The top 4 New Year money resolutions you should be making

As we head towards the end of 2020 — can you believe another year has passed so quickly — it’s a good time to sit back and look at how your money is working for you.

How have you gone with your finances this year?

Sure it’s been a strange year, but how are you doing financially?

Did you achieve the savings goals you set out to achieve? Savings Goals

What areas do you need to improve on?

This may sound like boring homework, but nothing stresses out people more than feeling like they have lost control of their money.

It’s a big source of arguments among couples, and placing your money in the ‘too hard basket’ will only add to your stresses.

In my experience, most money problems can be solved with some reflection on what needs to change, followed by a bit of planning.

Here are some resolutions I recommend adopting to set you up for the New Year:

1. I will not spend more than I earn

It sounds pretty basic, but a lot of people fall into this trap.

It’s not that they want to spend more, but they still find themselves shocked at the end of the month to discover a whopping great credit card debt.

Or they have no real concept of their monthly expenses so even if their discretionary expenditure is moderate their monthly bills  are higher than they realise.

It’s one of the reasons I’m not a huge fan of direct debit payments.

They’re convenient, of course, but it’s so easy to lose track of what you’re spending.

2. I will prepare for surprises

If there’s one thing you can be sure of when it comes to your finances, it’s that there will be surprises.

BepreparedLife will be going along as per usual and then, bam, the car dies or an unexpected bill comes in.

There’s only one way to stop you from being blindsided by these ‘surprises’ and it’s to treat them as routine.

Factor in a 10 per cent buffer in your earnings to pay for these out-of-the-blue expenses so they are no longer a shock.

Just make sure you don’t dip into that 10 per cent to pay for everyday expenses or splurges.

3. I will stop spending money on things I don’t love

I am a big fan of enjoying life, but I know that this means different things to different people.

For some, it’s prioritising travel, for others it’s an expensive hobby, such as sailing or skiing.

Impulse PurchasesThere is absolutely nothing wrong with spending money on the things you love.

But there is something wrong with spending money on things that you don’t love.

It’s easy to spend money on eating lunch out everyday or that second cup of coffee out of routine rather than enjoyment.

So cut back on anything you don’t love, so you can spend money on what makes you happy.

4. I will set an investment strategy

Everyone needs to plan for the future no matter what your risk appetite.

This means spending no more than you earn, of course, but more than that, it also involves looking after your future financial prospects through investments

On top of managing your daily expenses, you need to consider how you’re placed for retirement.

StrategyAre you in a good super fund so you can make the most out of compound interest?

Are you building a  solid investment property investment portfolio and do you have the right finance structures in place to hold on for many years to maximise the full capital gains?

Planning for the future is essential, as no one develops financial freedom by saving a little each month from their wages.

But many people do just that.

They fall back on their wage and bury their head in the sand about how they’re placed financially and what the future has in store.

But there’s a great saying that applies well to finances: monsters live in the dark.

Bring your money skeletons out of the closet, face the reality of your situation, good or bad, and you’ll be setting yourself up for a happy — and prosperous — 2021.

I hope it’s a great one for you.

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on


If you’re wondering what’s ahead for property you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In “interesting” times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3.5 Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.


Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.

Kate Forbes


Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).
Visit Metropole Melbourne

'The top 4 New Year money resolutions you should be making' have 2 comments


    December 28, 2020 Kevmeister

    I think you need to say “prosperous 2021” at the end of the article, not 2019.


Would you like to share your thoughts?

Your email address will not be published.


Copyright © Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts