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Around half of us make New Year\u2019s resolutions \u2013 but only around 12% manage to succeed[1]<\/a>. With getting out of debt and sorting out our finances high on the wish list each year, here are three tips to help you keep your resolution and make 2016 a financial success.<\/p>\n

Step 1: Clean up past<\/p>\n

The average Australian owes $4,300 on their card[2]<\/a>. If you\u2019re one of them, and only paying off the minimum each month, this could take you more than 30 years to pay off, and cost you around $10,200 in interest[3]<\/a>.<\/p>\n

To start the year on a clean slate, sort out a system to pay off your credit card debt. You may want to consider consolidating them under a personal loan, or transferring the balance to a lower rate card. But remember, these strategies only work if you don\u2019t run up more debt \u2013 so be sure to exercise discipline with your card in the future (even if it means keeping them under the mattress for emergencies only).<\/p>\n

Step 2: Set yourself up for success<\/p>\n

Once you\u2019ve dealt with the past, get the present organised.<\/p>\n

A budget is a good idea \u2013 but before you create one, have a look at your short and long term goals. How much money do you need to achieve them? Once you\u2019ve worked that out, you can revamp your budget, based on what you want.<\/p>\n

And while you\u2019re getting your budget in order, sort out your paperwork too. If it\u2019s cluttering up your desk and hard to find when you need it, go digital. Set up templates for your budget or download one of the many budget apps that are available. Scan your receipts so they\u2019re ready for tax time. And ask your bank and super fund to send your statements electronically from now on.<\/p>\n

Step 3: Plan for the future<\/p>\n

You\u2019ve probably got some super saved \u2013 but will it be enough for the retirement lifestyle you want? If you\u2019re not sure, it\u2019s time to find out.<\/p>\n

An\u00a0online calculator<\/a>\u00a0can help you work out what you need and if you\u2019re on track to get there. If you\u2019re not, now\u2019s the time to consider setting up salary sacrifice or look at other ways to boost your super. For example, if you\u2019re approaching retirement, a Transition To Retirement (TTR) strategy may be an ideal way to boost your super savings.<\/p>\n

As well as building wealth, make sure you protect what you have for you and your family, with income protection, trauma insurance and TPD and life insurance. Make sure that you have enough cover too, so that if things go wrong, your lifestyle will be protected.<\/p>\n

Get Expert advice<\/p>\n

Now it\u2019s all in place, schedule a little time throughout the year to make sure things are up to date. Keep track of your goals throughout the year and be prepared to tweak your budget as things change.<\/p>\n

And remember \u2013 if you need a helping hand with these steps, or any other financial need, wecan help you keep your resolutions, and keep your finances on track.<\/p>\n