This is a guest article from Jenny Cecil from Lifeline WA. P&N Bank supports Lifeline WA through our We Champion Program.
Resolutions don’t have to be restricted to the New Year. The start of a new year signifies an opportunity to reflect on the previous 12 months, assess our successes and failures and make a conscious decision to do better for ourselves in the year ahead. It is also an example of the universal desire to have control over our future situation.
An uncertain future can be scary, and setting a resolution can be a way of structuring the year ahead, putting our minds at ease. Lifeline WA financial counsellor, Jenny Cecil, says the present is always the perfect time to make a resolution or commitment to being smarter with our finances. Here, Jenny lists five simple tips on being money smart in 2018.
Finding out and listing how much you owe and to whom, is a vital first step. If you have more than one debt, it can help you prioritise which you pay off first, and determine how much you spend and save.
The term ‘budget’ scares a lot of people, implying restricted spending; however, it can also mean the opposite. Allocating how much you spend and where, is a great way to ensure you aren’t overspending on unnecessary items, leaving more to save and spend on what you care about.
This seems like an obvious one, but factor your planned savings into your budget. Be realistic about how much you can afford to put into savings.
Persuasive sales techniques can be tricky to avoid, even on a strict budget. Things like limited time offers can easily lead people astray, and reduce the amount of time spent researching the product.
It’s important to know that free, specialised financial counselling is available. Services, such as Lifeline WA’s financial counselling service, provide assistance and information to help deal with financial hardship including:
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