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Getting your finances in shape for 2017

Getting your finances in shape for 2017

Simon Curtain
Partner/Private Client Adviser
20 Dec 2016

With the New Year around the corner many of us will start making resolutions and plans for the year ahead.  The usual suspects will be on the list; eat healthier, drink less and exercise more…

However, what about your finances? Have you considered goals like reducing your debt, saving more or even paying off the credit card?  If not – the New Year is the season to start! Now is the time to spend some time thinking about how you can achieve these goals, and what that plan might look like.

Here are three finance goals to work towards in 2017:

  1. Review and monitor cash flow

The key to reducing debt and saving more is to look at your cash flow. If your credit card debt is increasing, then you must be spending more than you have coming in. Set yourself a goal to track your spending for one month. You can then review it and see where your money is going – you might be surprised to see how quickly those coffees and lunches add up!

  1. Consider making additional superannuation contributions

Retirement may or may not be a long way off for you, but putting a little aside now will add up over the long term. If you earn $450 or more per month, your employer is (or should be) directing 9.5 per cent of your wage or salary to your superannuation fund. However, did you know you may be in a position to contribute more to your fund? Even an additional $20 per week would equate to $1,000 more superannuation over a year – meaning more money for your retirement.

  1. Keep investing

For those of us investing; the New Year is a good time to review your portfolio. Further, if you are investing in the sharemarket, keep investing – don’t be put off by short term volatility. While prices can fluctuate, share prices tend to drift upwards over the longer term.

From all of us at Hewison Private Wealth, we wish you a very happy festive season and a healthy and prosperous New Year.

Any financial product advice provided is general in nature. It does not consider your needs, financial situation or objectives. You should consider the appropriateness of this advice to your circumstances before you act on them.

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.