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 2023 shortly.
Given the rising cost of living in Australia through fluctuating interest rates and inflation, your goals for this year may have been affected, making it even more important to set yourself up for success in the coming year.
Reflecting on 2022 it has been a year that saw elections, economic challenges, several RBA announcements, and more. All these factors and events may have affected you differently to your neighbour, through setting goals specific to you and your needs 2023 can be the year for you.
Setting Achievable 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.
The RBA announcements regarding interest rates and inflation 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 in other areas, like debt reduction and investment.
Home Loan and Debt Management
If you haven’t already, 2023 is the time to be reviewing your home loan with your lender or a mortgage broker.
Interest rates have risen significantly throughout the year and could potentially increase even more, you could be missing out on cheaper repayments through not seeking assistance from a broker.
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.
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.
How We Can Help
At Yield we offer a range of different services that are able to assist your goal setting for 2023. If any of these interest, you feel free to reach out to our experienced advisory team here.
– Strategic Wealth Management success is not difficult when you approach it deliberately and when you are consistent about it. Importantly it is never too late to develop your own wealth creation strategy.
– Your financial plan for retirement will empower you to feel confident that you can enjoy your retirement and that your finances will go the distance.
– Being able to provide your family with an income is your most important financial asset. Because without your most significant income stream, necessary bills and household items become a lot harder to pay for in what can be a very stressful period.
– As experienced property advisors who understand the Melbourne and Australian market, we have helped 1000’s of Australians make informed property decisions, and we work closely with many of our top clients who are successful property investors.
– Yield’s approach to self-managed super funds is to utilise the flexibility that the financial structure can offer. We invest considerate of your risk profile and what your objectives are. Then we advise you on the other functions of an SMSF and what options are now available to you with your SMSF cemented into your financial plan.
– Our advice for aged care financial planning aims to make the transition as easy as possible for you and your loved ones. We take the financial hard-work out of your hands to analyse your circumstances and present to you what is possible from a financial perspective. Trusted by over 100 retirees, we have client relationships that have lasted 15+ years.
– Our financial analysis and projections will identify debt management strategies that will help you achieve your financial planning goals.
