New Year Resolutions and Your Finances
The New Year is often the time to reassess where we’ve been & where we want to go.
For many this is around personal resolutions and goals.
However, the New Year is a perfect opportunity to not only start fresh with healthier mind & body, but also consider your financial wellbeing.
- How would you like you finances to look in 12 months time?
- Are you wanting to upgrade your home, car or invest in a rental property?
- Build up an ‘emergency fund’
- Perhaps you want to pay down some extra debt from Christmas?
- Restructure some unsecured debt like credit cards, car loans etc. so you’re not paying ridiculous interest rates?
- Or simply commit to living within your means & reviewing your budget each quarter?
Why It's Time To Revisit Your Financial Goals
Taking the time to revisit your financial goals at the beginning of the year can save you a lot of unnecessarily stress in the future. It also helps with your decision making throughout the year, as you have a clear idea of what you want to achieve financially & how you want to achieve it.
But what if you're not sure what you want to achieve financially, then we suggest you take a closer look at your personal goals. You’ll probably find that many of these will require some sort of financial commitment to achieve. Whether it’s taking a holiday, learning a new instrument, taking up a hobby, or more study. Working out how these new things will fit into your budget (before you sign up for them) is a good way to ensure you don’t overcommit yourself during the year and end up in a worse financial position than when you started.
WHAT ABOUT YOUR HOME LOANS?
When it comes to your home loans there are some key life events (not just New Year) when you should take time to reassess your financial situation.
- When a fixed rate loan is due for review (i.e. the fixed rate due to expire)
- Life situation changes: Retirement, new family members, change of job, pay rise, buy a new home, kids leave home.
Really any change in circumstances is often a good prompt to also look at your finances.
You don't have to do it alone
We know that reviewing finances certainly isn’t everyone’s ‘cup of tea’ and that’s OK. However if things have changed for you, or you want things to change, make sure you get in touch. We are happy to help you by reviewing your home loan arrangements & make sure you’ve got the best loan structure & products suited to you & your life goals.