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5 tips to get financially fit
As the COVID-19 pandemic continues to impact consumers, Australians are being urged to focus on spending less and saving more.
5 tips to get financially fit
As the COVID-19 pandemic continues to impact consumers, Australians are being urged to focus on spending less and saving more.
Rebecca Walker, co-founder and director of Infinity Group Australia, believes consumers can provide the principles of personal training to finance and budgeting to achieve greater results.
“There are so many things about money management that you don’t learn at school, and it’s our job as advisers to make sure you are armed with all the information and tools you need to make good choices about your money and investments,” Ms Walker said.
“Budgeting is definitely a skill set that can be learned and only gets better with both accountability and practice.”
Rebecca Walker’s top tips for improving financial fitness
- Break up with your credit card – make sure any debt you have is for an asset that continues to increase in value, like a house, and pay all debts down as quickly as possible.
- Meal prep is not only a way to keep your waistline in check but also creates good money habits by decreasing your spend on eating out and encouraging you to practice budgeting skills.
- Find someone to help you stay accountable – just like a personal trainer, a lot of people need an outside source to make sure they stick to their plan and reach their goals. At Infinity, our dedicated financial personal trainers work with you to fix your finances, advise whether impulse purchases are a good idea and reduce your debt with tough love and a sense of humour.
- If you are buying a home or are looking to restructure your home loan, remember that structure always beats rate. Having a low rate is meaningless if you take 30 years to repay the loan, so if you can find an option that allows you to repay the loan in seven to 10 or even 15 years, then you can keep the money you would have spent on interest in your account – instead of the banks!
- Investing is the best way to grow your wealth. With the help of a trusted financial adviser, you will be able to make sure that your money pot continues to expand, and you really are making the most of what you have.
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