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Finance Investment, General News

New year, new financial you

RMIT University 2 mins read

The start of a new year is a great time to commit to your money goals, budget better, pay down debt, ditch bad habits, and improve your financial picture to reach your goals. A finance expert from RMIT shares her top tips for a better financial 2024. 

Dr Angel Zhong, Associate Professor, Finance 

Topics: finance, budget, spending, savings 

“Take stock of your financial journey in the past year and look at what worked and what didn't.  

"Understanding your financial landscape is the first step towards positive change.  

"Whether it's building an emergency fund, paying off debt or starting an investment portfolio, the key is to establish goals that align with your unique financial situation. 

"Shift from financial stress to empowerment, and you'll find your financial decisions becoming more purposeful and aligned with your aspirations. 

“Here are some actionable strategies to kickstart a financial reset for the new year:  

  • Set realistic financial goals: Start by reviewing your finances and setting up a realistic budget. Identify areas where you can cut back on expenses and make some new financial goals for the year.  
  • Track your spending: Keep track of your spending and identify areas where you can cut back. Use a budgeting app or spreadsheet to help you stay on track.  
  • Pay down debt: If you have any outstanding debt, make a structured plan for repayment. Consider consolidating your debt or negotiating with your creditors to reduce your interest rates.  
  • Strategic budgeting: Develop a comprehensive budget that not only tracks spending but also allocates funds towards savings and investments. A well-structured budget serves as a roadmap to financial success.  
  • Superannuation health check: Your superannuation is a cornerstone of long-term financial stability. Consider examining your investment options, performance of your superannuation funds and the amount of your contributions.  
  • Get professional help: If you’re struggling to manage your finances, consider getting professional help. A financial advisor can help you create a plan to reach your financial goals.  

“The key to a successful financial reset is to set realistic goals and stick to them. By making small changes to your spending habits and focusing on your financial goals, you can make 2024 your year for saving and building a positive relationship with money.”  

Angel Zhong is a finance academic who specialises in empirical asset pricing, digital finance, global financial markets, investor behaviour and the recent trends in retail investing.    

Contact details:

Interviews: Angel Zhong, 0433 810 413 or   

General media enquiries: RMIT External Affairs and Media, 0439 704 077 or

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