The beginning of another year, and we are at a crossroad. Do we keep going the way we have been going these past years, or do we take a different road? The different road will take you to where you want to go……

1. YOUR CREDIT CARDS – 18 per cent is not a good interest rate for a large balance. If you have more than one card, attack the lowest-balance card first and close it down, then start on the others. If you have one card,  create a weekly plan to pay it down, and reduce the limit. If you have a mortgage, consider refinancing and consolidating your cards into the mortgage.
2. YOUR MORTGAGE – Use this competitive market to save money. The difference between a 25-year, $450,000 standard variable loan at 4.64 per cent, and the same loan at 4 per cent, is approximately $169 each month, and $60,000 over the life of the loan. If you refinanced but kept your repayments the same as the original loan, you could pay off your home 4 years sooner! Investigate refinancing and talk with us about your options.
3. YOUR SAVINGS – Saving towards a house deposit, a major event or a holiday is a powerful tool and one that promotes confidence and self-sufficiency. The best savings plans occur in a separate high-interest account, with regular deposits, towards a definite goal.
4. YOUR INVESTMENTS – Working hard but the money is going nowhere? In 2017, start investing. You could start with a small parcel of blue chip shares, or investigate what it takes to have an investment property. All good investments start with a plan… or a financial adviser.
5. YOUR TAX – Aim to be more organised this year. Find a central place for all your tax paperwork so you can reach for that pile/file when it’s time to get your tax done. Keeping all receipts will ensure you remember what you spent and can increase your tax refund (or reduce your tax liability).
6. YOUR PROTECTION PLAN – Plan to be properly insured in 2017, and not just for your house and car. Life insurance, income protection and trauma cover can protect you and your family financially if an accident occurs. Some insurances can be sourced through your super fund. We can help you get the right cover at the right price.
7. YOUR SUPER – Make a commitment to get your super sorted in 2017. People let it slide because they find it complex, but it’s really just about setting a goal and ensuring that contributions and investment options support the goal. If in doubt, make 2017 the year you get a financial adviser.
8. YOUR BUDGET – When you spend less than you earn, you have choices in daily finances and longer-term wealth creation. Write a budget for 2017, and stick to it.
9. YOUR FINANCIAL GOALS – Given the above and knowing what you want to focus on in 2017, write down your plan and do something in the next 24 hours to start moving forward. Having your plan somewhere visible like your calendar, diary or fridge door will remind you to stay on track.                                                                                                                                                                                                                                                                                                                                                                                                               Let 2017 be the year you move closer to your financial goals.

Kind Regards,

Kim Allan