Seven New Year Financial Resolutions! Make 2016 your best year yet!

Happy New Year!!!!! We hope you had a very Merry Christmas and Happy New year!!

The beginning of a new year is a great time to take stock and think about how you can improve your life. Many of us start the year with good intentions, but things often get in the way as the year progresses.

Getting your finances in order is a common resolution and like quitting smoking and losing weight, there is no quick and easy solution. The best way to make 2016 a year of real achievement is to make a few small, regular changes and reap the benefits over time.

We have been planning our 2016 and wanted to share our top seven New Year’s financial resolutions to ensure you make the most of the year ahead.

Seven New Year Financial Resolutions! Make 2016 your best year yet!

  1. Set yourself goals. Do you know where you want to be in the short, medium and long term? How achievable are your goals? If you do have goals, that is awesome! But when did you last review them? Do you celebrate your success when you achieve them? Also ensure you put your goals on paper and share them with your family.
  2. Review your budget. Do you have a budget and save each month? Do you pay yourself first each month? Your cash flow is the core to achieving your goals. It is important to know where you are spending your hard earned money and where you have the opportunity to save more to achieve your future goals and dreams. Once you set a budget it should be looked at on a regular basis and not set and forget.
  3. Review your debt. When did you last review your home loan, personal loan, car loan or credit card debt? Are you able to reduce the interest rate to allow you to pay off the debt faster? Often all it takes is a phone call to the bank to reduce your rate. Another great tip is to make payments weekly, or fortnightly instead of monthly. You can also speak to a qualified mortgage broker to do all the work for you. If you have a personal loan or credit card have a plan in place to pay them off as fast as you can. Interest rates can be very high!!!! Time to trim them ASAP.
  4. Analyse your Superannuation. Do you know where all your Super is, what fees you are paying, where it is invested and if you are contributing enough to achieve your retirement goals? It is important to keep track of your super. If you’ve ever changed your name, address or job, you may have lost track of some of your super. Having several super accounts could mean that fees and charges are reducing your overall super investment. There are a number of ways to check and manage your super.
  5. Protect your most important assets. While it is important to grow your assets it is also imperative that you protect them. Do you have a family protection plan in place that will ensure you and your family are protected if something happens to you? 83% of people insure their cars and only 31% insure their income. Your ability to earn an income is so much more valuable to you and your family than a car! If you earn $60,000 a year today, it’s worth more than $2.2 million over the next twenty years. Make sure it’s covered, so you can seize life’s possibilities today! There are different types of insurance available to protect your family and some of them can be funded inside of your Superannuation.
  6. Get serious about your retirement. While retirement may seem so far away unless you start planning early enough you may not have enough to fund the lifestyle you are accustom to! We are living longer and need to ensure our nest egg is going to give us what we need for a comfortable retirement. Do you have enough inside and outside of Superannuation to fund a comfortable retirement?
  7. Seek advice from a Professional. Get yourself a Personal Financial Coach/Certified Financial Planner.By engaging with a personal financial coach they will get you to peak financial fitness and, just as important, keep you there. They have proven strategies that can help you plan and execute.

There is no better time to start than now!!! At FinFit Wealth Solutions we love helping our clients become financially fit.

For a free Financial Health check call us today on 1300 153 251, we would love to help you become financially fit!

We hope you and your families have a sensational 2016!

Phil and Donna.

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