It's coming to that time when we start to make plans and resolutions for the New Year. What do you want to achieve in 2019?
Improved financial circumstances with regards to loans and debt management are on nearly everyone's list. And the good news is that there are many ways that we can work towards this aspiration with positive results. And the end of the year is an excellent time to start.
Here are some ideas to consider both personally or for your Cairns business before the New Year starts:
- Credit cards - pay the debt
Unfortunately, many of us stretch ourselves at Christmas, spending that 'little' bit more than intended and very often our credit cards are groaning by the end of the year.
This should be tackled as a priority in the New Year so that it is not hanging over you any longer than necessary. Set up a realistic amount to pay each month if it's not possible to clear off completely. The most important thing now is to NOT use your cards until they have been completely paid off. Otherwise, the debt will never be paid.
- Review your budget and take control
The New Year is a great time to reassess your financial situation and goals. Consider any changes in circumstances that could affect your budget and make the necessary adjustments. If you don't currently have a budget, this is the perfect time to start, allowing you to begin the year taking better control of your money and loan matters.
- Your home loan or business loan - are they the best?
The New Year is a great time to review your current home loan or business loan to see if they are still right for your requirements. If you have had a look at home loan products on the market and believe that you could have a better deal, your Cairns mortgage broker can guide you through the refinancing process and help you get a great home loan. Let them review your loans and do all the hard work for you!
- Review your fixed costs - don't pay more than you need to
It is a worthwhile exercise to regularly review your various personal and business expenses like insurance policies to make sure you are getting the best price. Some examples of life changes that can impact insurance are:
- a new baby
- a change of job
- home renovations
- new address
- relationship changes
These situations may require that you add, increase, or decrease cover, so it's important to scrutinise your policies. Your insurance broker will be able to help you with this review and make the process straightforward.
Making positive changes in these critical financial areas of your personal or business life will pay off in the future and will allow you to start the new year on a confident foot, knowing that you are in control.
Contact Preston Finance & Insurance to arrange a free initial consultation in Cairns, let us review your loans and help you set up for success in 2019 right from the start.
Preston Finance & Insurance is part of the Preston Law Group, a locally owned business, based in Cairns.