Your New Year financial resolutions

This is the time of year when we reflect on what we have achieved, where we want to go and what we need to get there. We can do this whether we run our own business, are employed or retired.

So this year, while you plan out your new resolutions, consider your financial future and how you are progressing towards your goals. This will also help identify any specific areas you might need to focus on in the immediate future. Some key financial issues to consider are:

Savings and superannuation
What is the current value of your retirement savings, including super? Are you on track to reach your retirement goal, or do you need to start putting more away?

Your Will
Estate planning matters should be regularly reviewed in addition to your Will. Lifestyle changes, divorce, new relationships, and new interests can result in a need to change your will and or update your estate plan.

Insurance
When accidents or illness strike, most people are caught insufficiently protected. It is important to regularly review your insurance policies to ensure that you and your family have adequate cover.

Annual savings
How much money did you save this year? If your savings aren’t as healthy as you’d hoped by this time of the year, it’s time to remember to pay yourself first and allocate part of your income to a regular savings plan.

Other debts
This refers to the amount of hire purchase, personal loans, credit card or other debts currently being paid off. If you have other debts you should implement a plan to reduce them as a matter of priority.

Home loan review
If you’re still making repayments, is it time to revisit your progress? Are you able to increase your payments or frequency of payments to save interest?

You don’t have to wait another year to review your financial situation ... do it today, and you may find that your other New Year resolutions are easier to achieve.