Make This Year a Financially Healthy One

Another year is over, how was it for you? Did you achieve everything you hoped? Are you better or worse financially than you were this time last year? With a fresh new year ahead, how can you make the most of every moment?

We’ve put together a guide to help you plan for the year ahead, breaking it into manageable quarters. By focusing on specific tasks each quarter, you can set yourself up for financial success while still enjoying life.

January to March: Turning Resolutions into Goals

Start the year by turning your aspirations into tangible goals. Some might be long-term, like becoming debt-free, saving for a home deposit, or preparing for retirement in a few years. Think about what actions this year can support those broader objectives. Write down your goals and give each a name - something personal and motivating.

While planning for the future, don’t forget the present. Create a month-by-month budget that allows for both necessities and fun activities like holidays, dinners out or celebrations.

Anticipate financial pinch points. For example, if your car, home, and life insurance premiums tend to fall due around the same time, consider switching to monthly payments or staggering the renewal dates to ease cash flow pressure.

This quarter is a great time to establish good budgeting habits. Regularly track your spending against your plan to identify any gaps or areas for improvement. At the end of March, review your progress and adjust your plan if needed. Small tweaks can make a big difference in staying on track.

April to June: Preparing for the End of Financial Year (EOFY)

As the financial year draws to a close, now is the time to finalise key tasks. if you’re planning to make additional superannuation contributions, ensure these are completed before June 30 while staying within the contribution caps. Considering finalising any donations to your preferred charities to maximise potential tax benefits.

Can you bring forward any other tax-deductible expenses? This strategy could help to reduce your taxable income for the current financial year.

By the end of this quarter, review your tax records and ensure everything is in order. A little preparation now can save you time and stress when tax season arrives.

July to September: Reviewing and Refining

With the financial year wrapped up, it’s time to tackle your tax return. if you’re expecting a refund, consider lodging your return early. Decide in advance how you will use any potential refund - will it go towards a goal like paying off debt, boosting your savings, or treating yourself? Whatever you choose, ensure it aligns with your overall financial plan and goals for the year.

This is also an ideal quarter for financial spring-cleaning. Review your superannuation, savings accounts, insurance policies and estate planning. Are all of your documents up to date?

Assess your loans and credit cards if applicable. Could refinancing or switching to a lower rate save you money? A comprehensive review of your financial position can reveal opportunities for improvement and help streamline your strategy.

October to December: Staying on Track and Reflecting

As the year enters its final stretch, it’s time to evaluate how well you’ve stuck to your plan. Are you on track, or have unexpected events thrown you off course? If your original plan was too ambitious, don’t hesitate to adjust your expectations and strategy. Flexibility is key to long-term success.

With Christmas approaching, focus on avoiding the temptation to overspend. Set a realistic budget for gifts, travel, and celebrations. Sticking to your budget will help you start the new year without financial regrets.

After the festivities, take a moment to reflect on the year. Celebrate your achievements, no matter how small, and identify areas where you can improve. Use these insights to refine your goals and update your financial plan for the coming year.

Support

Your financial advisor can be an invaluable resource throughout the year. We are skilled at breaking down the financial steps needed to achieve your goals and can provide regular encouragement to keep you motivated and on track. Ready to make this year your best yet? Reach out and we can help with planning for your success. Our advice is tailored and will align with your unique goals and aspirations.

Additional Tips For Financial Success

Emergency Savings

Building an emergency fund is an important step of financial security. The amount to save will be unique to each individual but as a good starting point, we generally aim for at least three to six months’ worth of living expenses. Start by setting aside a small amount each month and gradually increase it as your budget allows. Having a financial safety net can help you handle unexpected expenses without derailing your plans.

Automate Your Savings

Take the guesswork out of saving by setting up automated transfers. This approach ensures consistent progress towards your financial goals without requiring the constant effort.

Review your Subscriptions

Track all of your subscriptions for services like streaming platforms, gym memberships, and meal delivery plans. Are you using them enough to justify the cost? Cancel any that no longer add value to your life and redirect those funds to your goals.

Invest in Yourself

Consider allocating time and money to personal development. Whether it’s taking a course to advance your career, learning a new skill, or investing in your health through fitness programs, these actions can lead to long-term benefits that go beyond finances.

Stay Educated

The financial landscape is constantly evolving. Dedicate time to improving your financial literacy by reading books, attending workshops, or following trusted financial blogs and podcasts. The more you know, the better equipped you’ll be to make informed decisions.

Plan for the Unexpected

Life is full of surprises, so it’s important to plan for the unexpected. Review your insurance policies to ensure you have adequate coverage for health, life, and income protection. Having the right protection in place can provide peace of mind and financial stability.

Engage Your Family

If you have a partner or children, consider involving them in the planning process. Teaching kids about budgeting and saving from a young age can set them up for a lifetime of financial responsibility. Regular family discussions about money can also help ensure everyone is on the same page.

Celebrate Milestones

Reward yourself for achieving significant milestones. Whether it’s paying off a debt, reaching a savings target, or sticking to your budget for several months, acknowledging your progress can boost motivation and make the journey more enjoyable.

About Us

After working as an advisor for a decade, Joel founded Unified Wealth.

Unified Wealth specialises in helping clients who are facing life’s big decisions.

Whether you’re contemplating your first property, growing your family or starting your investment journey we can help you focus on the simple steps to help you make your goals reality.

Our priority is making sure you have all the right information available to make the best possible decisions for you and those you love.

Our company values are:

Unity - We are most effective when we work together as a team

Trust - We are trustworthy and act in your best interests

Transparency - We are honest and communicate openly

Education - We are committed to lifelong education

At Unified Wealth our team is highly experienced and provides goal-based advice and solutions for a range of advice strategies.

Speak to our team today.