Motivate yourself with a 2020 financial detox

A detox usually means removing all the toxins from your body. It also refers to getting rid of something harmful from your life. In this case, financial detox can mean ‘cleansing’ your finances.

If you’re thinking your finances are looking a little burdened, consider kickstarting the new year with a financial detox. If you’re not financially well, you may be prone to anxiety, worry, and fear. While going on a financial detox might not sort your financial concerns overnight, it can be the start of a life-changing habit.

Here are some ways you can try:

Review your spending

Take a look at your spending habits to identify where you spend the most. While the huge purchases are definitely hurting your pocket, the small but cumulative purchases are usually the main culprits. So as part of your financial detox, learn to be mindful about where your money is going—up to the last cent.

Put together a weekly/monthly budget

Set an amount that you will only spend on a certain week or month. That way, you’ll have a much a clearer idea of where your finances are going each month.

Set up an emergency fund

You might have been putting it off in the last decade, but this 2020, start allotting an amount for your emergency fund. Unforeseen circumstances might hurt you financially so it’s better to have a rainy day budget. You can start by setting aside a few dollars from your salary every fortnight and eventually increase it as you go along.

Explore new possibilities

Now this may sound vague but this can mean a lot of things. It’s the start of a new decade so there are limitless possibilities in achieving your financial goals in the next 10 years or even less! The trick is to find valuable resources that could help you in your financial journey. It can be tools you can find online or professional finance brokers you can connect with.

Financial detox doesn’t require you to take an extreme lifestyle change for the rest of your life. Instead, it encourages you to practice healthy financial habits using the available resources around you.

Here’s to healthier financial habits and achieving financial goals this 2020!

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post Motivate Yourself with a 2020 Financial Detox appeared first on Soul Finance Group.

Personal finance apps for Australians

Last year, we published apps that can help you manage your finance. If none of those apps impress you, there’s no harm checking out these apps that created a buzz this 2018.

We’re down to the last two months of this year. It’s never too late to start managing your money!

Start controlling your finances with these personal finance apps:

IOU – Debt Manager

IOU (I owe you) is a debt manager app for things and money. With options like recurring debts, payments and notifications you can keep track of loans, periodic payments, bills, and personal debts all in this single app.

Also, it doesn’t just track your own debt, it keeps tabs on any debt that’s owed to you, be it money or any of your stuff.

Availability: iOS, Google Play, Windows Store

MoneyBrilliant

Remember the app Pocketbook? If you want another option for the same purpose, MoneyBrilliant is the app. It allows you to collate multiple bank and financial accounts into a single, easy-to-use location. You can create budgets, categories, transactions and save towards important goals. Moreover, MoneyBrilliant comes with a tax tool, designed to help you identify certain transactions that might be tax-deductible come tax time.

Availability: iOS, Google Play

Pelikin

This personal finance app is primarily for travel budgeting, and is aims to ‘reshape the way Australians save, send and spend money abroad’. Pelikin is an app and debit card combo that allows Australians to deposit and store funds as well as track their spending habits, but will also allow you to spend this money overseas without paying any account fees or currency conversion fees.

The app will soon be available from the app store but you can sign up here and join the waitlist.

Availability: Launching soon on iOS and Google Play

ATO

The ATO app puts tax and super help in your hand, making it easier for you to conduct your tax and super affairs on the go. If you’re an individual taxpayer, small business owner or self-managed super fund trustee, you can access relevant tax and super information and tools in one place.

Availability: iOS, Google Play

While these apps may or may not work for you, it is always smarter to consult a finance professional if you really want to take your personal finance management to the next level.

 Disclaimer:

Credit Representative (486927) is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 2018 Personal Finance Apps for Australians appeared first on Soul Finance Group.