Have you considered something like ‘reduce debt’, ‘save more’ or ‘pay off the credit card’?  If not – you should! And if you have considered your financial health, you need to spend some time thinking about how you can achieve these goals.

Here are three goals to consider over 2018:

Review and monitor cash flow

The key to reducing debt or saving more is to look at your cash flow.  If your credit card debt is increasing, then you must be spending more than you have coming in. Set yourself a goal to track spending for a month. After this you can review where your money is going – you may be surprised to see how quickly those coffees and lunches add up!

Review your personal insurance; are you protected?

Your career and ability to work is your most important asset. If you don’t have personal insurance, consider what type of cover you need. If you have insurance in place, you may need to adjust your level of cover up or down depending on what has changed since your last insurance review.

Don’t forget about superannuation

Putting a little aside now can add up over a long period of time. Your employer would be directing 9.5% of your wage to your superannuation fund but did you know you can add more? Even an additional $20 per week would equate to $1,000 of superannuation over a year.

When you consider compound interest, adding now to your superannuation balance may may mean significantly more money for you in retirement – it could be the difference between the holiday of your dreams or a flea bitten motel.

Now is a great time to take stock of your finances and make (or revise) your financial plan for the future.

From everyone at Hewison Private Wealth we wish you a safe and prosperous New Year.

If you would like some independent financial advice tailored to your specific needs please contact one of our financial advisers.