Did you know that one in four Australians report more financial stress after the coronavirus pandemic? It’s no wonder that people are concerned about the future in such uncertain times. However, managing your finance doesn’t have to be stressful at all.
Syndeo Group – the leading accountant firm offering professional financial assistance services – is here to help you establish good habits towards achieving financial wellbeing. Here are the simple steps you should take to feel more positive about your financial future.
1. Assess and Understand Your Debts
First and foremost, you have to assess your debts. As many Australians lose track of how much they owe and how much interest they are paying, you’d better understand your debts completely to be able to create a plan to pay them off as soon as possible. Eventually, you will save lots of money on interest and achieve financial stability.
2. Consider Bill Smoothing
According to statistics, about 15% of Australians report not having been able to pay one or a couple of bills on time in recent months. This, of course, may be a result of the negative effect of the pandemic, but it’s also a common occurrence during winter months as heating costs a lot. For this reason, accountant firms recommend bill smoothing – setting up regular, automated payment plans to cover utilities for the entire year – to avoid unexpected fluctuations.
3. Create an Emergency Fund
Unfortunately, although saving money for the rainy days seems simple, many Australians neglect saving. But, during the pandemic, the financial burden people experienced has made them realized that they should have established an emergency fund earlier. So, every experienced accountant suggests setting up an emergency fund as a separate account to keep it away from your daily expenses.
4. Check Your Super Fund
In general, people are aware that they can dip into their super fund early and ease immediate financial stress. Indeed, 3.5 million Australians have done this. But, the problem is that they aren’t sure, at least 30% of them, how to return this money and recover their balances. One thing you could do is use one of the many online tools available to calculate how much money would be enough for you in retirement and then seek financial assistance from a specialist accountant about how to rebuild your super.
5. Set Long-Term Financial Goals
Last but not least, you should consider setting long-term financial goals to help you feel positive about your future and improve motivation. For example, decide at what age you would like to buy your first house, when do you want to retire, or how much super you need to retire comfortably. Answering such questions will help you prepare for your financial future and avoid unexpected issues.
The bottom line, all of the above-listed steps will help you ensure a healthy financial future. Yet, if you want the best result, you’d better contact Syndeo Group – the number one accountant firm providing the ultimate financial assistance services in Brisbane.