As we head into 2019, you may have already started putting your New Year’s resolutions together or setting some overall goals and intentions for the year ahead. ASIC’s MoneySmart website has put together their top 5 tips for achieving your money-related goals in 2019 and tools to help you action them.

Whatever your plans are for 2019, it’s always a good goal to work on your personal finances and take actionable steps to increase your knowledge each year. Whether it’s consolidating your superannuation accounts so you’re not paying fees to multiple providers, cutting up your credit card or learning about Exchange Traded Funds (ETFs), now is the perfect time to take control of your finances.

So…to help you get started here are 3 money misconceptions that you should let go of in 2019, to supercharge your financial goals!

I Need to Be Rich to Start Investing

Absolutely not true — and in the last few years new companies have launched in Australia, providing ways to start investing with just $5! Investing is now being democratised like never before, and brokers are allowing you to buy direct share parcels in amounts as small as $500 + brokerage. Many managed funds are also lowering their initial contribution amount to get started and giving clients the flexibility to set up regular contribution plans, so you no longer need $25,000 to access professional management.

This year is a great time to start investing for your future goals, and we’ll certainly be sharing resources here throughout the year on how to get started with investing.

I Can’t Afford XYZ

That adventure to Europe that you’ve been dreaming of for the last few years but have never been able to afford is much closer than you think. Whether you need $100 or $10,000, these goals are possible if you prioritise them and are willing to make sacrifices to achieve them.

What are you willing to reduce/cut out of your budget to save up the amount required? Maybe selling some of those unused Christmas gifts or offering your services locally to get some extra cash, will help make that dream a reality.

“Don’t tell me what you value, show me your budget, and I’ll tell you what you value”.  -Joe Biden

Money’s Just Not My Thing

I think this is probably the most important thing that I want young Australians to stop saying to themselves.

Money doesn’t need to be your passion, career or interest, but it most certainly needs to be something that you put some thought into.

If you don’t care about your financial situation who else will?

Companies thrive off people who are ignorant to their finances, and aren’t checking the fee’s that they’re paying on bank accounts, credit cards and investments. Only you can change the direction of your finances, save up for that house or care about how much you’ll have to retire on. It’s not something that you’ll magically figure out in your 40’s — so now is the perfect time to start!

Here’s to a happy, healthy and financially strong year ahead, and I look forward to bringing you many more resources to help you achieve your financial goals this year.

If you’re interested in learning more about money and personal finance, catch us on the How To Money podcast which you can find on iTunes, or via our online web-player. Follow us on Twitter @HowToMoneyAUS, and on Medium at How To Money Australia.

Kate — HTM Editor & Host

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