Believe it or not, being secure financially doesn't involve magic or an outrageous stroke of luck.
More often than not, it results from good habits, such as keeping track of your finances, cutting back on expenses, and planning ahead.
That will help you become the awe of your friends and family!
It’s time to take control of your financial security and a great place to start is to identify short, medium, and long-term financial goals.
These might be saving for a family holiday, making additional contributions to your superannuation, paying off expensive credit card debt, or just keep it simple and save a set amount each pay-day.
Creating a budget is an incredibly important step to achieving your goals as you work towards your financial security.
Rest assured it's easier than you think using a good budgeting tool. And there are plenty of helpful apps and websites out there to choose from. We tested a few and liked the simplicity of ASIC's MoneySmart Budget planner.
The first few months of sticking to your budget will be the toughest, so start by setting a realistic budget. Sticking to consistent saving will mean that you can build up an amount that can be used for a significant goal, like paying off a car loan, or saving a deposit for your first home.
Give your saving efforts a big boost with the checklist below:
You need to keep your eye on the ball at all times. That's because it's one thing to create a budget and set financial goals, but entirely another to stick to them.
So set aside 15-30 minutes each week or fortnight to make sure you're keeping on track. This regular review is also a good opportunity to identify any expenses you don't really need. Your streamlined bank accounts should
make this very simple to track your progress.
Notice the spring in your step if you’ve stuck to your budget and saved towards your goals. Remember how good that feels!
Your income is fundamental to achieving your financial goals, so for financial security, you should be confident that you have adequate protection in place.
Ask yourself how quickly you would burn through your savings if you were unable to work for three to five months? Or even longer?
By having different types of insurance you can help protect yourself and your family when you need it the most.
Taking out the right cover for you means that you can be confident that if something unexpected did occur, your efforts to become financially secure are protected.
Would you like to develop better financial habits?
General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.