How to maintain good financial habits in 2023

Ashleigh Pano is a Client Advocate with Gilkison Group.

A new year is a fresh start, and a great opportunity to reassess your financial habits. Maintaining good financial habits can be tough, but by setting doable goals and working towards achieving it with small, simple steps, you can hit your financial targets and enjoy a Rich Life.

1. Set achievable goals: Start by setting short-term goals, like reducing your monthly spending or paying off debt, and then work towards your long-term financial goals, such as saving for retirement or buying a home. Make sure your goals are specific, measurable, and realistic, so you can track your progress and see your results.

2. Save for emergencies: An emergency fund is a crucial component of good financial habits. It provides a safety net for unexpected expenses, and can help you avoid taking on debt. Start by setting aside a small amount each month, and gradually increase your contributions until you have a sufficient emergency fund.

3. Invest wisely: Investing is a great way to grow your wealth, but it’s important to do it wisely. Talk to your Gilkison Financial Adviser and they will be happy to offer you advice along your investment journey.

4. Pay off debt: High levels of debt can be a burden, and can impact your financial stability. Prioritise paying off high-interest debt, like credit card balances, and avoid taking on new debt.

5. Educate yourself: To maintain good financial habits, it’s important to educate yourself about personal finance. Read books, attend seminars, or take online courses to learn more about budgeting, saving, investing, and debt management. If you’re looking for some recommendations, ask us and we will be happy to point you in the right direction.

By following these simple steps, you can turn your financial habits around and take control of your finances. Whether you’re starting from scratch or just looking to make some small changes, these tips will help you build a strong financial foundation and set yourself up for success in the years to come. So don’t wait, take action today and start your journey to a Rich Life!