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A healthier and wealthier you in 2016

Tags Financial Health Barometer Saving for a Home
Category Budgeting Financial Health Barometer
A healthier wealthier you

As the new year fast approaches, it’s time to kick bad habits and get yourself on track to achieving your New Years resolutions.

With a new year, comes a fresh start. It’s a chance to reflect on how far you've come and what you hope to accomplish next, whether it’s becoming a healthier or wealthier you, or maybe both. The fun holiday period is a great time to start thinking about your resolutions.

Our most recent Financial Health Barometer found that Australians who are motivated in all aspects of life from health and fitness to pet or home ownership, are generally more happy and financially in control.

So why not hit two birds with one stone in 2016 and set a New Years resolution to achieve your wellbeing, happiness and financial health goals.  

Of the 2,500 Aussies aged between 18 and 65 surveyed, 49 per cent of those who said they were completely happy with life bought organic food, one in four followed a diet, and almost one third regularly got into downward dog and practiced yoga or pilates.

Fifty-six per cent of those who consider themselves to be in excellent health are spending money on a gym membership, and nearly one in four (23 per cent) on a personal trainer. 

So if you’re looking to improve your health, wealth and happiness, it’s time to get motivated. Set a resolution to get serious about your savings and help you nip it in the bud. It’s as easy as opening a High Interest Savings Account. 

Here are a range of tips that’ll have you achieving that resolution in no time:

  • Track your expenses over January - this way you’ll know what you spend your money on and where you can cut down. 
  • Our research found that many Aussies regret purchases they make throughout the year, for example shoes are the most regretted impulse purchase and beer lovers spent over $1,000 per year on the stuff. Before purchasing luxury items think to you yourself if you really need this seasons Jimmy Choo’s when last seasons are just as shiny. Opening a Notice Saver account to keep your savings at arm’s length can help you avoid some of those tempting impulse purchases. 
  • Once you’ve figured out where you can cut costs, divert those dollars to paying down debt. The 2015 Financial Health Barometer discovered that Gen X has the highest level of average debt at $172, 015 above Gen Y ($114, 155) and Baby Boomers ($100, 234). Pay off your debts first, starting with your credit cards. Think of the savings from interest alone!
  • Researching where to put your savings can help you get more bang for your buck. Our recent research found that 40 per cent of Australians save into their transaction account, missing out on *$2.3 billion in potential interest. Keeping your money in a High Interest Savings Account will help you get the most out of every dollar saved, and on your way to making healthy lifestyle choices.

*Roy Morgan Single Source, 12 months to April 2015 (n=33,630) Australians aged 14+ years who hold a transaction account. 

Any advice contained on this post is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs and because of that, you should, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs before acting on the advice.

On this website, you can find the RaboDirect Terms & Conditions, and the Notice Saver Product Disclosure Statement (PDS), which you should consider before making any decisions in relation to a RaboDirect product.