- January 1, 2017
- Kate Sheehan
Wealth Tips – Don’t blow away your finances:
Many people make financial resolutions for the New Year.
Sadly, many don’t make it through January before all is forgotten.
Be the exception!
3 Top Wealth Tips
Here’s how to make yourself one of the exceptions and truly start your journey towards a better financial future.
- It’s a no brainer but you must spend less than you earn.
- Don’t just save, you must invest, and invest soundly.
- Then reinvest so you can benefit from compounding – this is key. It is here that true wealth is created.
Decide to do things differently than the majority by developing good habits around money and maintaining them.
9 ways to spend less than you earn
- Increase your income – continually learn about money and investing.
For upcoming Wealthwise courses click here.
- View your household finances like a business and stay on the job – by maximising incoming and monitoring and minimising expenses, you can save more.
- Pay debts on time or negotiate to avoid late fees.
- Pay your credit card off in full each month and on time. Otherwise, pay off more than the minimum every month, with the goal to pay off in full each month. Credit cards can be very expensive and must be taken very seriously if you want to control your money.
For more Wealthwise tips regarding credit cards click here.
- Treats: remember to enjoy the journey on the way to the destination – just keep your occasional celebrations within your budget.
- Keep an eye out for refinancing opportunities at regular intervals – this can save you a lot of money over time.
- Avoid keeping up appearances with your friends or family – they may be able to afford the new car or holiday but if you can’t afford, don’t spend.
- Don’t over spend on gifts – It’s great to show your appreciation but keep in mind last Christmas Australians spent approximately $6 million on unwanted gifts. Such a waste of money.
(Ref: What do you plan to do with your unwanted Christmas gifts? Manly Daily, 26 December 2016).
- There are lots of ways to have fun and get things for free or next to nothing. Try googling ‘free stuff’ or ‘free things to do in your city or local area’.