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Article Top tips to keep your bank healthy in the new financial year

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It’s no secret that there is often a direct correlation between financial pressure and mental stress.

In fact, one of the biggest things people worry about is money, so it’s important to review your finances regularly. With the 2017-2018 new financial year sprung upon us so quickly and many resolutions involving money, now is a good time to analyse your financial health.

What is financial health?

It’s hard to figure out how to be financially healthy without first working out your current level of health. Unfortunately, it’s not often as simple as drawing up a budget and sticking to it. Essentially, it involves the re-evaluation of every aspect of your finances, including your earning, spending, saving habits, as well as your credit score. Keep track of your progress by conducting regular revisions, maintaining stable purchasing habits and self-monitoring your spending.

So how can your wallet stay healthy for the next financial year?

The first step should generally be to establish the main points of financial pressure in your life. Whether you’re paying off a mortgage, rent, credit card debt, or have a dangerous shopping habit, these all need to be considered.

Secondly, draw up a budget. Take a close look at every point of income and expenditure. These costs can include living expenses, transport, food, and various other expenses. Income can include any revenue you earn, whether it’s in the form of a salary, investments, dividends, or interest. Look over your statements for the last few months so you’re able to gain a big-picture view of how much these expenses are costing you in the long term.

Also, see if you can switch to a cheaper option for items you pay for on a regular basis. For example, if you have a home loan with a certain bank, compare packages with different lenders and see if you can either switch, or save money by asking your current provider for a better offer. If you are paying for something such as life insurance, have a look at a guide to switching and see if there is a policy that offers better value and suits your needs.

Once you’ve reviewed your finances this way and eliminated some items, the most important thing to do is stick to it! Set goals to keep you motivated, or try to involve a friend. For your own mental health and consistency, it’s a good idea to do this with someone else so that you have their support. This way, you can keep track of each other.

Finally, take a step back. Sometimes, all we need to do is breathe. Dealing with finances can be very overwhelming, and it’s important to sometimes just remove yourself from the situation. If you’re still confused, check out some more budgeting tips for first timers.

If you feel like it’s too much to take on, that’s okay! Often you can approach a bank or a lender for a free financial consultation or you can seek advice from friends and family. Your happiness comes first and should be the priority.

Becoming financially healthy doesn’t necessarily need to be as scary as it may seem right now. As long as you can line up your expenses and see where your money is going, you should be able to get back on track. By establishing good habits now, you’ll be able to have a happy and financially healthy 2017-2018! Good luck.

 

 

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Comments

  • It can be overwhelming comparing banks…. must get that sorted,,,

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  • All good tips to remember. My best way of keeping the financial problems stress free is to not try living above my means. I do find it hard at times but I look at it long term. Works for me anyway

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  • keep a diary of every dollar that is being spent and that will also help you to realise where you could potential be cutting back on spending. evaluate on whether you really need something vs just wanting it.

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  • Oh gosh, extra money is always welcome!

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  • Great thing to do at the beginning of each month, re-evaluate the budget!

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  • By following these tips you will win.

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  • We often review our financial spending and saving to see where we’re at. I like to do it at the start of the year.

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  • Great tips, thank you for sharing.

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  • Great advice for the new financial year. Hopefully I can put some of these tips into practice.

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  • The cost of living is ever increasing. It’s so important to make little changes that will make some sort of difference.

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  • would love to have financial freedom to not stress etc about it but it won’t change until I make the changes – one step at a time – it is such a daunting task – but I want to be better off and teach my kids to be better off too!

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  • I have a debit card too. We should all ditch credit cards.
    I’d love to have a tax return but generally we don’t. Last year we got 10 dollars back. Ha! Ha!

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  • I use a Debit Card. That way I can only spend money that is in my bank account.
    Decide what you are going to use your tax refund for. I know one couple who used it to pay their Council Rates in full rather than in installments. I know another family that use it to pay some annual fees in advance as they get a fairly good discount if they do so.

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  • I’d like to try to use just cash for a while. To see if it makes indeed any difference. Sometimes using the card is just too easy. And you don’t keep your spending under control. If you decide for example that on a certain week you are only allowed to spend $150 on groceries, put $150 in your wallet. If they finish.. you can’t buy anything anymore.

    • I like this method and do the same – and we also save any excess that is left over from the weekly budget.

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  • Use cash and only buy something if you can pay for it.

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  • If you can’t control your spending switch to using cash for everything. You learn a lot when you have to watch money being passed over rather than swiping a card. And only buy it if you can pay for it.

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  • I have a budget and do my best to stick to it!

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  • We always do a check in with finances and budget.

    • Financial health is just as important as physical health.

    Reply
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