At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
For most people, the New Year is a time to set some lofty goals, whether it’s weight loss or quitting smoking. Why not take the opportunity to make some resolutions that will improve your financial future? By making the following six financial New Years’ resolutions in 2023, you can be on your way to an even more successful and fulfilling year than ever before
1 Start Investing
One of the most important resolutions you can make is learning about investing. Investing is one of the best ways to grow your money and start building wealth. Start by learning about different types of investments, what they are, and how they work. Once you’ve done some research, invest in something that interests you–even if it’s just $10 or $100 a month. Over time, this small amount will grow into something significant! We can help you get started.
2 Build your emergency fund
Starting to build your emergency savings fund should be a top priority for the new year. It’s important to have funds set aside to cover unexpected expenses and unforeseen events. The easiest way to start building your emergency fund is by setting up automatic transfers from your checking account into a savings account on a monthly basis.3 Make a Budget
If you want to make more money, one of the first things you can do is create a budget. This will help you to know what your spending habits are and how much money is coming in and going out every month. If you find that your budgeting habits are unsustainable or not as profitable as they should be, it might be time for a change. By making a budget and sticking to it, you’ll learn what works best for your business’s financial health–and what doesn’t work.4 Get Out of Debt
A great financial resolution you need is to get out of debt. To do this, use the debt snowball method. This will make it easier for you to pay off your debts, so that you can have more money for other expenses.Here is how the debt snowball works
1. Line up all your debts from smallest to largest.
2. Then you set up paying the minimum payment
3. Tighten up your budget and cut out anything you don’t need
3. Once you have freed up some money, pay as much as you can on the smallest debt
4. When that’s gone, continue that same payment, and add as much as you can on the next debt while continuing to pay the minimum on the others
5. Repeat until debt free!
6. Stay debt free forever – except a mortgage, that’s allowed 🙂
5 Get into KiwiSaver and make sure you are in the right fund
If you are not in KiwiSaver the first thing you should do is sign up for KiwiSaver. KiwiSaver is a savings scheme where the government makes contributions on your behalf, your employer contributes and you also contribute. It’s the easiest way to save for retirement.You also need to make sure that you are in the right fund for your situation. There are slow growing conservative funds (low risk) and high-returning growth funds (more risk) and depending on your situation you may need to change to get the most money from it.
6 Review your insurances
Review your insurance policies. Every year something changes personally and in business. It’s a great time to review your insurances to see if your cover is still relevant, if you need to change anything and if there are any ways you can improve and save money.That’s a wrap
So what do you think? Did you learn something new today? We love educating and helping people learn all about insurance and finances.
If you need any financial help or advice please get in touch with us at Super-Advice.
