Claire Mackay, spoke to The Sydney Morning Herald, who says that a lot of her time is spent motivating clients and encouraging them to reach their goals. Mackay’s top tip for the new financial year is to try the ‘pay yourself first’ approach. Transfer a small portion of your income into your savings as soon as it hits your account.
“You pay Telstra or pay your landlord and your bank, so pay yourself as well, rather than getting to the end of the month and saying, ‘What have I got left?’ and transferring that across.”