A fresh start to the new financial year

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By Jason Lund
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Date posted:
17 January 2019, 3:45 PM

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A new year, a new financial you.

January is always a great time to reflect on any learnings from the previous year and plan for a successful year ahead.

Here are six actions that we recommend you take to set yourself up to not only achieve your financial goals in 2019, but to contribute to achieving your longer term goals as well.

  1. Review the past year
  2. What worked and what didn’t in 2018? By assessing this, you can start to focus on which tactics you wish to take forward into 2019 and which tactics can be abandoned.

  3. Review your goals
  4. In order to properly review your goals, you need to ensure that they are SMART (specific, measurable, attainable, realistic and time-based). If you don’t have goals, list a few now and commit them to paper. To help keep these goals front-of-mind and motivating you could create something visual and place it into a prominent space, so you are reminded of your 'why' often.

  5. Look after the small things and the big things will take care of themselves
  6. It's amazing how all of the little cost-cutting efforts and a bit of mindful money spending can lead to a significant step forward in your savings. Take the time to create a budget and track it. There are several apps available that can help you do this.

  7. Automate
  8. Let's face it, we all start off the year with the best of intentions, however sometimes life just seems to get in the way. To protect yourself from any potential deviations to the good habits you set in place now, set up regular bill payments and saving transfers within your bank accounts.

  9. If you need more cashflow or have a big financial goal - establish how you can generate more income
  10. This is where you can get your hustle on! Sell something, ask for a raise, get a side gig, find an easy cost saving such as switching energy or telecommunications providers.

  11. Be disciplined

    You will always have choices in life. One of the most significant effects that you can have in achieving your financial goals is to simply have the right mindset. If you have decided that your future financial goal is worth any current sacrifice, then try to remain focused and committed to achieving this.

By following the above steps, you will be in a terrific position to nail your financial planning goals in 2019. And of course, if you would like any help with reviewing or planning your financial goals and objectives, we’d love to help.

Find out more

Jason Lund is a Financial Planner with Morgans Port Macquarie. He has a comprehensive range of financial planning skills that he uses to take the difficulty out of planning for your future. He specialises in Financial Planning, Margin Lending and Gearing Strategies, Retirement and Estate Planning, Superannuation Advice and Wealth Management.

If you would like to learn more about assessing your finances, you can contact the Morgans Port Macquarie office on [email protected] or via (02) 6583 1735.

General Advice warning: This article is made without consideration of any specific client’s investment objectives, financial situation or needs. It is recommended that any persons who wish to act upon this report consult with their investment adviser before doing so. Morgans does not accept any liability for the results of any actions taken or not taken on the basis of information in this report, or for any negligent misstatements, errors or omissions.

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