Exercise more? spend more time with family? change job? write a novel. Each year starts with the best intentions. But like the Harbour Bridge fireworks, they can all too quickly go up in smoke. One New Year resolution that?s easy to stick to is getting your finances in order ? especially if you?re suffering from a credit-card hangover from your Christmas festivities.
Of course, it?s best not to overextend yourself on the plastic. But it?s not always easy to resist splurging to make your family?s holidays special. However, if you are facing a New Year credit crunch, there are three easy steps to a more prosperous 2019:
Check your super
Underperforming super is a drain on your long-term wealth. Are your investments low or high risk? What other benefits does your fund offer? These are questions you need to ask. There are plenty of super comparison websites out there, so check your super fund and, if it?s underperforming, change it. Of course, you must also consolidate your schemes into one. You can track your old super online using the ATO?s MyGov service.
Check your insurance
In addition to the usual car and home and contents insurance, it?s a good idea to protect your family and income against any major change in your health or circumstances. As well as life insurance, it?s prudent to consider income protection and cover for total permanent disability.
If you?ve equity in your home, there?s no reason to pay the high interest rates charged by credit card providers. In these times of low inflation and low wage growth, mortgage rates look set to remain at record lows for the foreseeable future. By consolidating all of your debts onto your home loan, you could save thousands of dollars and become debt-free faster.
At each stage of your check-list, it?s important to talk to the pros. That?s where Zippy Finance can help. Thanks to our team of experts, we can give you all the advice you need: mortgage, insurance and financial planning. If you want to start 2019 on a firm financial footing, make it your New Year resolution to give Zippy a call.
Louisa Sanghera is a Finance Broker for Residential Mortgages, Vehicle and Asset Finance, Commercial Lending and Budgeting and Cashflow Coaching with Zippy Financial.
She has?gained more than 30 years in the Banking and Finance Industry, and since founding Zippy Financial, has become a multi award nominated expert in the field of finance featuring regularly in industry press and speaking at finance and investment seminars across the country.