With the New Year on top of us, it’s time for you take a long hard look at your finances, so that you can set yourself up for 2018. Hopefully, you didn’t overspend at Christmas and you don’t have a big credit card debt to pay off in the New Year.

If you want to move your finances in a positive direction this year and stop worrying about living through each month, here are our top 6 tips that will help you to organise your finances for a better future.

Tip 1: Create a budget: It goes without saying that you won’t know where you need to cut down on your spending if you don’t know where you overspend! A budget is one of the easiest ways to see where your money goes, but it is one of the hardest actions to take. So, decide to create a budget this year, identify where you can save some money and stick to it!

Tip 2: Budgeting apps: Some of these personal finance apps are free and others cost very little each month. Some of you might love the idea of a budgeting app and others will throw their hands up in horror. Whatever your feelings on using apps, it pays to check them out because they can help you to reduce your spending: YNAB (You Need a Budget), Mvelopes (for people who love putting money away in envelopes) or Mint (perfect for identifying where you can save money).

Tip 3: Pay off debts: Why not focus on either paying off your smallest debt or the one with the highest interest rates this year? Credit cards and personal loans have pretty big interest charges, so paying these down and then cancelling the credit card account is one of the best and fastest ways to get yourself out of debt. Tip 3A: Don’t take on any more debt this year!

Tip 4: Plan your EOFY tax: Everyone, not just business owners and sole traders can benefit from organising all their receipts and statements, so that they are ready to go in July. Receiving a tax windfall is awesome, but if you submit your tax as soon as possible in July, you can use it to help pay off your debts faster than you might originally have anticipated.

Tip 5: Hard copies: In this day and age of computers and the internet, we tend to forget to keep hard copies of our essential financial information. If you don’t backup your hard drive and your computer crashes, you could lose all your records. So always backup your PC’s hard drive regularly and keep a hard copy of statements, receipts and passwords.

Tip 6: Meet with a financial planner: Good financial advice is worth its weight in gold, so it pays to talk to a reputable financial adviser so that you can put together a plan to achieve your goals. Whether these goals are to pay off your debts, buy a house, new car, boat or plan for your retirement – getting good advice is important to your financial success.

If you need help achieving your financial goals in 2018, call Amanda McCall on 07 3356 6929 or complete our online enquiry form.