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New years financial resolutions

Written and accurate as at: Dec 11, 2011
Current Stats & Facts

Our challenge to you is to tackle at least two of the areas below.

It may be too much of a mountain to review everything, but even if you just review a few things it's better than doing nothing at all.

We will prompt you over the next 12 months to take some action anyway.

Here is a short list of suggestions that might help you choose some areas that you would like to review or make a change in.

1. Time to review your debt arrangements. Is your debt structured appropriately for you? Does it need a review? Do you have deductible debt and non-deductible debt? If so, are you reducing your non-deductible debt as a priority over deductible debt? Have you got outstanding credit card debts? If so, is it worth reviewing a personal loan or a credit card with a lower interest rate? Do you have the capacity to increase your repayments to your debts?

 

2. Time to review your estate planning. Do you have a Will? If not, why not? If you do, how old is it and will it still be relevant? Is your superannuation beneficiary up to date? Have you had a recent change in circumstances?

3. Time to review your personal insurances. If you have a family, are you adequately covered if an unforeseen event happens to you or your partner? Whether you have a family or not, is your income insured? If you have Income Protection, is the waiting period appropriate and is the amount insured up to date with what you are earning?

4. Time to review investments. How long has it been since you reviewed your investments, be they shares, property, managed funds inside and outside of your superannuation fund. Do they reflect what you want to achieve over the coming 12 months? Are they structured appropriately? Are you going to research new investments?

5. Time to review cashflow. Many people revisit their expenses budgets for the start of a new year. Not exactly an exciting thing to do; however, to some people it provides a sense of relief that you know where you are heading. Are there any avenues to accelerate the repayment of debt, increase money into investments or increase money into superannuation? Are there options to pay less tax?

Did you know 25% of people throw in the towel within the first week of making a New Years Resolution, click here to read more.