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How to keep your financial planning on track

Keeping your finances in check is not the easiest task. How do you make sure you’re still headed towards your long-term goals? We’ve put together 7 tips to help you meet your financial goals.

Set up automatic deposits into savings

One of the simplest ways to start saving is automatic deposits into a savings account. Once you’ve decided how much you want to save each month, week or fortnight, you can set up automatic payments from the account your income goes into to a savings account. The same can be done for any bills you need to pay. Some energy providers even offer discounts for people who pay their bills via direct debit.

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Watch your savings

laptop-computer-on-table Once you’ve setup your automatic transactions, the next thing you can do is to keep an eye on your savings. Are they progressing the way you want or need them to? Evaluate and reevaluate your savings regularly to make sure you’re on the right track to meet your goals.

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Re-budget frequently

Have your circumstances changed while you’ve been saving? Have you re-budgeted to reflect that? Re-budgeting your finances frequently can help to keep you on top of them. Even if you’re saving well, can you save more? If so, you could meet your goals sooner than you thought. Or you could save a buffer as prices can vary a lot over time.

It's always a good idea to keep an eye on your budget goals. If you need help in setting appropriate goals, financial planning.

Watch the market

Prices can vary as markets can change, going up or down regularly. If you’re the type to invest your finances, the best thing you can do is to keep a close eye on your money. Stock prices can change every day. If you’re looking to invest or you already have an investment, then watching the market should become a regular hobby for you in order to keep your finances on track.

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Be prepared for emergencies

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Bad things can happen. Perhaps it’s an investment gone bad, sudden car repairs or a medical expense. Being prepared for these kinds of events means that if or when they hit you, they won’t hit as hard. Having a buffer for emergencies can mean keeping your finances where they need to be in order for you to reach your goals.

Celebrate when you do well

This doesn’t mean throwing a party every month when you’ve managed to save a little bit. This means acknowledging when you've hit your short term goals and maybe treating yourself to something small that won’t hurt your long term goals. Positive reinforcement can help you achieve goal after goal. You're less likely to give up on your financial goals if you feel like you’re being rewarded.

Reevaluate your goals

People change. Lives change. Sometimes what we want can change too. If your financial goals alter in any way, perhaps to something more expensive, you may want to consider changing your savings plan as well. Or maybe you’ve achieved your goals and you need to set new ones. Keep looking forward towards the future with your finances and you should have no problem staying on track.

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Tags: financial security, saving, deposit

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Important legal stuff

COMPARISON RATE WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.
Lendi is the trading name of Lendi Pty Ltd, a related body corporate of your licensed credit assistance provider, Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence Number 442372). We will never sell your email address to any third party or send you nasty spam, promise.
EXAMPLE: This example is current as at 20th October 2016. A Click Loans Online Principal and Interest Loan of $150,000 over 25 years has monthly repayments of $767. This is calculated based on the interest rate of 3.69%, comparison rate of 3.69%, upfront fees of $0 and annual fees of $0.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
Lendi is a privately owned and operated Aussie business. Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of major and non-bank lenders including Click Loans which is a wholly owned subsidiary of Auscred Pty Ltd and a related body corporate of Auscred Services, your credit assistance provider. Although Lendi compares over 1600 products from over 30 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 40% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. We have an independent and founder led board.
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