Did you blow your budget for the holiday season? It was a lot of fun at the time, but now you’re feeling a painful financial hangover rather than feeling financially fresh!
The new year is the perfect time to start fresh and clean yourself of any holiday spending guilt. Here are some tips to help you set yourself up for financial success in 2023.
Review your budget
Reviewing your budget at the start of the year will leave you feeling financially fresh and inspired for the year ahead. Budgeting is an important foundation block for building and maintaining your financial well-being. Reviewing your budget will give you a snapshot overview of your personal finances and help you to understand more about your inflows and outflows. This is especially important if your income or expenses have changed over the past 12 months.
Create a savings plan
Creating a savings plan will help you make the most of your finances in 2023. If you have started the year with a healthy savings balance, consider moving your savings to a high-interest savings account so that your money isn’t sitting still in an everyday bank account. Investing in an APS Term Investment will allow you to earn up to 4.00% p.a. on your savings.
Consider investments
As well as investing in a high-interest savings account, the new year is a great time to think about any other investment options that may be on the cards.
If you are thinking about purchasing an investment property or investing in the share market, we encourage you to seek advice from a Mortgage Broker and Financial Planner. Having these strategic conversations at the start of the year will help you create a clear plan for what options are going to best support your financial goals in 2023 and beyond.
Prioritise protecting your finances
Growing your savings and wealth is often an exciting thought at the start of a new year. However, it is important to also consider the not so exciting elements of your financial well-being. Putting protection measures in place will ensure that you are in a good financial position, no matter what lies ahead in 2023. This may include creating or updating your will and estate plan, making sure you have a funeral benefit in place, as well as considering life insurance and income protection.
Getting these important protection measures in place is an important step in achieving peace of mind and confidence in your financial future.