There are a number of ways you can improve your financial health, achieve your goals and be prepared for any unexpected emergencies. The key is to pay attention to where your money is going. Here are five things you can do to take charge of your finances:

Make a budget

We're sure you’ve heard this one a million times already, but making a budget and sticking to it is key to managing your finances. People generally know how much they earn but are always surprised to find out where their money goes. So be reasonable with your budget; otherwise, it’s going to be difficult to stick with it. 

Manage your debts

Managing your debts is another key component of good money management. It’s much easier to achieve your financial goals when you don’t have a lot of debt, so be mindful of how much you're borrowing and what it is for. Keep in mind that there is good debt and bad debt, so consider whether borrowing money for an item that will depreciate (bad debt) is really worth it. 

Save and invest

Regularly saving a portion of your income can help you with big purchases, and can give you peace of mind that you'll be able to handle any unexpected purchases. Whatever your goals, it’s a good idea to get in the habit of saving regularly. It’s never too late, and be sure to include this in your budget! 

Improve your credit score

Improving your credit score is important if you wish to borrow money someday. Ensuring you pay your creditors on time is one way of getting a good credit score. Also, having a good credit score means you will gain access to better loan terms and lower interest rates. 

Have an emergency fund

Saving for a rainy day means setting aside around three to six months of your living expenses. Remember, this money should only be used when there is an actual emergency, such as losing your job or needing to pay for expensive medical bills.

If you’d like to know more about improving your financial health, get in touch today.  

In recent months, there’s been a lot of volatility in the market. We’ve seen interest rates increase and the share market fall, and now economists are predicting a global recession. If you’re an investor, it’s easy to be spooked by the news and feel the pressure to make reactive decisions – but choices driven by emotion can end up costing you down the track.

Here are our three tips for weathering market fluctuations.

Stay focused on your goals

Setting goals provides a road map for your financial success. When the market is volatile, you’ll be less inclined to make rash decisions as your focus will be on your long-term strategy.

When it comes to setting goals, a good rule of thumb is to make them SMART: specific, measurable, achievable, relevant and time-bound. Importantly, your goals should be yours and not influenced by others.

Be open to opportunities

A good investment tip is to widen your investments through diversification. With this strategy, you allocate your investments across various asset classes such as shares, property, bonds and private equity. It reduces risk as different assets do well at different times. So, if the return on one investment is falling, the return on another may rise, which offsets the poor performer. 

Investors naturally become nervous when there’s a market downturn, but it can offer some opportunities. For example, you may be able to buy assets at discounted prices. The key is to act cautiously but be vigilant in monitoring the market for possibilities.  

It’s not about timing the market, but your time in the market

 Timing the market is a strategy in which investors try to buy stocks before their prices go up and sell them before their value goes down. But it’s extremely difficult for many investors and is financially risky. Instead, take a long-term view of investing where your focus is spending time in the market. By doing this, you’ll ride out various market cycles, which increases your chances of achieving a positive outcome.  

We're not financial advisers, but we can certainly help you secure finance if you have plans to invest in bricks and mortar. <a href="https://rbfinance.com.au/contact">Get in touch</a> to find out how we can help. We’d love to hear from you.

When it comes to applying for finance, lenders need to make sure they can rely on you to pay them back — and your credit score will give them a good indication of how you handle your finances.

Not sure if you’ve got a credit score? Well, if you’ve ever borrowed money, signed up for a mobile plan, or have a power bill in your name, then you’ll likely already have a credit score.

What is a credit score?

Your credit score is a numerical representation of how you manage your debts and financial obligations. The number may change each month, depending on whether you pay your bills and other debts on time.

Before 2014, credit reports contained very little information, focusing only on the number of credit applications and any negative behaviour. The good news is, most credit reports are now much more comprehensive, which means they also report on all your good behaviour, too!

When you apply for a loan or credit card, lenders may look at your credit report to see how healthy your credit score is. The report is a record of your credit history and includes whether or not you pay your creditors on time. 

You can keep your credit score healthy by paying your bills — including credit cards — on time. You might also want to keep applications for credit to a minimum because you don't want lenders thinking you're racking up debt left, right and centre.

Need access to your credit report?

It’s important to know what your credit score is if you want to apply for finance. All Australians have free access to view their credit report once every three months. When was the last time you accessed yours? Ask us how.