20160118 - New Year Photo

Thinking of getting your finances in better shape now that we have ticked into 2016? Here are our top 5 tips to set and track your financial resolutions and therefore give you greater chance of success this year:

  1. Review your financial health. With Christmas over and the holidays just about complete, many people realise that while they had a great time, they may have spent a bit more than they had wanted to! Many people resolve to complete a financial health check at the start of the year. If you are one of those people, we would suggest that you review your spending patterns, cash flow, debts and interest rates, insurances, superannuation and Will. This will not only help identify opportunities but will also help you set the right goals.
  2. Set achievable goals. Start by assessing what you want to achieve by the end of 2016 then break down to smaller, specific goals. For example, your goal may be to go on an overseas trip in a year’s time, to contribute more to superannuation or to ensure personal insurance and Wills are updated.
  3. Talk about your goals. People who share their goals are more likely to achieve them. Share your resolutions with someone you trust and check in with them regularly throughout the year. If you have children, consider challenging your children to review their financial health and set financial resolutions as well. Aim for monthly or quarterly check ups!
  4. Don’t leave it too late. If you have larger long-term goals that require a lot of money don’t wait any longer to start working on them. For example, if you would like to retire at a certain age, your resolution should be to determine how much you need to contribute to superannuation, understand investment strategies and take action. If you have school fees to pay or dentist bills coming up – plan today to take away the ‘sting’!
  5. Have fun. Financial resolutions are not all about saving for the long-term. Make sure you include some short-term goals (such as a holiday or small renovation) to reward good behaviour and keep you motivated.

If you have been thinking about setting some goals this year or perhaps you already have, give us a call, we would be happy to help you achieve them.