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The prospect of a new year is filled with excitement and possibility. But before you pledge any 2020 resolutions, it is important to think about what you want to achieve, and the changes necessary to make your goals a reality.

By: Bonnie Radcliffe, Jan 2020

Evidence suggests that you’ll be more likely to achieve your goals if they are specific, measurable, attainable, and realistic.

While many of us are guilty of being a little overambitious when it comes to goal setting, we’ve compiled a list of realistic and practical money related resolutions that will help the whole family to budget, save, bargain-hunt, and declutter.

Create a budget and stick to it

  • New year, new budget? Before work and life commitments become too chaotic, set some time aside to consider your money-related goals for the year. It seems simple, but it’s a step some people forget to take. Deciphering your goals will help to inform your budget and motivate you to stick to it.

    In revising your budget, make sure you’re putting enough money aside for emergencies and any upcoming home renovation or improvement plans. With an effective budget, you’ll be able to sort out your money priorities and find the right balance between saving and spending.

    Apps like Mint and You Need a Budget can help the whole family to see and stick to the budget.

savings-piggy-bank-coins Make sure you’re putting enough money aside for emergencies

Let this be the year of successful saving

  • Make 2020 the year you’re able to commit to achieving your aspirations, whether it’s a dream holiday, car upgrade or home renovation.

    Instead of making a vague resolution to ‘save more money’, specifically outline how much you want to save, and how you’ll accomplish it. Commit to saving a certain amount from each month, and don’t deviate. You’ll feel motivated knowing that you’re working towards something tangible that you really want.

    Make the most of your retirement savings by giving your superannuation a regular health check. Reclaim any lost superannuation by visiting the ATO on the MyGov website and consolidate your super accounts to maximise your savings. If there’s money to spare at the end of each month, making voluntary contributions to your super can turn a little extra cash into a lot over time.

Become a bargain-hunter

  • Be a savvy money manager and haggle to find the best deals throughout the year. Being a bargain-hunter is about more than just finding the best price for your goods and services but is a practise we should all aim to adopt. There are savings to be had on all kinds of products and services, if you do your research and know what to ask for.

    Start by re-evaluating your insurance policies, and ensure your policy is reflective of your current life stage and needs. If you’ve recently bought a new car, home or your family has grown in size, it might be time to review your home, life, health and income insurances.

    Likewise, shop around for cheaper utility offers, phone and internet plans, and supermarket deals. By doing your research, you’ll be able to find the most suitable offers and ensure you’re making the most of your money throughout the year.

    If you’re a State Custodians customer, you have unlimited access to the State Custodians Customer Benefits Program. Members are entitled to exclusive discounts on a wide range of quality products and services at some of Australia’s leading brands like Woolworths, Coles, Caltex, JB Hi-Fi, BWS, and more!

declutter-tidying-up-fashion-clothes-stacked-keep-piles Decluttering leads to happiness and savings

Talk about finances with the whole family

  • If kids establish good money skills from a young age, they will be prepared for the financial challenges of adulthood.

    A great way to kickstart your child’s financial education is pocket money, allowing them to begin saving for themselves. Start with small amounts of pocket money in exchange for completing chores to teach them the premise of saving money to fund something they really want.

    Educating children about the value of money through real life situations will allow them to become financially literate from a young age. This can be done at the ATM or supermarket, when paying bills, or by involving them in discussions about budgets.

Although 2020 is well underway, it’s never too late to set some resolutions for the year ahead. By pledging simple and actionable resolutions, you can overhaul your financials and home life for the years to come.

The opinions expressed in this article are the opinions of the author(s) and not necessarily those of State Custodians.

  • Use a calculator to get an estimate of how much you can borrow. Try one here.

  • See if you qualify. To get a more accurate idea of how much you can borrow with State Custodians, click here.

  • Call our Lending Specialists and they can do the calculation for you over the phone plus answer any questions you have at the time. Talk to us on 13 72 62.