Feature of the Month: Track Your Assets and LiabilitiesJanuary 22 2021
A lot of people use the start of the year to review their goals and set new resolutions for the rest of the year. For those into personal finance, there are many different methods you can use to set your individual money goals, but one step in particular is vital to your success.
Understand the value of all your assets and liabilities!
By knowing the current state of your finances, you can determine what you want to improve on or maintain for the coming period. Do you have too much debt? Cut down on the use of your credit card. Is your emergency fund running low? Allocate a couple bucks a week to top it up. The important part is to know exactly how your money is being used, and determine if you can utilise it more effectively.
Moneymgmt assists users keep track of it all through the Wealth section of your portal. You can add assets such as home, investment properties, bank accounts, motor vehicles, shares, superannuation and contents. On the flip side, you can load in liabilities such as home loans, credit cards, or any additional loans for a more accurate representation of your overall net worth.
Get a clear picture of your current finances so you know exactly where you want it to go! Sign up to Moneymgmt today!