MBA Financial StrategistsNewslettersNew Year’s resolutions – top tips to grow your wealth in 2019

New Year’s resolutions – top tips to grow your wealth in 2019

What are your financial goals for 2019….and how do you plan to achieve them? Our guide will help you plan ahead for a financially successful year.

Start small to achieve big

How often do we set big, bold goals that fall by the wayside because they’re just too overwhelming? By setting smaller, bite-sized goals, you’ll soon find yourself on the path to the ‘big prize’. For example, rather than say ‘I want to be debt free in six months,’ set up an achievable debt payment plan that targets specific debt (car loan, HECS debt, mortgage) with short, medium and long-term goals.

Start saving

Saving is one of the most effective ways to fast-track your wealth. But while the concept is incredibly simple, the reality is harder. Where do you find money to save, when you’re already financially stretched? The key is to turn the concept of saving on its head: that means taking out your savings first, and then using the rest of your wage or salary on your remaining expenses. If there’s not enough to go around, that means you need to rethink your spending – which leads us to the next tip……

Create a budget

Your budget is the key building block to creating financial success. Living within your means not only frees up your finances, but also frees up your mind. Imagine going into each week knowing that not only are all your expenses covered, but there is money left over to save for a holiday or new car. Budgeting takes grit and determination to start with, but will eventually become second nature. Check out our new myMoneyPT service – specifically designed to assist you get financially fit. Track your spending and save with your own money Personal Trainer.

Increase your financial knowledge

Knowledge is power….especially when it comes to your money. Make 2019 your year to learn more about money – how to make it, how to invest it, how to manage it, and most importantly, how to grow it. There are a wealth of resources to get you started: books, newspapers, blogs and websites – including the resources available on our website. To learn more, go to the home page and click on Resources and In the News.

Start the investment ball rolling

If you haven’t already, now is the time to start your investment ball rolling. If you’re a bit unsure about where to start, speak to us. We can help you work out the best investment strategy for your individual needs – and then tailor an investment program to suit. Whether it be the share market, superannuation or an investment property – investing will get you on track to grow your wealth.

Start planning for your retirement

You’re never too young to start preparing for your retirement….so stop procrastinating and take action! You can fast track your retirement savings by paying down your mortgage, pumping up your superannuation contributions or playing the share market. Speak to your trusted MBA FS financial adviser about the best options for your stage in life and financial circumstances.

Pay down your mortgage

Have you ever worked out exactly how much your patch of paradise will cost you by the time you’ve paid off your mortgage? Rest assured, it will be higher than you thought. Don’t despair….2019 is the year to start paying down your mortgage in earnest. There are many ways to do this: directing any pay rises directly to your mortgage; making repayments weekly instead of monthly; ditching the extra features on your mortgage you don’t need; or making lump sum repayments. You’ll be amazed at how small changes can result in big savings.  Make an appointment with our mortgage adviser Maggie Wan to discuss your options.

Happy New Year from all of us at MBA Financial Strategists. We wish you health, wealth and happiness!