January marks the beginning of a new year, a perfect time to prioritise both organisation and financial wellbeing. We are feeling the pinch of a toughening economy and the pressure that goes with it. Establishing a structured system and setting achievable goals will create a more secure future and alleviate some of the stress.

  1. Automate your savings and payments
    Being completely reliant on discipline can set you up for failure. Create financial stability by setting up automatic transfers from your income to a separate savings account. This will help you plan for unexpected expenses or future investments. Similarly, automate bill payments to avoid missing deadlines, prevent unnecessary fees and improve your credit score.
  2. Implementing a debt repayment system
    Debt can be overwhelming, but a structured repayment plan can alleviate the burden. Start by organising your debts, listing them by interest rates and amounts owed. Focus on paying off high-interest debts first while making minimum payments on others. Set achievable milestones and monitor your progress regularly.
  3. Tracking your expenses
    An expense tracking system helps you understand your spending habits. Use apps or spreadsheets to record expenses, categorising them into essential and non-essential spending. You can then make informed financial decisions and helps in reallocating funds towards your goals.
  4. Setting SMART financial goals
    Establishing Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) goals is part of financial success. Whether it’s building an emergency fund, saving for a down payment, or planning for retirement, articulate these goals clearly. Break them down into smaller milestones to track progress effectively.
  1. Rewarding financial milestones
    Rewarding yourself upon reaching financial milestones is crucial to maintain motivation. It could be treating yourself to a small luxury or allocating a portion towards a specific savings goal. These rewards act as positive reinforcements, motivating and encouraging you to stick to them.
  2. Be proactive. Get ahead of the game this year. Consistent planning and discipline will lead to greater financial resilience, reduce stress and develop a more secure future.

Reach out to LifeAssist to get connected with a Financial Coach for personalised guidance on improving your financial wellbeing. The financial team can also discuss debt planning and recovery.