Five ways to hack your finances in 2021
Did your financial plan fly out the window in 2020? Here are five ways you can get back on track to make the most of the new year.
If you don’t use it, lose it
Time’s up on subscriptions you’re just not making the most of. Whether it’s a gym you haven’t visited in months or a streaming service that just isn’t delivering, cancelling subscriptions that you’re not using can put cash back in your pocket.
Make sure your budget is realistic
Do you keep missing your goals or feel like you’re pinching pennies? It’s all well and good to make a budget but, if it doesn’t fit your lifestyle or your habits, you should re-evaluate. Make sure your budget gives you space to enjoy your lifestyle while still protecting “future you”.
Stop punishing yourself for mistakes
Whether you call it shopper’s guilt or buyer’s remorse, we all make choices with our money that doesn’t always align with our goals. The best thing to do after you make a purchase or financial decision that doesn’t quite sit right is to forgive yourself and make a plan for what to do next time. Consider setting a rule that you’ll always sleep on a big purchase decision.
Reward yourself
Your budget will feel like a chore if you don’t use your hard-earned money to reward yourself every now and then. Whether it’s a special meal, mini-break or new plant for your home – make space to enjoy your life.
Look, but don’t touch, your super
Many Australians took the chance to make an early withdrawal from their super during 2020, which provided immediate, much-needed relief to many families. However, this will leave many people worse off at retirement and they may need to work longer to be able to retire comfortably. It’s important to keep an eye on your super to make sure it’s on track to give you the retirement you want.
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.
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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
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RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.