Ever looked at a friend who has everything together and thought ‘what’s their secret?’ Here are 5 habits you
can implement to help achieve financial security.
Believe it or not, being secure financially doesn’t involve magic or an outrageous stroke of luck.
Avoid get-rich-quick schemes which are ramport as people try to expose those that are vunerable.
More often than not being financially secure results from good habits and discipline, such as keeping track of your finances, cutting back on
expenses, and planning ahead.
Here are five habits you can develop that will help you become the awe of your friends and family.
Habit one: Set goals
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.
You should write these down and have them somewhere that you can see on a daily basis to remind you if you go off track.
Habit two: Create a budget
Creating a budget is an incredibly important step to achieving your goals as you work towards your financially
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.
Habit three: Optimise your bank accounts
Give your saving efforts a big boost with the checklist below:
Habit four: Track your spending
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.
With the ease of tap and go, we can easily forget where our money is going and how much we are truly spending.
Notice the spring in your step if you’ve stuck to your budget and saved towards your goals. Remember how good
Habit five: Plan for the unexpected
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.
If you’d like to explore some options to help meet your financial goals or review your current financial measures
that in place, reach out and get in contact with us by emailing firstname.lastname@example.org or calling us.
If you liked this article, you may like: