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3 Ways To Boost Your Financial Fitness

If you worked out one day each year, would you expect to see any results? Probably not. Physical fitness doesn’t happen overnight. It’s something that’s built up over time through consistency and hard work. Your financial fitness works the same way!

You can’t simply set a budget at the beginning of the year and expect your finances to magically improve. If you want to give your financial fitness a boost, check out our three tips below.

Just because you’re reducing your overall spending doesn’t mean you can’t treat yourself every now and then.

General Information only.

*** Gedda Money is not a financial adviser. The information contained below is general in nature and is not personal financial advice. Therefore, you should consider seeking independent financial advice to determine if the information below is appropriate for your personal circumstances. ***

1. Know what you’re working towards

Maybe you want to run a marathon or do a chin-up or just be able to touch your toes. Having a specific goal or goals gives you something to work towards and keeps you focused. When it comes to budgeting, having a specific target in-mind like saving up for your wedding or renovating your kitchen will keep you on track to improve your financial fitness.

2. Trim down your debt

Before splashing your cash on a luxury holiday, you may want to focus on trimming down your loans or debt first. By reviewing what you’re putting into your account and what’s coming out, you may be able to find ways to slim down your expenses. After trimming your expenses you can put the extra savings towards paying off your loan.

3. Build a healthy lifestyle

If you cut out carbs from your diet, you might lose weight but chances are you’ll be miserable. Your budget works in a similar way. If you cut out your morning coffee and stop going out with friends, you might save some money but eventually, you’ll burn yourself out.

The key to a well-rounded budget is to think about what you value. You may need to make some sacrifices, but it’s important to also make room for the things you love. Just because you’re reducing your overall spending doesn’t mean you can’t treat yourself every now and then.

Want to fast-track your goals?

A healthy bank account, just like a healthy lifestyle, is all about balance. When you’re consistently making good choices and working towards your goals, you’ll start to see some progress. That doesn’t mean there isn’t room for a fun treat or reward along the way.

If you want to know if you can manage a car or personal loan while maintaining your financial fitness, check out our loans or get in touch with our friendly team.

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