Do you pay close attention to your finances? If not, you may not be managing your money in a way that aligns with your life goals. By working with a financial planner, you could create a step-by-step guide that ensures your finances match different stages of your life. Until you solidify your plan, here are some tips you should apply consistently.
Better Super Contributions
There will come a time when you need to stop working and go into retirement. If you want that retirement to feel as comfortable as possible, now's a good time to boost your super contributions. One easy way to do this is to ask your employer to make a greater salary sacrifice. However, when doing so, make sure you can meet your ongoing financial obligations. You could also make personal contributions, so ask your financial planner how far you can go before facing tax implications. If your spouse is a low-income earner or part-time worker, consider helping them contribute too so you both have more to retire on.
It's easy to waste a lot of money through instant gratification. In a world of ongoing adverts and social media influencers, giving in to instant gratification is easy. However, each time you do so, you're taking something away from your financial future. Next time you go to make a purchase, consider whether it's necessary or whether you could live without it. You may also want to try having no-spend days. Avoid shopping for food when hungry to avoid falling into instant gratification traps. With a few simple changes, your monthly budget should feel a little freer. As a result, you'll have more to contribute towards debts and savings.
Clear Debts Quickly
Although having a comfortable savings account is a worthy goal, there's no sense in ploughing everything you have into yours until you've cleared debts. Once you have an emergency fund in place, consider contributing more towards outstanding debts. In doing so, you won't be throwing money away on interest. You may also find that your credit score improves. Once you're ready to return to making savings contributions, you'll have more to give and can enjoy a healthier financial future.
If you're struggling with your finances, consider consulting a financial planner. As trained professionals, they can identify the areas of your life that need some work. They'll also tell you what moves you need to make to grow closer to your financial goals. Contact financial planning services near you to learn more.