Five steps to improve your financial health and wellbeing

We hope you have had a great start to 2024. 

Many people use the start of the new year as a time to think about the year ahead.  Perhaps you are about to retire or planning to do so soon.  Or maybe you have been retired for some time and are thinking about trying some new things.  Many of the decisions you might make, and the options available to you, will be impacted by your finances.  So this week we are providing a five step checklist to help you assess your financial health. 

Step 1 Determine your net worth

Simply take the value of your assets such as financial assets – what you own – and subtract your liabilities – money you owe such as a mortgage or credit card debt. 

Step 2 Review your expenses and spending needs. 

Start with what you spent last year and then think about whether there are any changes on the horizon that you need to plan for?

Step 3 Set financial goals for 2024. 

Do you want to take that dream holiday?  Maybe you want to renovate that bathroom, clear the mortgage or help out the grandkids.  These bigger goals need to be considered and factored into your budget along with your day to day expenses.

Step 4 Has anything changed? 

Do you need to review your income forecast, update Centrelink (you may be eligible for a little more if your assets have reduced).  It’s the little things that ensure you feel in control and confident about the year ahead. And keeping Centrelink informed is always a good idea if your financial position has changed.  

Step 5 Set lifestyle goals for 2024

Keeping mind and body active is incredibly important as is maintaining contact with support networks.  Set some lifestyle goals and consider joining a like minded community group or setting up a regular catch up in your diary with your friends (before life gets too busy). These can make all the difference to your lifestyle and wellbeing.

Sometimes it can help to have someone to talk through some of these issues so if you have questions or would like another set of eyes on your finances and goals why not book an advice consultation with one of our financial advisers.  The advice consultations provide general information that can help you to plan your retirement finances.  Book an advice consultation now.

Or if you might have some more specific questions that you want help with to determine how an alternative strategy could affect your financial position and your ability to achieve your goals. We offer our financial adviser led strategy consultations on a range of topics.  You join one of our financial advisers online where they assess your current situation and show you what an alternative option may look like.   Click on one of the links below to book a strategy consultation    

We look forward to supporting you in 2024.