The New Year is the perfect time to take a fresh look at your finances.

 
1. Start tracking your spending
 
It doesn’t sound like fun, but if you don’t know where your money goes, it’s impossible to understand your spending patterns and identify habits that are making it harder to achieve your financial goals. With the ability to simply “tap” it often feels like we aren’t parting with our money and we can quickly lose our sense of just how much we are spending and on what.  To get started, try the Australian Government’s MoneySmart budget planner - you might just be amazed at where your money goes!
 
2. Do a subscription audit
 
Do a review of all your subscriptions - whether it be TV, music, shopping, fitness, food delivery services and more, these subscriptions can creep up on us very quickly.  Do a quick check to make sure you are still using all your subscriptions and that they continue to represent good value. 
 
3. Sort your super strategy
 
Whether you have your super in multiple places, don’t know where your super is, don’t have super at all yet, or you accessed your super during COVID, it’s time to work out your plan going forward. Super is “super important” and it’s vital that you ensure that you are making the most of your super contribution and not having your balance eaten away by fees.  Make an appointment with your financial adviser to review your super situation and work out an effective strategy for the future.
 
4. Review your home loan
 
2020 saw interest rates drop to a record low, so if you have a home loan and haven’t already done so, make sure you speak to your loan provider about a more competitive interest rate.  And if you have no success there, Ed and the team at the Infocus Lending Advisory will be more than happy to assist you.
 
5. Do a provider review 
 
Are you still getting the best deal from your electricity provider? Or your health insurer or car insurer?  It’s easy to fall into the habit of simply paying our renewals and bills without ever asking the question of whether there is something more these providers can do for us.  For the sake of a few minutes for each provider, it’s certainly worth asking the question!
 
We are all about helping you achieve your financial goals so if you have any questions please contact your adviser.