10 finance habits to kickstart 2018
27 December 2017
By Lynne Sutherland, Suncorp EGM Stores and Specialty Banking
If you’re already feeling the effects of some recent festive over-indulgence, you’re probably making promises for a fresh start next year.
New Year’s resolutions can be a great way to re-evaluate your goals and get yourself back on track. While it’s great to set goals that focus on improving your health and wellbeing, it’s also a good opportunity to spare a thought for your financial wellbeing.
Looking for inspiration? Here are 10 finance habits to kickstart your 2018.
Embrace mindful spending. If you’re always finding yourself forking out for convenience transactions like an Uber instead of the bus, or a new umbrella every time you’re caught without one, it’s time to think about how you can stop these time-poor purchases.
Cash over credit. Get rid of your credit cards, or if a card is necessary for emergencies, keep it out of your wallet and in a drawer at home.
Complete a subscription and membership detox. Go through your bank statements with a highlighter and check for all those direct debits you’ve forgotten about – think subscriptions to publications, digital music accounts, TV streaming services, your landline home phone, and yes, those well-intentioned but unused gym memberships.
Stop procrastinating. You’ve probably got a rough budget sitting in a forgotten folder somewhere; give it a dust-off and update it to reflect where you are now.
Avoid late fees. It can be helpful to set your own payment deadlines before they’re due. Use a trick like taking time every Friday or the first Monday of the month to review and pay all upcoming payments.
Prepare for the unexpected. Establish a dedicated account to cover life's unexpected expenses.
Fight impulse purchases. Create an account that’s a little harder to access – it forces you to think before making those larger purchases. Also, bring snacks while you’re shopping and then you’re not tempted at the check-out – it’s win-win.
You don’t have to keep up with the Jones’. You don’t know their financial situation or what they’re choosing to give up to afford that new car.
Shop around, not only for price, but also check what features you’re getting for your money.
Take action. Make this the year to pursue your goals. Are you thinking of finally buying your own home? Have you always dreamed of starting that side business? Make the time to speak with a financial planner and get your goals in motion – and make 2018 your best year yet!
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