Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

New Year financial resolutions

Jan 04, 2011

Happy New Year everyone!  The start of a new year is the best time to get serious about your finances.  Here are some resolutions for you to try and achieve in 2011.

Start a share portfolio

The last six months was a tough period for the Australian sharemarket.  There will be turbulent times in the first few months of the year as well.  But there are bargains to be made in 2011.  Remember the maxim to "buy low, sell high."  Spread your risk by diversifying with a few stocks and purchase over a few months.

Control/reduce debt

Most households have felt the squeeze after seven rate rises since the GFC.  Whilst the Reserve Bank has hinted a freeze on any more rises in the short term, don't be complacent.  If you have the opportunity then start paying extra.  Avoid any future pain by paying off your debt ASAP.

Cut up the credit card

At $48 billion, the national credit card debt has never been higher.  In fact it has risen by a staggering  50% over the past five years.  Get rid of your "security blanket".  It's the devil.

Government co-contribution

Want some free money?  If you earn less than $31,920 then put an extra $1,000 into super and the Government will match it.  It phases out when your income reaches $61,920.  If you haven't started yet this financial year then start putting in $40 per week from now til 30 June. 

Don't incur late fees

Get into the habit of paying bills on time.  It amazes me how many people are lazy and get slugged with late fees by being inefficient.  $30 here and $50 there adds up over 12 months. 

Write up a budget

Most people get put off with having to write up a budget but they are really important for any household savings plan.  Excel spreadsheets has an excellent tool to make the process easier.

Save for a rainy day

What would happen if there was a GFC Mark II?  Don't get caught out.  Open savings accounts for education, holidays, Christmas and emergencies.  Put a regular amount into them from every pay.  Remain disciplined and don't access these funds!  

Do some study

With the economy recovering I am predicting that there are going to be some great opportunities in the job market later in the year.  The best investment you could make is in yourself and acquire more skills.    You are never too old to learn new tricks.

Spending diet

There are two ways to save money – earn more or spend less. "Cut out the fat" out of your spending.  Eating out, socialising, technology, clothing and transport are the main areas to focus on.  Look for bargains and buy in bulk.  Worry about the cents and the dollars will look after themselves. 

Monitor your resolutions

The worst part about setting New Year's Resolutions is not following through with them.  A note in your diary (or Outlook calendar) to review your goals every three months can put the slackest person back on track.

Tags: Financial Planning

Author: Mr Taxman

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "I NEED MY EX BACK DESPERATELY EMAIL DR. SAM FOR URGENT AND FAST HELP: SUPREMESPELLCAST@YAHOO.COM HI AM Jennifer Cross Sidwell!! from Australia. with this great tears of joy and happiness in my..."

    By: jennifer cross at Dec 10, 2018 12:01AM

    Post: Marriage

  • "HOW I GOT MY EX HUSBAND BACK WITH THE HELP OF DR PETER THE REAL ONLINE SPELL CASTER WHATSAPP/CALL +1(321)754-0649 My name is LINDA ROBERT from United State, I want to quickly tell the world that..."

    By: LInda Robert at Dec 09, 2018 8:31AM

    Post: Marriage

  • "HOW I GOT MY EX HUSBAND BACK WITH THE HELP OF DR PETER THE REAL ONLINE SPELL CASTER WHATSAPP/CALL +1(321)754-0649 My name is LINDA ROBERT from United State, I want to quickly tell the world that..."

    By: LInda Robert at Dec 09, 2018 8:31AM

    Post: Marriage

  • "HOW I GOT MY EX HUSBAND BACK WITH THE HELP OF DR PETER THE REAL ONLINE SPELL CASTER WHATSAPP/CALL +1(321)754-0649 My name is LINDA ROBERT from United State, I want to quickly tell the world that..."

    By: LInda Robert at Dec 09, 2018 8:30AM

    Post: Marriage

  • "My Husband divorce me for no reason, Thanks to Dr.FREEDOM for bringing back my husband,and brought great joy to my family once again, My name is Alberto Stephanie. i live in US, I`m happily married..."

    By: Margaret wyne at Dec 08, 2018 9:28PM

    Post: Marriage