At the start of each New Year people often set goals for the year ahead. These goals typically consist of the usual “exercise more” “lose weight” “more family time” or “drink less”. But with the new financial year upon us, how about reviewing or setting some financial goals to set you up for the longer term.
Goals such as ‘reduce debt’, ‘save more’ or ‘pay off the credit card’ can be very important when planning your finances.
Here are three goals to consider implementing now to set you on the right path for the year ahead:
The key to reducing debt or saving more is to look at your cash flow. If your credit card debt is increasing, then you are spending more than you have coming in. Set yourself a goal to track spending for a month. After this you can review where your money is going – you may be surprised to see how quickly those coffee’s and lunches add up!
If you do not have insurance cover, is this a problem? Have you protected yourself and your loved ones from financial risk? If you already have insurance in place, is it the right amount of insurance, with the right providers? A specialist Insurance Adviser can determine the right insurance cover for you and help implement the right mix.
Putting a little aside now can add up over a long period of time. If you are working, you would have 9.5% of your wage paid to your superannuation fund. Is this enough? Did you know you can add more to your super account each year? Even an additional $20 per week would equate to $1,000 of superannuation over a year – meaning more money for you in retirement.
These three simple finance goals could put you on the path to financial independence.
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 email@example.com or visit www.hewison.com.au
Please 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.