Financial check-up for your New Year

Depending on what’s important to you at different stages of your life, will dictate what your priorities and goals will be. However, there are some major things that you should always make a habit of reviewing each year.

Disclaimer: The information contained in this article is of a general nature only and should not be taken as financial or legal advice on any of the topics discussed. Always consult a financial adviser before making any investment decisions.

The new year is right around the corner, which means it is time for you to take stock of your finances. Maybe you’re on track, or maybe you’ve got some more work to do, but regularly checking in on your habits and setting new goals should always be your priority!

1. Setting yourself a budget

If you have currently have a budget, is it currently working for you and allowing you to save and spend the way you want to?

Having, at the very least, a very loose budget is the foundation of good money management, and can be as simple as making sure you’re spending less than you’re earning. But, as the new year approaches, it’s time for you to focus on setting out a proper budget that allocates funds for different uses, including your regular savings.

2. Check-in on your savings goals

The New Year is a perfect opportunity for you to check in on your savings goals to ensure that everything is still on track.

You could try setting a savings goal about something that you really care about. You could, for example, look at building up an emergency fund or stash away money for your next big holiday. If you have a goal in mind it can really help to keep you motivated.

3. Start thinking about retirement

Retirement is one big savings goal you might not have really started thinking about yet! The sooner you start planning for your future, the more likely you are to be able to enjoy yourself after you stop working.

Make this the year you finally get around to adding extra contributions to your super, or if you’re eligible to do so, even start a savings account dedicated to your retirement fund.

4. Pay down your debt

Do you have a guilty credit card debt? If the answer is yes, one of the best things you can do for your finances is to start paying off debt that has been weighing you down.

If you’re not sure where to start, consolidating all of your outstanding debt into a personal loan with a fixed interest rate¹ will help you to take greater control.

5. Review your home loan

Remember – there is no point paying more than you have to on your mortgage.

With home loan rates at all-time lows, it might be the perfect time to review your home loan and make sure you’re currently getting the best possible deal.

Remember you can book a free home loan health check and speak to one of our home loan specialists today. They can help you weigh up the pros and cons to help you find the right low interest home loan for your situation. No strings attached. No obligations.

6. Look at your insurance

Finally, it’s worth checking in on your insurance. The three big policies you might want to consider obtaining quotes for today are: car insurance, home and contents insurance and life insurance.

As your lifestyle and situation changes, you might want to start thinking about review your insurance - for example, if you’ve started furnishing an apartment, you may need to take out or bump up your contents insurance.

If you’ve already got home and contents insurance, double check your cover level to understand what events are covered in your insurance, particularly on whether you are sufficiently protected from damage caused by natural disasters such as floods, storms and fires.