Chris Childs

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New year, new financial goals

Everybody loves the thrill and excitement of celebrating a brand new start on New Year’s Eve. But while many of us are picturing taking up a healthy diet or obtaining a better work/life balance, it’s important to think of our financial goals too.

Retirement, providing for our kids or even just creating wealth to enjoy it are long term goals that should always be on your mind – no matter the time of year. 

However, the New Year is the perfect time to review your financial goals you’ve set and ensure you’re still on track to get there. Remember, to ensure you’re doing this correctly, make sure you speak to a wealth coaching expert before you make any changes!

Take a look at your finances

With the cash rate at an all time low of 2.5 per cent, Australians are able to take advantage of cheaper finance. If part of your wealth creation strategy involves property, the next few months could be a great time to refinance or get ahead of repayments. 

However if you’re saving, you might want to shop around and find high interest rates that will help give you a good return. According to the Reserve Bank of Australia, financial institutions around the country have reduced their at-call deposit rates, as well as term deposit interest rates.

Get others on board

As the commonly known phrase goes: “Many hands make light work”. This rings true for those who are saving – no matter what the goal is. If you get others to help you along your way, you’ll have a much easier time staying on track and hitting your goals. 

For example, if you’re in a relationship, make sure your partner agrees with your financial goals. There’s also the option of receiving a bit of financial help from family and friends to help you give you a boost.

In addition to this, don’t be afraid to tell the world about your goals and how you aim to reach them. In fact, this can even help you on your journey. 

Results from a recent survey conducted by Australian Securities and Investments Commission (ASIC) and MoneySmart showed that 43 per cent of respondents tell family and friends about their savings goals.

Review regularly

Throughout the year, you’d be forgiven if you got a little bit off track to reaching your goals. But make a point in the coming year to stay focused. According to results from the ASIC and MoneySmart online survey, 73 per cent of respondents say they review their progress towards their goals regularly.

Whether it’s setting up a budget and sticking to it or meeting with your wealth coach once a month, find a way to keep yourself concentrated on hitting those goals. After all, the more you stray, the longer it will take you to get there. 

Book a complimentary wealth coaching session with one of our experts to chat about how you can achieve your financial goals.