Newspaper article Daily Examiner (Grafton, Australia)

Get Your Finances in Order This New Year with Three Money-Saving Resolutions

Newspaper article Daily Examiner (Grafton, Australia)

Get Your Finances in Order This New Year with Three Money-Saving Resolutions

Article excerpt

WITH 2016 fast approaching, now is the perfect time to get your finances in order and make your "financially fit" new year's resolution a reality.

Mortgage Choice chief executive officer John Flavell says while no-one likes to think about their financial health, becoming a better budgeter doesn't have to be a laborious task.

"Successful budgeting is all about making better financial choices," he said. "Just because you are on a budget doesn't mean you have to cut out all of life's luxuries - far from."

Mr Flavell says the key to successful budgeting is to not see it like a chore, but rather view it as the perfect way to get more bang for your buck.

"Being money savvy will ultimately help you to achieve your financial goals sooner rather than later. For example, if your goal is to live mortgage-free sooner, then the start of a new year is a great time to set financial resolutions. Take the time to review your budget and look for ways to save money and make extra contributions to your home loan," he said.

"At the end of the day, you have to be realistic about your goals. And in order to make your budget work, it is important to allow for treats every now and again. Creating a savings plan doesn't mean you have to cut out all of your favourite things, it might just mean you have to scale them back from time to time."

Mr Flavell says if borrowers actively cut back on some of their habitual expenses and re-evaluate the way they spend money, they might be surprised by the impact it could have on their hip pocket.

Mortgage Choice offers the following top financial resolutions to help you become financially healthy in 2016.

Resolution 1. Review your financial alliances

Data from Mortgage Choice shows more than 50% of Australians worry about their finances on a regular basis. But while the majority of Australians are worried about their money, it would appear they don't want to do anything to change their situation, with 53% indicating that they will not make changes to their financial situation over the coming year. …

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