We are 2 weeks into 2016 and recovering from our Christmas excess. You are either still committed or have cancelled your gym membership (or still paying but not going). You are potentially looking at your bank balance and wishing it was as high as your calorie intake over the last 30 days.

Here's our 5 tips that will help you regain control of your finances and help set you up for a FANTASTIC 2016.

1. Just like a healthy lifestyle, a healthy financial lifestyle requires clear goals, a realistic plan, committment, dedication and regular reviews. Just like a health plan, sometimes financial plans can also go awry. Therefore it is important to have your strategy in place.

2. Contingency Fund - your contingency fund is there when a personal financial crisis accurs. Our recommendation is to have a rainy day fund designed to pick up the slack and prevent you from losing momentum on the main game.

3. Save 10% of your income - this is the golden rule. Paying yourself first is an age old strategy which has helped many investors build their war chest for future wealth and prosperity.

4. Put your money to work - keeping your cash under your mattress, or in low interest rate accounts prevents you from benefiting from the 8th wonder of the world - Compound Interest.

5. Understand what you are investing in. Do not place your hard earned cash into any investment that you do not understand. If you are keen on property investment - fullfil your education prior to parting with your cash. If it's shares that you prefer - remember to do your research.

Remember what Abraham Lincoln once said - "An investment in Education pays the best interest".

If you would like to know about Encompass' Financial Education Programme (Encompass Edge) please

Let's make 2016 your best money year yet!!!

Steve Skeen