Happy new year. There is nothing like the start of a new year for making resolutions. If you’re one of the many resolving to get your finances in order, here are five areas for you to consider.
1. Make sure you and your family are protected
If you suffered a major illness, or worse were to die, are you and your family adequately protected financially?
- Do you know exactly what you are covered for through work?
- What about your own policies?
- Will Estate Taxes take up to 40% of the proceeds from your policies?
Many of us have insurance policies taken out when living in our home country which no longer cover us now that we live abroad. Have you reviewed your policies, be they within your Super or a standalone policy, to make sure you are still covered?
2. Invest regularly
Putting away a certain amount of money every month, is an extremely good way of disciplining yourself into saving as much as you should to ensure that you meet a short-term goal like planning a holiday or a long-term objective like retirement or paying for your child’s education.
While saving is a good habit, simply leaving it with a bank may not earn you a healthy rate of return to afford the kind of lifestyle you desire. Just like you pay your bills by giro, you can get into the habit of paying yourself too.
3. Review your investments
Check that your financial plans are working the way you think they are.
When it comes to our finances, it is easy to assume that the plans you have made are still working the way you intended them to. However financial plans need to be reviewed and cared for – your goals change, laws and taxes change and so plans need to change to cope.
4. Pension audit
Changing jobs, moving home, becoming an expat and forgetting to redirect your financial post are easy ways to lose track of the pensions you have. While there are many reasons why your pension has gone astray, what’s important is that it’s recovered.
It’s important to review the performance of your pension to make sure you are on track to have the retirement you are aiming for.
5. Seek professional help
Our AAM Advisory MAS authorised Wealth Managers have the technical knowledge and experience to ensure you are on track to meet your financial goals. Get in touch today to secure a better future for you and your loved ones.
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