The new financial year has begun, so there’s no better time than now to get your personal finances in order and move toward a brighter financial future. Make this the year for paying off credit card debt, balancing the personal budget and making some healthy returns on investments. Here are five tips for getting your finances in order:
Saving is a critical component of personal finances. Most experts say that 10% of each paycheck should find its way into a savings plan or high interest account.
Take account of the household budget and match it with personal income. Remember to prepare for quarterly costs like utility bills and cut unnecessary spending.
Get debts under control quickly, focussing on the most expensive debts first. Consolidating debts is a good idea for long-term financial management.
Switch coverage plans from sum insured over to replacement value.
Take a look at superannuation plans and get things in order.