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Book a FREE consultation
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Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

Financial Planning Goals in the New Year

financial planning goals
Wealth Protection Your biggest financial asset is probably your ability to provide an income for your family. Your unique insurance cover will safeguard not only your financial assets, but the people around you.

Financial planning goals are usually considered in the new year period and so it is likely you will start to look ahead to what you want to achieve and secure in 2021 shortly.

Given the global pandemic, your goals for 2020 are likely to have been affected or potentially heavily affected, making it even more important to reset your focus towards the future.

Reflecting on 2020, financial markets were shaken to their core. The Reserve Bank of Australia have set historically low interest rates of just 0.10%; we have had our first recession in over 29 years; Share and property markets have moved from being stable, to highly volatile, and now stable again, thanks to record government spending on stimulus measures.

It has been a year that clearly shows the benefit of advice, when it is from a team of financial experts that manage various strategies that assist your financial planning goals.

This blog explores some of the financial strategies you should be considering moving into the new year.

financial planning goals

Financial Planning Goals & Risk Management

Determining your risk profile is fundamental to choosing investment strategies that consider how you ride the ups and downs of the share and property market and to minimise risks.

Navigating market cycles confidentially needs foresight, and this foresight can only happen with thoughtful consideration of your financial planning goals and what is most important to you so should be revisited before you decide on your investment strategy for 2021.

2021 Financial Planning Goals

No matter what area of your finances you are looking to improve in the new year, there can be a range of strategies available to you based on your circumstances and personal financial planning goals.

This year has made people consider their finances on a new level, but financial planning can take a forensic look at where the leaks are and what strategies can be applied to make your money work for you.

To review how you can stop your money leaks, you should start with your budget, defining what you need and what you want and then reviewing if you can get the same or equivalent for less.

A detailed review of your leaks will show you where you can free up cash to invest into other areas, like debt reduction and investment.

Home Loan Review and Debt Management

If you haven’t already, 2021 is the time to be reviewing your home loan with your lender or a mortgage broker.

Interest rates have been reduced consistently throughout the year to stimulate spending, and you could still be paying far more than needed by not seeking advice or a new provider for your lender.

Having your home loan advice linked with your financial planning goals could put you in a position to pay down debt faster and leave more money for you.

Consolidating all of your debt to manage it as strategically as possible in collaboration with your broader financial goals leaves people with confidence in what they can plan for in the future and considering debt is likely to be your biggest expense after the tax you pay, it is a logical place to always keenly focus on improving when you can.

Insurance

There are certain types of insurance that you will need and want to be covered for in order to protect you and your family based on your personal circumstances.

Considering how your insurance is enhancing your broader financial planning goals and providing value for money could be improved with financial advice.

Because insurance cover is based on your personal circumstances, your need will also change over time. Things like the purchase of property or transition to retirement fundamentally change your need and therefore a regular review is required to put strategies in place so your goals are met but also leaves more money in your pocket.

investment planning growth

Investing

This is a subject that may well cause great consideration and trepidation after the year we have seen.

The share and property markets have both experienced a lot of volatility due to Covid but have stabilised a lot and now 2021 is showing signs of being a good year for investing.

There are a range of investment options and structures that you can consider that match the level of risk and investment you are comfortable with.

Clients with Self-Managed Super Funds for example, may have had a greater level of control and security over their investments this year, based on how well managed their risk profile and portfolio diversification was.

Yield financial advisors can work with you to provide security and confidence in your investments based on your financial planning goals and risk profile.

Making your investment choices and strategies link to your goals and lifestyle, which is an ongoing focus for us at every stage.

Estate Management

Your estate plan should link to your long-term financial planning goals and now is a good time to consider your options to pass your estate effectively to guarantee that your assets are handled in your desired way, for the benefit of those that you care about most.

If you are considering a change to your finances, you should be considering the estate planning implications as part of your strategy.

financial planning goals

Financial Planning Goals For Your New Year’s Resolution

As you consider what you want to achieve in 2021, whether it is a financial planning goal or not, there are almost always strategies that can be put in place to stop leakage and increase your cashflow, which is something everyone cares about.

No matter what aspect of financial planning you are seeking advice on, Yield is able to answer any questions you may have.

We consider what your options are based on your circumstances, some of which are strategies you may not even be aware of.

Important Note
Any information provided here is general advice only and does not consider your objectives, financial situation or needs. This information should not be taken as comprehensive and does not constitute legal or financial advice. You should seek legal, financial or other professional advice before relying on any content. Yield Financial Planning is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.
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About Yield - Financial Planner Melbourne

Who we serve – We help time poor professionals and business owners who intuitively know they should be doing more to improve their financial position and are seeking an expert to guide them on financial planning strategies. Our clients want personalised financial planning advice and to feel empowered and confident that they can achieve a secure transition to retirement.

What we do – We gain a deep understanding of your current financial position and preferences, what you value and want to achieve. We then help you develop a highly personalised financial plan, to show you how to make your money work harder for you. Ongoing we regularly monitor and measure progress against your plan projections, to show you how you’re tracking and help you manage change to your advantage.

How we do it – We apply our proven expertise in investment markets (Shares & Property), Tax and Debt structuring, Retirement Planning, Risk management and Estate planning, to help you reorganise the way you use your money to achieve your desired outcomes.

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