Start the year right! Essential financial health checks you can do right now

There is something about the beginning of the year.

It arrives full of promise and opportunities. It’s a brand new start. A chance to do things better, faster, cheaper, or more efficiently than the year before.

We are willing to bet that you have set some big juicy goals that you want to achieve this year. After all, the world is your oyster!

But, those goals are not going to become a reality unless you are prepared. Your finances need to align with your goals for them to have any chance at success.

The new year is the best time to review your finances. Let's start the year right and get yours sorted to make this your best yet.

Why do this in January...?

As we mentioned above, the new year is a time that people make plans for the next 12 months. These plans often involve improving your life by implementing a savings plan, getting on top of your finances, or borrowing money to realise a goal.

So why is new year the time for review?

Often, you can feel guilty about the way you managed your money in the year just gone - the same way you can feel guilty about not achieving your health or weight loss goals. 

The new year is a chance to start fresh with a high level of motivation. It is the time that you are most receptive to change and wanting to align your day to day life with the goals that you want to achieve. 

An annual financial health check is a great way to prepare yourself for achieving those goals. At The Finance Marshall we love to work with you to review and reflect on the year that has been, and help to set you up to achieve your goals for the coming year. We are ready to kick start this year with a bang so do not hesitate to call us today and set aside the time your year deserves.

Here are some things you can be checking…

Are you covered?

A lot can happen in a year. Your circumstances could have changed quite a bit. So, are you still covered by your insurance?

The whole point of insurance is to protect you for the unexpected. But if you don’t have the right insurance in place for your current situation, then you might not be covered when you need it most. That is why it is important to review your insurance cover annually, or if your circumstance change.

That can mean having had a baby, got a new job, bought a house, taken out a loan, or started a business. Any of these changes could impact your cover. Having a chat with an experienced financial adviser (like the team here at The Finance Marshall) can ensure that you have the right insurance in place to match your personal situation.  

What are your goals?

Let’s go back to those goals that you have set. How far ahead have you thought? 

To put yourself in the best financial position now, you need to have a rough idea of what you want to achieve in a year, in 3 years, and in 5 years. For example, there is no point completing your dream renovation if you intend to sell the house in a year’s time. If that was the case, you would potentially look to renovate for profit instead, to maximise your return.

Your 3 and 5 year plans do not have to be set in stone, but having a rough idea can be helpful. That way, you can make the right decisions now. If you plan to buy your first home in 3 years, then it is probably not such a good plan to clock up a huge amount of credit card debt on an overseas holiday.

Have those longer terms plans in mind when you are making financial decisions for this year.

Align your goals and finances

When setting your goals, it is important to be realistic about what you can achieve. An overseas holiday might sound nice, but not if it is going to cripple you with debt for the next few years. So, you need to align your goals to your finances. 

Know what you can really afford to do and understand how each decision will benefit you in the long run. That doesn’t mean you are restricted to the money you have sitting in your accounts. Sometimes, taking on debt does not have to be a bad thing. 

For example, maybe it is time to install a gorgeous new kitchen or to upgrade the bathroom? Chances are, you are going to need some funds to complete either project, or to carry out any other plans you might have up your sleeve. 

But what is the best way to access those funds?

If you don’t have the savings in the bank, then it is time to chat with us here at The Finance Marshall. We can help you to find the right solution for your personal circumstances. It might mean restructuring your current loan so that you can achieve your plans, without damaging your current financial position. 

If you are ready to start your new year with a bang, then we are ready to help you do it. Get in touch with us today at The Finance Marshall.


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