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Time for an annual tune-up?

Checking in on your goals, finances and health

We don’t think twice about taking our car in for a regular tune up. We realise it’s important to ensure that our car runs at its best and avoid unexpected issues (and costly repairs) down the track. It follows then that we should take the same approach to other areas of our lives. From our goals, to our finances, to our health, there’s so much to be gained by checking in regularly to make sure everything’s tracking well.

Kick your goals into gear

A good place to start is with your goals. If you set some at the beginning of the year, take some time to reflect on how you’re tracking. If you didn’t, there is no time like the present to stop and think about what you want for your future.

The next step is to make a plan. This will involve writing down your goals then looking at what resources you’ll need to help you achieve them. You want to make sure you have allocated enough hours and dollars towards making them a reality. This will also dictate your overall time frame. Set regular, realistic deadlines with measurable sub-goals and make sure you have someone in your corner to hold you accountable.

Remember too, that your goals don’t need to be bigger than Ben-Hur. They might include things like seeing more of your friends or having the funds to go to your desired holiday destination. Reflect on the little things in life that bring you joy, and what you can do to pursue them.

Fueling up your finances

Once you’ve got a handle on your goals, it’s also a good idea to review your finances. The new year presents the perfect opportunity.

Start by reviewing your budget. If it’s not currently working for you, what changes can you make to start taking meaningful steps towards your goals? Maybe there’s an online subscription you aren’t using or you’re having one too many meals out. Shop around for a better deal on your utilities, phone and insurances, avoiding paying any interest on your credit cards (by paying them off in full each month, or not using credit cards at all), and also check that your home loan interest rate is still competitive.

It’s also wise to take a proper look over your investments. Review your asset allocation and risk tolerance to make sure that your approach is still in line with your present situation as well as future goals.

For many of you, your biggest and most tax-effective investment will be your superannuation. It makes sense then to ensure you’re comfortable with how your super savings are invested, how your fund is returning as well as your current risk profile.

Your super may also include some life insurance and/or disablement cover. If your circumstances have changed, it might be time to review whether you are adequately protected. We can assist you in assessing whether you have the right amounts and types of cover, that they’re structured correctly (in and outside of super) and compare against other insurers to check that you are getting good value for money.

Get a handle on your health

Even if you’re feeling fit as a fiddle, a regular health check-up can be a worthwhile investment of both time and money that could help you to live a long, happy and healthy life. If you have reached a milestone birthday it’s worth speaking to your GP about any recommended tests.

Likewise, your physical health doesn’t start and end with a doctor or dentist visit. Getting into a regular exercise routine (choose activities that you enjoy) and changing your eating habits is like investing in your long-term health and well-being.

Someone in the passenger seat

No matter where you’re going it’s always helpful to have someone in the passenger seat to help you navigate the way. For your health, it’s a doctor. For your goals and your passions, it might be a friend, partner or family member, or your financial adviser, who can also ensure your finances are structured to support your journey to achieving your ideal future.

If you need help with the financial aspects of your annual tune-up, give us a call on 9232 6800. We’re always here to help.

I have an amazing opportunity in my financial advisery role to make a difference to people’s lives by helping them to achieve what’s important to them.

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