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funding your New Year’s resolutions

January 10, 2019  |  #Money Management

From pursuing health and fitness to travelling the world, New Year's resolutions for 2019 will be hard to stick to. Start with these tips to keep them going!

We recently took a look at some of Australia’s most popular New Year’s resolutions for 2019. From improving your health and fitness to securing your financial freedom, there is an endless number of tasks you can apply yourself to as the new year begins. However, making a clear plan to turn the goals into a reality can prove difficult.

In fact, research from Finder shows that some 60 per cent of Australians don’t achieve their resolutions, with most having given up just 93 days into the year.

Here at Invest Blue, we can’t force you to make your resolutions happen. However, we can get you started with some tips on the most important aspect of those big goals – funding them.

If you’d like to work with a financial planner, please get in touch.

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How to fund: Improving your health and fitness

The simplest step for improving health and fitness in 2019 is joining a gym, but at what cost? Suncorp Bank research indicates that more than a million Australians spend in excess of $100 a month on their gym, with the average household contributing $2,340 to the fitness industry each year. To make sure you fund this goal properly, consider:

  • Shopping around for the most affordable gym.
  • Comparing gym investments with long-term purchases like a bicycle or home equipment.
  • Joining or starting your own local sports team.
  • Start small with walking or running to work.

Work out exactly what you like doing that fits with your health and fitness goal. The gym may be the first option you think of, but will it be the one that you stick with the longest? From there, plan out the costs of your chosen activity and make a call on whether it’s affordable.

How to fund: Learning something new

If you’re working full time towards your financial freedom, picking up a part-time tertiary course or tutor might not just be time-consuming, it is likely to be expensive. But thanks to the internet, there is a wealth of resources available to help you fund and find the knowledge that meets your New Year’s resolution. For example:

  • Duolingo is a free app that, for 30 minutes a day, can teach you new languages.
  • Resources like The Khan Academy provide free lessons on anything from mathematics to US history.
  • For something more practical, Code Academy is a free entry to the world of IT languages.

 

 

Learning something new is a difficult task to stick to in our time-poor society. But by starting with these free resources, you can explore any learning you desire completely on your own time.

How to fund: Travelling more

What’s your dream destination? Punch it into a flight aggregator like SkyScanner to find the cheapest months or the year to go there. Give yourself a tangible financial goal to save for, and utilise sites like Secret Flying and Google Flights to get notifications about the latest deals. Yet even then, you might find the financial challenge of travelling too much – in which case, why not aim elsewhere?

A six-month trip to South America won’t happen overnight. Use those deals sites to plan a smaller trip – perhaps domestically, or to a nearby Pacific Island. Use this as a practice run for your saving, planning and spending before you hit the big leagues.

How to fund: Your financial freedom

Financial freedom is a hard-won and long-term goal that will mean something different for every single person. For you, it might mean having enough money for a comfortable retirement, for someone else it may mean being free of debt.

The key to funding this is knowing exactly what you can achieve, and when. Start with simple, practical tools like our goal planning guide, then speak to the team at Invest Blue if you’re ready to make that resolution a reality.

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What you need to know

This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.