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9 New Year money resolutions

Jan 10, 2010

  1. Cut up the credit card – It is probably the hardest thing to do as most of us view the credit card as our "security blanket". But it's really the devil and the quicker that you take decisive action the better.
  2. Government co-contribution – Want some free money? If you earn less than $31,920 then put an extra $1,000 into super and the Government will match it. It phases out when your income reaches $61,920.
  3. Start saving for rainy days – Got caught out in the GFC? Don't let it happen again and open savings accounts for education, holidays, Christmas and emergencies. Put a regular amount from every pay into each account. Remain disciplined and don't access these funds!
  4. Start studying – With the economy recovering I am predicting that there are going to be some great opportunities in the job market later in the year. The best investment you could make is in yourself and acquire more skills.
  5. Control/reduce debt – We were blessed with a some large interest rate cuts but they are on the rise ... and fast. Just how much they will rise by is anyone's guess but I suggest you prepare for them to rise by 2%. There will be pain so try & pay off your debt ASAP.
  6. Spending diet – Most people get put off with having to write up a budget but they are really important. "Cut out the fat" out of your spending. Eating out, socialising, technology, clothing and transport are the main areas to focus on.
  7. Get fit – Enter into a few fun runs and challenge yourself to get fit. Behind the scenes you will be reducing your binging on junk food and alcohol which always put a dent into savings.
  8. Don't incur late fees – Get into the habit of paying bills on time. Don't be lazy and get slugged with late fees by being inefficient. $30 here and $50 there adds up over 12 months.
  9. Monitor your resolutions – The worst part about setting New Year's Resolutions is not following through with them. A note in your diary to review your goals every three months can set you back on track if you have been slack.

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