5 Tips to Improve Your Financial Health

Financial Health

Lifestyle

Team MONEYME|15 June 2021| 3-minute read

Many people spend a lot of time and energy looking after their physical and mental health, but what about financial health? Worrying about money and finances can be a big cause of stress for many people, but the good news is there are many steps you can take to improve your financial well-being.

Here are some simple financial tips that may help improve your financial situation.

1. Keep track of how much you spend

A good first step is to take stock of your current financial situation and spending habits and see exactly where your money is going each month.

To do this you will need to look at how much money you have coming, what your expenses are and how much money (if any) you are saving each month.  An expense tracker app can help you track your expenses more easily. Also, by sacrificing some of your non-essential spendings, you may be surprised at how quickly your savings can add up.

Once you are aware of your spending habits, you’ll be in a better position to make sound financial decisions.

2. Set a budget

Having a budget can help you prioritise your spending and maximise your savings.

For example, you may have discovered that you spend a lot of money each month eating out, so you may decide to save money by taking your lunch to work instead of getting takeaway, or you may find that you have a lot of subscriptions or memberships that you are not actually using so you may want to consider cancelling some of these.

Setting a budget can help you to identify and implement any everyday spending changes that you would like to make.

3. Consider consolidating your debts

From car loans and personal loans to a credit card, you may find you have a lot of smaller debts, so it may be worth considering consolidating your loans into a single loan.

Depending on your specific financial situation, by doing this you may be able to save money by paying less interest or reducing your total fees. It can also simplify things if you only need to make a single monthly repayment, rather than juggling several different repayments throughout the month.

You’ll need to do the sums before you go ahead to see whether consolidating your debts is financially the best option for you.

4. Keep money aside for an emergency

Emergency funds can take a while to build up, but it may be worth it to keep your financial health in check.

Even if you have created a realistic budget for expenses, there are always going to be unexpected things that crop up from time to time. From emergency medical expenses or car repairs to an illness, unemployment or even a global pandemic, life can be very unpredictable. With so much uncertainty, having easily accessible money set aside for a rainy day can really give you peace of mind.

5. Seek advice from a professional

An accountant or financial adviser may be able to help you discover ways to improve your financial health that you may not have thought of, so you may want to consider taking the time to speak to a professional about what are the best financial choices for you.  

By taking stock of your current financial situation and implementing some personal financial planning tips, you may be pleasantly surprised at how quickly you can improve your financial health and start to make better decisions for the future.

Although it is good to prepare your budget, if you do find you need same-day cash loans or instant loans, Australian online lender MONEYME offers personal loans with a quick online application process.

Whether you need extra cash for big or small spending, MONEYME offers secure and tailored personal loans from $2,100 to $50,000. And to make things even easier, MONEYME provides a free online personal loan calculator which is a useful tool to help you plan your finances when taking out a loan. Contact MONEYME today to find out more.