Make 2015 Your Year
As we move into yet another new year, Its important to take some time to take stock of the year that was and what you want out of the year ahead.
The start of the year marks an ideal time to review our personal finances and with many of us fortunate enough to have some time off, Summer can provide the perfect time to nut out some resolutions and road map for success.
Plan for Success
“If you fail to plan, you are planning to fail”.
No true success comes without some solid planning and goal setting. Make some time this summer to think about your financial goals both long and short term.
A great way to stick to any resolutions is to keep them front of mind.
Set a monthly reminder to review and track your progress or create a ‘vision board’ on a piece of cardboard. Get the kids involved and use some creative license.
Keep it in a place you will see every day to keep you focused.
No financial commitments should be set and forget. As you head into the New Year, it is a great chance to review your home loan arrangements and any other financial commitments.
Ask yourself, how are you managing your home loan repayments?
Do you think you could be paying more off your mortgage?
Or are your current repayments difficult to maintain?
A different loan or repayment set-up could be a simple but effective way to improve your financial circumstances in 2015.
Some things in life are impossible to plan for, but others not so much. Major life changes and milestones can impact our finances significantly, but by being prepared, we can minimise the risks and disruption.
Take some time to consider whether any major events could interrupt your financial arrangements in 2015.
A new addition to the family? A change in employment? Retirement?
Even if it’s something a couple of years away, by planning now you’ll be much better placed to handle any bumps in the road.
Eye for opportunity
The beginning of the New Year represents a great opportunity to assess the prospects for new ventures.
Would you like to buy an investment property this year? Are you wanting to renovate or head overseas?
Think about your aspirations and how you might be able to achieve them.
If you have an existing home loan, chances are you have already acquired some equity that can be used to fund a new home or an investment property, renovate or travel.
But you’ll never know unless you take the time to find out.