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New year financial checklist

New year financial checklist
28Jun2019

These times of reflection are crucial to our lives whether we run our own business, are employed or retired. Perhaps it’s time to increase your payment amounts or frequency to save interest, or investigate locking in a fixed rate?

New Year Financial Checklist

It’s that time of year again – the end of financial year. Not only do we find ourselves pondering where the last 12 months have disappeared, we also find ourselves re-assessing our financial goals and aspirations for the future.
 
The end of financial year is the perfect time to reflect on where we started, where we are now and where we aim to be. These times of reflection are crucial to our lives whether we run our own business, are employed or retired.
 
It’s important to monitor your progression so that you can identify any specific areas you may need to focus on or tweak along the way. Using a financial checklist will ensure you are on the right path to achieving your goals.  

The key issues to consider are:

Home loan review
Your personal needs and circumstances will change throughout the years so it’s a good idea to give your home loan an annual health check to ensure it is still the right product for you. Perhaps it’s time to increase your payment amounts or frequency to save interest, or investigate locking in a fixed rate?

Other debts
Review the amount of personal loans, credit card or other debts currently being paid off. If the total of all loans exceeds 10% of household income, you need to implement a plan to reduce them as a matter of priority. Debt consolidation could help you become deft free sooner by reducing your interest rate and monthly repayments, however you need to ensure this doesn’t become an excuse to spend more.  
 
Savings
How much money did you save this past year? Did you manage your cash flow effectively? If your savings are considerably less than what you had anticipated by this time of the year, remember to pay yourself first by allocating up to 10% of your income to a regular savings plan. 

Insurance
It’s important to regularly review your insurance policies to ensure that you and your family have adequate cover. What would happen if you were in an accident or suddenly fell ill? Would you be sufficiently protected?

Superannuation
What is the current value of your super? If you aren’t sure, now would be a good time to check.
Are the fees reasonable? Are you on track to meeting your retirement needs or should you start making additional contributions?

Your Will
Putting together a Will itself is not particularly difficult or even terribly expensive. It is a fact of life that 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. Estate planning matters such as Powers of Attorney and Medical Directives should be regularly reviewed in addition to your Will.
 
Start the new financial year as you mean to go on. Chat to our financial planners and work through the above checklist to ensure you’re set for a financially successful year ahead.

Let our financial planners help!
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