What financial problems will the New Year bring?

Introduction

As the New Year approaches, it begs the question – will 2024 hold the same financial challenges as 2023?

While we cannot be certain about the future, in the new year we are most likely to see the same problems as in 2023, rather than a host of fresh issues.

Issues

High interest rates are expected to continue into 2024 unfortunately, which will result in high mortgage repayments for homeowners.

High cost of living and inflation will most likely continue, impacting people’s spending habits and purchasing patterns. A lot of Australians will have to tightening their belts further if the cost of living increases in 2024.

Housing prices in Western Australia will also most likely go up, depending upon the area, as the state sees a greater amount of migration in. 

Conclusion:

In conclusion, 2024 looks like a year in which good financial planning, budgeting, and keeping an eye on your home loan, will become increasingly important.

If you would like more information, or require further help or advice, please contact the friendly team at AA Finance Solutions for support.