Financial Habits to Kick in the New Year

 In Accounting & Business Advisory, Financial Planning, News, Uncategorized

You guessed it, it’s that time of year again!

With the new year symbolic of a  fresh start (even if those debts still carry over to the new year – along with the added interest), it is human nature to set lofty new goals to achieve. And whilst our team of expert financial advisors will stress that you do not need the turn of the year to commence positive financial behaviour (start tomorrow, every day counts!), here at MWL we have prepared a little list of poor financial behaviours that come January 1, 2018, no-one should be engaging in!

 

Avoiding Debt

Delaying your debt will only cause it to spiral out of control – racking up interest and fees along the way. If you have outstanding bad debts that you have been putting off paying, strive to pay them off in the New Year. Speak to one of our Financial Planners to evaluate the best way to economically reduce your debts.

 

Non-Budgeting

You don’t have a budget? Well in 2018 you will. A good budget is the cornerstone of good financial behaviours and a necessity on the road to wealth. It assumes control of your income and spending and will identify where ‘budget cuts’ are most required to improve your financial position. MWL has developed a budgeting tool to help you become financially independent, solve financial problems and reach your goals. If you’d like to know more, contact MWL to speak with a Financial Planner.

 

Spending Leaks

As soon as you establish that budget as outlined in the point before, spending leaks should be a little bit easier to eradicate. But those $4 daily coffees over the course of a year, work out to be $1424 that could be better spent paying off debts or generating income through investment. Track your spending and soon enough you will notice that the ‘little’ things, do truly add up.

 

Laissez-Faire Tax Returns

Not actively tracking, detailing and claiming relevant expenditure only leads to paying more in tax and leaving less money in your pocket. If you aren’t taking the time and effort required to maximise your return, speak with one of our Accountants who can take the hard work out for you, whilst leaving you with a maximum tax return come the end of the financial year.

 

Dead Money

Leaving your money to rot away in a savings account? That needs to stop – your money can be put to much better use. There is a range of investment options available that match a wide range of risk tolerances. The MWL Financial Planning team can always offer advice on the investments that will best suit your financial needs.

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