New Year's resolutions
Top 5 tips to achieve your money
goals in 2019
Take control of your future by setting some
financial goals this year. Here are our top tips to help make 2019
your best year yet.
Make a plan for your
What are your money goals for this year? To give yourself the
best chance at achieving them, your goals need to be SMART:
specific, measurable, achievable, realistic and timely. Setting
timely goals means giving yourself a timeframe to achieve them.
With a SMART goal in mind, you now need to set up a plan for how
you'll achieve it. For example, if you want to save
$5,000 by the end of the year, work out how much you can allocate
to that goal each pay day.
Start with a budget
A budget will help you to map out your finances and work out
where your money is going. Start with the essential costs like rent
or mortgage, food, bills and transport, then allocate money for any
debts you're paying off. Anything left over can go towards your
other money goals.
Our budget planner makes it easy to work out where your money is
Home in on your savings
Having savings set aside will help cover you in case of an
emergency and will also help you reach your bigger money goals. Set
up an automatic recurring payment to regularly transfer money into
a high-interest savings account that is easy to deposit into but
hard to withdraw from.
We have lots of tips to help you zero in on your savings if
Check out our savings infographic to
see what other people are saving for and how they are reaching
their savings goals.
Work out how much you need to save each pay to reach your
Savings goals calculator
Knock out your debts
If you want to get on top of your debt in 2019, break down what
you owe into manageable chunks by prioritising what you can pay
Stay on top of your credit health by getting a free copy of
report and correcting any details that are wrong.
You could start by making extra repayments on your smallest debt
first. Once you have paid that off, move on to the next smallest,
and so on. If you start small, by the time you get to your biggest
debts you will be well equipped to knock them out.
Another option is to pay off the debt with the highest interest
Financial counselling is a
free service you can use if you need help sorting out your debts.
Financial counsellors are independent and confidential.
Take charge of your
Make 2019 the year you get on top of your super. If your super
is spread out across multiple funds, you are paying multiple sets
of fees that are reducing your balance. Your super is your nest egg
for your future, so why not start the year by consolidating your super into
one fund so you pay less fees and grow your lump sum faster.
Get to know your super by checking your investment options and what,
if any, life insurance your super covers.
You might also think about contributing extra to your super to
grow your balance. See our page on super contributions for more on how
to do this.
See how much extra contributions could grow your
Invest in your future
If your debts are under control and you've built up some
savings, 2019 could be the year to start investing.
Boost your investment knowledge
Never invest in something you don't fully understand; take the
time to read up on the types of investment options you're
interested in. Follow the golden rules and invest
You might also consider reading money or investing magazines, or
following finance and investing experts on social media.
Invest for your time frame
It's best to choose an investment based on how long you are
prepared to have your money tied up. Growth assets like shares and
property that usually have better long-term returns, can be more
volatile in the short term. We have guidance to help you choose
and reaching your money goals will help you achieve financial
freedom. By putting a good plan in place and committing to keeping
your money on the right course, you'll hit your
Last updated: 06 Dec 2018