Take a financial pledge this year

This year, take control of your debts and achieve your goals by making a financial pledge. This involves completing the sentence, “This year I will...” This pledge, originally initiated by the Australian Securities and Investments Commission (ASIC), aims to make your financial dream goal a reality by writing it down and committing to it.

The top three answers posted on ASIC’s MoneySmart Facebook page included:

  • This year I will... Cut back on wants
  • This year I will... Shrink the mortgage
  • This year I will... Spend money wisely

According to ASIC’s Senior Executive Leader for Financial Literacy, Consumers, Advisers and Retail Investors, Robert Drake, the key to a good pledge is to make it specific and share it with others.

“If you share your pledge with family and friends, you’ll have a band of supporters who’ll help you stick to it. It also gives you a sense of ‘we’re all in this together’ and a reason to celebrate at the end of the year,” said Mr Drake.

Whether it’s a public pledge or a personal one, it’s important to write it down and put it in a place where you can see it.