Checking in on your financial health

At the different stages of your life, your priorities and goals will change depending on what’s important to you at that time. However, there are several major things you should 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.

There’s no better way to start a new year than to review old habits and make changes, especially when it comes to your finances. Maybe you’re on track to achieve your financial goals, or maybe you’ve got more work to do, but regularly assessing your habits and setting goals should be one of your top priorities.

1. Your budget

Do you have a budget? Does your budget let you spend and save the way you want to?

Having a budget is the foundation of great money management, and can be just as simple as making sure you spend less than you earn. But this year, promise yourself to get serious about your money and set out a proper budget. Allocate funds for different uses, including regular savings.

2. Your savings

When it comes to your savings, every New Year is the perfect time to assess your savings goals and make sure you’re on track to achieving your dreams.

If saving is a hard habit to stick to, try setting an achievable goal. Whether you’re building an emergency fund, saving to buy the latest iPhone or putting money away for a holiday, having a goal in mind can help keep you motivated.

3. Your retirement

One savings goal that is important for everyone is retirement. While it might seem like a long time away for some, the sooner you start planning for your future, the more likely you’ll be able to enjoy yourself after you stop working.

Look at making extra contributions to your super or starting a savings account dedicated to your retirement fund.

4. Your debt

Credit card debt weighing you down? One of the simplest things you can do to take control of your finances this year is paying down any debt you might have – or at least making a start on it.

If managing several different sources of debt is overwhelming, take control by consolidating all of your outstanding debt into a personal loan with a fixed interest rate¹.

5. Your home loan

Not all debt is bad. A home loan is one of the best ways to purchase your own home. But even if your home loan is helping build a solid financial foundation for your future, there’s no point paying more than you have to on your mortgage.

With rates at an all-time low, now might be the perfect time to review your home loan and make sure you have the best possible deal. Book a free home loan health check and speak to one of our friendly home loan specialists today. They can help you find the perfect low interest home loan for your situation. No strings attached. No obligations.

6. Your insurance

Finally, don’t forget to check your insurance. The three big policies to keep in mind are: car insurance, home and contents insurance and life insurance.

As your lifestyle and situation changes over the years, don’t forget to upgrade your insurance. For example, moving from a rented apartment to your first owner-occupier house may require you to bump up your contents insurance.

If you already have home and contents insurance, double check your level of cover to understand just what is covered in your premium, and whether you have sufficient protection for damage caused by natural disasters such as floods, storms and fires.