New Year, New Financial Resolution

Are you already questioning the overly optimistic New Year’s resolutions you may have set for yourself? It’s not too late to revise and reset these resolutions now!

Here are five achievable financial goals to tick off your list. Not only will it feel great to have met these goals, achieving them could save you a lot of money in the long term!

The average person will change careers 5-7 times during their working life. If you’re not on top of managing your superannuation; it can potentially result in you having multiple superannuation fund accounts and paying multiple fees as you move between jobs and industries.

Consolidating your superannuation accounts to one fund that charges competitive fees and has a long-term positive performance history can have a significant impact on the balance you have at retirement.

You may also want to consider taking advantage of the available caps within superannuation that allow you contribute extra money to super in order to grow your balance. Depending on your circumstances, this can be a tax effective strategy that you receive benefits from both now and at retirement.

The rising cost of utilities is always a topical conversation. Have you thought to call your current providers and ask them what rates you are currently paying or doing some research and telling them what you could be paying if you were to move to another provider?

The Victorian Government provides a useful website, Victorian Energy Compare, to assist you in reviewing electricity and gas providers.

Finding a contract that does not lock you in for a term can be an advantage when trying to negotiate with the provider and also allows you the flexibility to switch should you find a better deal.

A Mortgage Choice survey of Australians found that 2 in 5 borrowers don’t know their current home loan interest rate. In the long-term, neglecting to review your borrowing rates can end up costing you substantially.

Contacting your bank or Mortgage Broker and asking the question about interest rates could create instant savings for you, or at a minimum, reassure you that you are receiving a competitive rate.

Most of us will have a lot of different insurance policies such as; house and or contents, landlord, vehicle, health, life and income protection policies. Many of us also consider insurance to be something to ‘set and forget’. This allows insurance companies to take advantage of this attitude by increasing premiums or making better offers to new customers. Shopping around now and then can be of benefit, even if no changes are required.

Having an understanding of what your personal financial situation is and knowing how your finances are managed is a life skill that you many neglect to nurture.

Some couples may allow one person to manage and run the finances for the household and the other party may have a limited understanding of where money is invested, how it is dealt with or even how much they have. Unexpected life events can leave those who have not been involved feeling daunted by the prospect of having to get a hold on their financial position, often in a short-space of time.

Challenge yourself to ask questions about your finances; attend meetings with your financial adviser; consider what would happen if you were in a position where you were looking after your finances alone and understand where and why your financial circumstances are in the position they are now.

DISCLAIMER:  GENERAL ADVICE ONLY

The information provided in this blog is general in nature. It has been prepared without taking into account any person’s individual objectives, financial situation or needs.

Before acting on any information in this blog, you should consider its appropriateness to you, having regard to your objectives, financial situation and needs or seek professional advice from a financial advisor.