New Year Financial Checklist

As we move towards the end of yet another year we often ponder how fast the last 12 months have come and gone, many of us find ourselves thinking about the coming year and our aspirations for the future.

A financial checklist is an excellent tool to see how you are progressing towards your goals and to help identify any specific areas you might need to focus on in the immediate future.

Home loan review
Are you able to increase your payment amounts or frequency to save interest? With interest rates so low, should you refinance for a better deal or lock in a low fixed rate?

Other debts
Review the amount of personal loans, credit card or other debts currently being paid off. Consolidating debts could help control interest that is often much higher than that of your home loan.

Insurance
It’s important to regularly review your insurance policies to ensure that you and your family have adequate cover. When was the last time you reviewed your insurance cover?

Superannuation
What is the current value of your super? Is it working as hard as it should be? Are you on track to meeting your retirement needs or should you start making extra contributions?

Savings
How much money did you save this past year? Are you spending first and saving what’s left? If not perhaps pay yourself first by allocating up to 10% of your income to a regular savings plan.

Your will
People get married, have children, change relationships, get divorced or establish new interests. Left unaddressed, any of these may result in a will being legally challenged.

You don’t have to wait until the first day of January to review your financial situation…come see us today, and you may find that your other “New Year” resolutions are more easily achievable as a result!