As 2013 approaches, now is the best time to start thinking about your financial planning for the next 12 months.
If you have achieved good things with your finances this year, you might resolve to continue with a similar strategy – if improvements could be made, seeking guidance from a financial planner may be the best option.
These are some of the financial goals you might want to consider in 2013, depending on your individual circumstances and what you want to get out of your money.
Start repaying your debts
If you have considerable debts then there is no time like the present to start paying them back.
The longer you put off having to do this, the more interest they will incur, which could leave you with more problems than you started off with.
The simplest way to reduce your debts is to put together a sensible repayment plan – this is likely to mean that you have to cut back on some non-essential items in the foreseeable future.
Even if you only resolve to pay off debts a little at a time, this will help put you in a better position over the coming 12 months.
Review your investments
The start of a new year is the ideal time to take a look at your investments and make sure they are performing as well as they could be.
As a consumer, you have the right to move your money wherever you see fit – providing there are no penalties from your provider for doing so – making it easier than you think to change your strategy.
Build up your savings
Having savings to fall back on not only makes good financial sense, but also gives peace of mind should you suddenly ever need to access a large amount of cash.
Setting a little aside each month is a good place to start – you may even find your nest egg is growing faster than you first thought!
Review your insurance
Insurance can be one of the biggest expenses people face, which is why it is so important to review the suitability your cover on a regular basis.
It is possible that you could find an equivalent product from another provider that costs less, giving you more money in your pocket to put into your chosen investments.
ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.