How to plan (and stick to) your New Year’s Financial Resolutions

With 2017 nearly over you might have already turned your thoughts to how to make next year even more financially successful. One way to keep yourself on track is to commit to a financial New Year’s Resolution.

We’ve asked Kirsty Lamont from financial comparison site Mozo.com.au to share five money resolutions you can make in the New Year. Here’s what she had to say:

Resolution #1. Save more money

Isn’t this always on the top of everyone’s list for the New Year? Saving a bit of extra cash is a goal we could probably all stand to set for 2018. They key to making this one stick is choosing a strategy that works for you, whether that’s collecting all your loose change instead of losing it at the bottom of your bag, or setting up automatic payments to regularly transfer a chunk of your paycheck to your savings account

Resolution #2. Make more money

If your spending is under control but you still find your bank account looking a little bare at the end of the month, it may be time to look at the other end of the equation – your income. With the popularity of apps like Uber and Airtasker, it’s easier than ever to pick up a side hustle. Or, if you’ve got a reasonable amount of funds saved up already and just want another source of passive income, you might also consider becoming a peer-to-peer lender to boost your bank balance.

Resolution #3. Get into investing

Another way to make your money work harder for you in the New Year is by investing in shares. But for a novice investor, deciding which investment options are going to work the best for you is not always easy. But lucky for you, the rise of Robo Advice – which uses algorithms and digital technology to come up with investing strategies for you – means that getting good advice about investments is now accessible to everyday investors. So no more excuses – get started on your portfolio in 2018!

Resolution #4. Get rid of credit card debt

If you went a little overboard on Christmas spending and wound up with a hefty credit card balance, then your New Year’s Resolution might be to rid yourself of a painful debt hangover. To do this, you can pick up a balance transfer credit card with a 0% interest period attached. These balance transfer offers often last between 6 months and 24 months – remember to have a payment plan in place to clear your debt before the interest free period ends, or you’ll wind up paying the high revert rate on any leftover balance.

Resolution #5. Sort out your super

Keeping multiple super accounts open can mean paying multiple fees, which is just one of the reasons why getting your Super together in 2018 is a great resolution. It’s definitely worth taking the time to find the best place for your super stash and roll all your existing accounts into one. If you’re not quite sure where your old super might be – or if you have any – you can track down old accounts using the Government’s Superseeker tool.

Kirsty Lamont is a money expert and director at financial comparison website mozo.com.au. She is passionate about helping Australians make better, more informed choices about their finances.

If you are a financial services professional, please feel free to share this amongst your clients.