The start of a new year might get your cork popping, but the financial resolutions you make with a clear head are far more likely to create a champagne future. So let’s get money smart with some new year 2021 habits.

Tip 1: Invest your (future) self

Investing in your personal and professional growth will not only yield future returns, it also presents you with ‘right now’ benefits. The time, effort and money you invest into yourself will have a direct impact on the quality of life you experience now and well into the future.  Some of the most successful people alive today attribute much of their success to their investment into their own personal development and wellbeing. Investing in yourself helps to create a strong and secure foundation with which to build on throughout your life and will impact your ability to prosper, perform, achieve your goals and live to the fullest.

Tip 2: On pay day, pay yourself first – you’re worth it

Ask your employer about setting up a salary sacrifice arrangement for your super. You could find, depending on your salary, you may save on tax. Super is a long-term relationship – the more attention you give it, the greater the potential. Then sit back and let compound interest work its magic.

Tip 3: Will you reach your dreams?

Your retirement dream may be lavish; it may be simply be not to worry about money, or you may not have even thought about it, but it doesn’t hurt to see how you’re tracking. The MoneySmart Retirement Income calculator, will help you determine how much monthly income you’ll need in retirement, show you the progress you’ve made with your current super savings strategy, and suggest what it may take to reach your goal.

Tip 4: Tool up and save

We all know how important it is to track your spending and prepare a budget. But who’s got the time? With so many time-saving financial apps on the market, it’s worth taking a moment to track down the best tools for the job. They won’t just save you time – if you stick to the plan, they’ll save you money as well.

Tip 5: Be your own boss

Do you dream about turning your passion into a business and kissing your day job goodbye? If your goal is to create income then it pays to be business like from the get-go. Set some goals, create a dedicated work space and write a business plan.

The Government has some good resources to help people set up a small business. Check out the ‘guide to starting a business‘, including how to write a business plan, identifying your target market and developing a marketing plan to reach your customers. Do a course to plug any skill gaps. And download some online accounting software to keep track of your progress.

Tip 6: Time is money. Your money

The new year could also be your motivation for (finally) seeing a financial planner like Pinnacle Wealth Solutions. We can ask the right questions to get a holistic view of your finances, help you with all the tips above – as well as offering you tailored advice to help you set your financial goals and develop strategies to help you reach them. Contact us if you would like a FREE 30min consultation.