Six steps to a new financial you

January 17, 2018
Sandra Heinzlmeier

Are you facing 2018 with a festive season financial hangover? It makes plenty of sense to start the New Year by sorting out your financial needs and getting your money essentials in great shape.  It can be scary to review your financial situation, but with these six steps you can get started today.

Step 1: Revisit your financial goals of the past year

Think about what financial goals you set yourself for 2017. Which of these goals have you achieved or what progress have you made reaching them?

While you can give yourself a pat on the back for the goals you have reached, don’t forget to review what has prevented you form achieving others. This can be a change in circumstances or a financial emergency, so if you are still passionate about reaching these outstanding achievements, don’t hesitate to add them to your financial wish-list for 2018.

Step 2: Have a look at your cash flow

Is your credit card debt creeping up on you? This can be a sign of a tight cash flow. Take action today - Get a financial adviser on board in the New Year and fine-tune your budget. Your Mortgage Choice adviser can even help you develop personalised money spending strategies to get you back on track in 2018.

Step 3: What about curve ball protection?

A lot can happen in the course of a year or even in a few months and the insurance you had in place to protect yourself in 2017 may no longer be appropriate for your personal needs in the New Year.

  • Does your health cover reflect the needs you have in the coming year?
  • Is your personal insurance – including life cover and income protection- matching your circumstances and the needs of your family? Whatever your circumstances are, make sure that your life insurance payout and income protection cover would be sufficient to protect your family against financial hardship.
  • Does your home and contents cover need an update? In cases such as home renovations or home upgrades it is important that appropriate cover does not get overlooked and that you have the right protection in place.


Step 4: Is your superannuation on track?

Take some time and have a look at your superannuation savings. Are you achieving your retirement goals with your fund? Be sure to check with your financial advisor if your super fund is performing the way you want it to.

Step 5: Are your estate plans still relevant?

Make sure your formal will lies at the heat of your estate plans and that it is still reflecting your current situation. A circumstantial change such as marriage, children or separation can change your personal preferences. If you like to update your estate plans or have a professionally drafted will, give your financial planner at Mortgage Choice a call.

Step 6: Establish new goals for the New Year

Setting financial goals is far more than a once-a-year resolution. Set realistic and achievable short and long term goals that are tailored to your individual needs. Contact our friendly team at Mortgage Choice in Indooroopilly on (07) 3878 7777 and speak to us about how you can achieve your financial plans. Why wait? With our help, you can start making real progress on your financial goals today!

Posted in: Financial Planning

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