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Three Financial New Year’s Resolutions To Consider in 2022

Three Financial New Year’s Resolutions To Consider in 2022

We all tend to overcommit to New Year’s resolutions which will mostly fail, whether it’s cutting some weight, abstaining from vices, or switching to a healthier lifestyle. But what if you could add a more attainable and straightforward goal this year? Let’s help you kick-start your year with three financial goals to get you started.

Adding a financial goal to your New Year’s resolutions can help you get on track and crack the property market quicker. It can also go a long way and help you make early investments to secure your finances in the long run.

Consider having these three financial goals on your list:

1. Trim Off Unnecessary Expenses From Your Bank Account

2022 is the best time to look into your bank account statement, especially if you haven’t examined it for a few years. In Australia, subscription services took digital payments by storm as the average household spends up to $42 a month.

Trimming unnecessary subscription services in your bank can save you up to $300 annually. Aside from that, you may also want to reconsider your food delivery expenses and other spendings like alcohol and takeaway coffee.

Moreover, spending about $4 a day on coffee equates to a staggering $1460 expense every year. This year, it might be best to consider using a french press for about $260 as one-time spending.

Keep in mind that the $1400 you can save over takeaway coffee is only for one family member. More people spending every day means more multiples of the same amount you can save by brewing your coffee.

2. Establish a Finance/Property Goal

Suppose you’re at a point where you can afford a few extra on your monthly mortgage payments. In that case, it might be a good time to consider upping your investments and financial goals.

Think about starting your first investment in a residential property or upgrading your existing property from an apartment to a dwelling under your name. Buying your first home may sound daunting, but there are several federal government schemes for first home buyers.

That includes the First Home Loan Deposit Scheme, among many grants and housing schemes that helps grantees crack the market four years sooner. Regardless of your current situation, consider planning and establishing a financial goal in 2022 so you can work on it as early as possible.

As soon as you’ve narrowed down your options and goals, reach out to us at Plan A Mortgage, and we’ll take you through different options and find a solution that works for you.

3. Reach Out for a Home Loan Check

Are you blindly paying off monthly on your mortgage without knowing its interest rate? If so, you’re one of the thousands of borrowers who cannot recall their loan rates and terms.

But if you’re clueless about your loan for a few years now, 2022 is the ripe time for a home loan health check. That’s because the RBA reported that loans written as far as four years ago have higher interest charges than new loans of as high as 40 basis points.

That means if you’re paying for a $250,000 home loan, you get to spend as much as $1,000 in annual interest payments.

Another reason to consult for a home loan health check is to get a good look at your loan’s future. Changes in the RBA cash rate and other factors may determine whether you have to lock in a fixed interest rate or refinance to a home loan that has flexible facilities and features.

Regardless of your options, our mortgage brokers at Plan A Mortgage will ensure the process will be as seamless and hassle-free as possible. Call us today, and we’ll let you know how we can help.

Disclaimer

This article presents content in a general nature and is solely for informative purposes only. It does not aim to provide public nor personal financial or tax advice. It does not include nor put into consideration your unique situation or circumstances. Before taking an active decision, seek expert advice and thoroughly examine your current position. Moreover, this article is protected by intellectual property and copyright laws and should not be reproduced without prior written consent.

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