New Year’s Resolutions – the good intentions people have to be better at something in their life over the year. People often set too-difficult goals and ultimately fail. Setting up the right goals is the first step to achieving success.

If “saving more” and “budgeting better” are goals on your list of resolutions this year, set up for success by implementing small changes to your daily life.

Remember your goals

If you are heading to the shops, remember the goals you want to achieve. Make a considered effort to make ‘saving’ your regular thought pattern and the habits of spending less will form easily!

Don’t buy the expensive brand names

Branded items are expensive because of the brand name, not because of the product. Most times, if you are able to buy a generic product, you end up saving money without skimping on quality.

Instead of going for the reputation of a brand, get a quality item at a much lower price and stick the difference into your savings to grow!

Make a savings club

Most people want to save, but just find it difficult not to splurge on items here and there. To help yourself stay accountable to saving, find a group of like-minded friends and learn to budget together! This way, you can also buy products together in bulk and split the cost.

Don’t spend what you don’t have

The easiest, most common way people fall into debt is when they overspend money that they don’t have. Avoiding spending money you don’t have yet. This helps to keep your budget tidy and your credit score clean. In theory, it sounds easy, but it might be difficult in reality, especially if taking out your credit card is your usual way of paying.

As part of your New Year’s resolutions, avoid paying by credit card unless the money is already in your bank. If your debt is building, getting help under the protected process of Debt Review can make sure you keep your assets while preventing a bad credit score as you get debt out of your life!

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Representative Example
Loan Repayments are full of variables and things such as rates and once-off initiation fees. These vary depending on your individual credit profile. The terms of the repayment period can range anywhere from three months to a maximum of 6 years, with varying Interest rates from creditor to creditor up to a maximum of 28% per annum (compounded monthly).

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