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3 Ways to Improve your Personal Finance Fitness

3 ways to improve your personal finance fitness

Keeping fit is an important part of staying healthy. Unfortunately, we can’t all receive an experimental serum like Steve Rogers and become the next super-strong Captain America – as much as the idea sounds appealing.

Instead, we mere mortals who do not live in the comic-book universe must rely on the tried-and-true methods of improving our fitness. Regularly taking to the pavement for a run or working out in the gym can ensure that our muscles and bones stay strong and healthy for years to come.

The same is true for our personal finances. As much as most of us would love to win the lottery or inherit millions of dollars from a mysterious benefactor, chances are we will need to work hard to maintain our healthy personal banking accounts.

Here are three tips to keep your finances fighting fit:

Don’t let the holidays ruin your hard work

It’s a common effect at this time of year, when the large Christmas parties mean large Christmas meals and less time for exercise. The average Australian gains 0.8-1.5 kg over the Christmas holidays, according to Nutrition Australia. This may not sound like a lot, but research shows that this weight is typically not lost.

Spending too much is similar to not eating right – the debts you get into now can impact your finances for a long time to come. Make sure that you don’t drop the ball over the Christmas period by sticking to your budget and keeping a mindful eye on your plans.

Try something new

After a few weeks of jogging around the block after work, you may find that your weight loss slows and it suddenly becomes harder to notice a difference in your fitness.

This is because your body quickly adjusts to the levels of exercise you perform, and you need to change up your routine to keep your muscles really working. Trying a new machine at the gym, running a new route or even just hitting the pavement for a longer period each day can help re-ignite your workout.

With your personal finance, it pays to keep an eye on how things are performing. Sticking with the tried-and-true is not always the best option. Regularly review interest rates, investments and loans to make sure you haven’t hit a wall – and don’t be afraid to try something new if necessary. Checking out BOQ’s high interest web savings account is an ideal solution here.

Restaurant business and Expensive huge food bill symbol or overpriced dining price tag as a piece of fresh sushi held by chop sticks with a dollar sign inside the roll as an icon for entertainment cost or tipping service.

Get advice

When exercising, you don’t want to get an injury that can put you right back where you started – or in an even worse position than before. Unlike Captain America, you are not invincible. Before undertaking any new exercise routines, it pays to talk to a professional. A fitness trainer or health care professional can help steer you in the right direction and avoid any nasty injuries.

Similarly, your finances require care and attention – wildly investing in the wrong area can quickly lead to a sprained ankle or torn ligament.

Talk to a financial advisor before making any changes to your personal finance workout strategy. This should help you avoid any crippling injuries that could leave you with months – or even years – of recovery.

Do you think your money is working hard enough for you? What personal finance exercises can you recommend?

This blog post is for general information purposes only and is not intended as financial or professional advice. It has not been prepared with reference to the financial circumstances of any particular person or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.

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