January 11, 2019
A new year often brings with it a desire to start fresh and be better. After eating and drinking too much over the holidays we all usually want to get fit, eat healthier or drink less, but what about our finances? Credit cards tend to cop a lot of use in the lead-up to Christmas, and before that as the year draws to a close we can get a bit lazy with our budgets. Mortgage broker Anthony Gentile believes that your financial health can be just as important as your physical health, and is a much easier resolution to achieve!
Plenty of people go on diets or exercise regimes as part of their New Year’s resolutions. Typically, people start with lots of enthusiasm and commitment, but then as the weeks pass the goals seem all too hard to achieve.
Getting your finances in shape is a similar challenge, and success is all about setting goals, making small steps to achieve them and getting support along the way from an expert.
Having an expert mortgage broker like Anthony Gentile in your corner will help you get on track from the start, so that by the end of the year you’re in the best financial shape of your life.
We’ve set out four simple resolutions that could make a positive difference to your financial fitness, saving you money and reducing your stress in 2019.
1. Get a handle on your budget
You may be feeling a bit of a financial hangover after the holidays and this is fairly normal for many Australians. December can be a rough month for even the savviest saver, and if you have kids who are on holidays then it can feel like your savings simply vanish at this time of the year.
Whether you have something in mind that you’re saving for, or just want to avoid being cash-poor this year - everyone needs a budget. If you haven’t created one recently then it’s a smart way to spend an hour or two at the start of the year since thing always change.
The ASIC MoneySmart site has a great budget planner as well as an app called TrackMySpend that you can use on the go. Working in conjunction with your budget, you can use the app to set a spending limit and track your progress over time.
If you need a bit more help, then Anthony Gentile at Mortgage Choice in Brighton-Le-Sands & Rockdale can help you plan a realistic budget to achieve your financial goals, or get you on track with your savings.
2. Review your home loan rate
Just like getting a check up from your Doctor to identify any health issues, having your home loan reviewed by a mortgage broker can tell you whether you could be paying a lot less for likely the most expensive asset you own.
The great thing is that reviewing your mortgage can be a lot easier than you think. Mortgage broker Anthony Gentile can tell you whether you could get a better home loan deal in just a short meeting.
If it turns out that refinancing your home loan will save you money in the long run, then Anthony will do all the legwork for you, work with the lenders and keep you updated along the way.
Having a home loan health check and getting onto the best deal possible could be one of the easiest things you’ll do this year to increase your cashflow, boost your savings and reduce your stress.
3. Check your credit score
No matter what your financial goals are for 2019, it’s important to keep in mind that many lenders are paying a lot more attention to credit ratings. Your credit rating is the numerical score that represents how trustworthy your reputation is as a borrower.
Your data is supplied to credit reporting agencies by banks, creditors and government agencies who then analyse the data to form your score. Things like late or missing payments can show up on these reports, so they’re a handy tool to know what lenders will be finding out about you. They’re also a great indication of where you might need to make some financial fixes.
You can access a free credit score report - a link to one of these credit reporting agencies is on Our Partners page - which can tell you how risky lenders might think you are if they assessed you for a loan or credit card.
Brighton-Le-Sands mortgage broker Anthony Gentile would be happy to talk you through the process and how your score could impact your finances this year. Knowledge is definitely power, and this knowledge could mean the difference between getting finance approval or not in 2019.
4. Consolidate your debts
Do you have several debts, like multiple credit cards or personal loans? They could act as a red flag for lenders if you’re looking for finance this year. Multiple repayments can also have a negative impact on your ability to pay off your debts.
Reducing the number of credit cards you have, ideally by paying them off, is a great step to take. But if you’re struggling with the cashflow to pay off your credit cards, then consolidating all your debts into one can reduce your repayments by combining then into a lower interest rate loan, saving you money each month. Fewer debts will also look better to lenders if you apply for finance this year or down the track.
Your current credit card limits are another often unexpected hazard for your financial health - even if you don’t “max out” your cards. If you seek finance this year then lenders will look at your credit card limits as well when they assess you for approval, since these limits are credit you have access to and can make you look risky to lenders.
As an experienced mortgage broker, Anthony Gentile is well-versed in consolidating his clients’ debts and can guide you towards a better debt situation to improve your financial fitness and end up with some extra cash to play with (or save).
Getting financially fit is the perfect resolution for 2019 – Let us help!
Anthony Gentile at Mortgage Choice in Brighton-Le-Sands & Rockdale can help you improve the health of your finances this year. Make 2019 the best year ever for your personal finance and get on the right track to achieve the goals that have been in the “too hard basket” for too long.
Call Anthony today on 0431 708 806, click “Contact us” at the top of the screen or visit us at Shop 49/314 Bay St, Brighton-Le-Sands.
