Happy New Year… or is it? Once the smoke of the Harbour Bridge fireworks has blown away, many of us are left feeling a little dusty, and not only from too much food and drink. For at the end of January, along with the tennis, comes credit-card bill shock – the unwelcome financial hangover from the Christmas and New Year festivities.
Of course, it is best not to splurge on the plastic, but it is not always easy to resist spending more than you should on putting the extra sparkle into the family holidays. So, if you are facing a credit crunch, why not make a New Year’s resolution to get your finances in order.
Tick all three boxes on our money-wise checklist and you will be able to look forward to a more prosperous 2020.
Check your super
How is your super fund performing? What fees are you paying? Are your investments aligned with your ethics… are they high or low risk? There are a few super comparison websites out there, but don’t just click on one. As well as your investments’ overall performance, there are plenty of other services and insurance options to take into consideration. Also, remember to consolidate any old accounts you may have lurking out there. You can track your old super online using the ATO’s MyGov service.
Check your insurance
While home, contents and car insurance are essentials, many people don’t look further to other forms of cover – those that can protect your family if you face a catastrophic change in your health or circumstances. As well as a good level of life insurance, it is prudent to consider income protection that will protect you through critical illness as well as cover for total permanent disability.
Consolidate debt
f you have equity in your home, there is no reason to pay the high-interest rates charged by most credit card providers. In these times of low inflation and low wage growth, interest rates are likely to remain at record lows right through the next 12 months and beyond. By consolidating all your debts onto your home loan, you could save thousands of dollars and become debt-free faster.
At each stage of your checklist, it is important to talk to the professionals. That is where the Zippy Financial team can help. Thanks to our team of experts, we can give you all the advice you need: mortgage, insurance and financial planning. If you want to start 2019 on a firm financial footing, make it your New Year resolution to give Zippy Financial a call.
Louisa Sanghera is a Finance Broker for Residential Mortgages, Vehicle and Asset Finance, Commercial Lending and Budgeting and Cashflow Coaching with Zippy Financial.
She has gained more than 30 years in the Banking and Finance Industry, and since founding Zippy Financial, has become a multi award-nominated expert in the field of finance featuring regularly in industry press and speaking at finance and investment seminars across the country.
Website: www.zippyfinancial.com.au
Email: louisa@zippyfinancial.com.au
Phone: 1300 855 022
