What NOT to do with your finances

 In Accounting & Business Advisory, Financial Planning, Investment, 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 require a new year to commence positive financial behaviour. Here at MWL we have prepared a little list of poor financial behaviours that no-one should be engaging in!

Avoiding

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 or at least significantly reduce them, this year. To help you get ahead, our Accountants and Financial Planners can evaluate the best way to economically reduce your debt.

Not Planning

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 schedule a FREE, no-obligations, presentation meeting.

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.

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. MWL experts can always offer advice on the investments that will best suit your financial needs to your risk tolerance.

Recent Posts