Turn over a new leaf



Provided by Mercer: 18/1/10

The start of the year is a great time to take stock of your finances by reviewing the past twelve months and planning for the year ahead.

Review

By looking back on your finances from the past year, you can get a sense of what you have accomplished, as well as identify areas for improvement. Review your saving and spending patterns, return on investments and progress against your financial goals. This exercise can help to give you ideas for your current year goals.

Budget

Document a detailed, realistic budget that sets out allowances for housing, transportation, debt repayment, savings and investments, and day-to-day expenses. Developing your budget with your partner is a good way to ensure it is achievable.

Set goals

In addition to setting savings and investment goals, you may consider an overseas trip, upgrading your car or moving house. Then work out how your goals sit within your budget.

Housekeeping

Make a list of any administrative tasks that need doing – like making or updating your will, consolidating your or your spouse’s super accounts, or updating your address details with financial institutions – then starting ticking them off.

Like some advice?

Mercer financial advisers can assist you to develop a financial plan to help you get on top of your finances. To make an appointment to discuss your needs, please contact us on
1800 633 403. The initial consultation is free of charge.


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