4 ways to boost your finances without a financial advisor

When we think about making good financial decisions, most of us may turn to a financial advisor or family to get advice about where the economy is headed, and how we can best manage our money.

However, your financial health ultimately comes down to one person – you. It’s you who will decide how you’ll earn, spend and invest your money, so making smart financial choices is key to improving your livelihood.

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Whenever you approach a new financial decision, remember you are your biggest asset and ‘backing yourself’ will help you improve not only your your financial wellbeing, but many facets of your life – so here’s how to do it.

Invest in yourself

Your knowledge and skill set will shape your earning capacity throughout your whole life. The more knowledge and skills you have, the greater spectrum of employment options you’ll have. Studying at uni or tafe will make you more knowledgeable than unqualified job-seekers, which will increase your chance of scoring your dream role which might also land you a bigger pay cheque! For instance, learning a new language or even working in an overseas market can give you more opportunity to earn money internationally.

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Making responsible financial choices is also a big part of investing in yourself. New research from finder.com.au which surveyed 2,031 Aussies, found not being able to afford an unexpected cost, such as a medical emergency is our biggest financial fear, followed by losing a job and having a bad credit score. To avoid being in this position, make sure you take steps to make positive financial choices such as investing in health insurance and managing your debt accounts.

Have the confidence to ask for a better deal

Many of us feel reluctant to ask our energy, gas, phone, internet, credit card, home loan providers for a better deal. However, you really have nothing to lose by asking – the worst that can happen is they’ll say no. There’s a good chance your provider will actually offer a better deal as they may be afraid to lose you as a customer. With so many providers in the market, most will be willing to meet your expectations so that you don’t leave them!

For example, research from finder.com.au has found that 82% of borrowers who asked for a better deal on their mortgage, got one – and the potential savings that can be made from this, are huge. For example, if you have a $500,000 home loan with principal and interest repayments over 25 years at an interest rate of 4.00% p.a, but managed to refinance to a rate of 3.75% p.a, you’d save$20,558.46 over the life of the loan, or $69 per month.

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Don’t be afraid to invest in something new

Investing our money is important as it helps us improve our overall wealth. Investing in high-interest savings accounts, shares, superannuation funds and property are tried and tested ways of (hopefully) making a profit over time.

However, in Australia, there is also a largely untapped market of unconventional investment and trading platforms. Recent finder.com.au research shows Aussies are ‘late adopters’ with new ways of investing with’ just 1 in 6 of us planning on using alternate investment/trading methods over the next 12 months. If you have scope within your risk profile to try something new, you might benefit from these a traditional investments such as robo advice or peer to peer lending – just make sure you do your due diligence and brush up on the risks involved.

You can also give your income a boost by investing in the sharing economy. Research from finder.com.au which surveyed over 2,000 Australians found that people can make almost $20,000 per year by getting involved in this market! Have a think about renting out a property or spare bedroom on Airbnb, becoming an Uber driver, house sitting or pet sitting.

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Speak up and ask for a pay rise

Talking money with your employer can be an awkward topic, especially if you’re both not on the same page. However, to progress in your career, this is a bridge that many of us will need to cross at some point. When approaching this subject, make sure you get your timing right! If you’ve consistently exceeded expectations in your performance reviews and the company is doing well financially, you should take the opportunity to ask for a raise. Make sure you catch your manager at a convenient time and be prepared to answer some honest questions about why you deserve to be paid more for your work.

If it doesn’t go to plan – don’t be disheartened! Sometimes constructive criticism can point you in the direction you need to score a higher salary in the future. Your employer may also be willing to negotiate some alternate benefits such as more flexible work arrangements or additional training for you.

When it comes to making sound choices and improving your financial health, confidence and assertiveness can go a long way. Keep these things in mind the next time you’re thinking about your financial future – and remember that YOU got this!