The start of the New Year is an ideal opportunity to re-focus and get yourself organised for the year ahead. Perhaps 2013 was not quite your year or perhaps you achieved all you set out to – regardless a New Year is almost upon us, so let’s get ready.
Did you know that 90% of New Year’s Resolutions end up broken? Given the odds seem against you, here are a few finance based resolutions to consider.
Review your current financial situation and see if there are any areas for improvement. Perhaps it’s that monthly bank fee that could be removed or you need to consolidate your Super Funds. Yes it may take a little time, but it will be worthwhile.
The way your finances are structured is very important; if something unfortunate were to happen – where would it leave your family? Don’t forget about Superannuation either, this does not form part of an Estate and specific forms needs to be signed nominating your beneficiaries.
Yes, it may seem like everyone goes on about it, but for a good reason. Your long term retirement strategy likely relies on your Super Fund, so make sure it’s in tip top shape and your investment strategy is reflective of your financial objectives. Perhaps you need to schedule a review with a Financial Adviser to get organised.
Is it still current? Are you on track? Remember if your circumstances change (marriage, mortgage, children, promotion, retirement nearing etc) – you may need to update your plans to ensure they remain representative of where you are in life.
Consider this uncomfortable question – if you died today, would your wishes be carried out?
It’s quite easy to make resolutions; however getting started and keeping the promise can be another issue, here are our suggestions for staying on track:
When setting goals, be realistic. While it’s great to aim high, being over optimistic will only lead to disappointment.
Share your goals with family and friends and ask someone to keep you accountable.
Schedule in regular reviews to monitor your progress and know your score. Incentives and little rewards will also help keep you motivated and on course for a successful 2014.
Let’s make 2014 count! Develop a plan representative of your lifestyle, objectives, strengths and challenges and look forward to a more organised, financially savvy year ahead. Good luck!
Source: Capstone Financial Planning
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