Turn over a new leaf

15/01/2010

Provided by Mercer. The information in this article does not necessarily reflect the views of the Trustee.


The start of the year is a great time to take stock of your finances by reviewing the past twelve months and planning for the year ahead.

Review
By looking back on your finances from the past year, you can get a sense of what you have accomplished, as well as identify areas for improvement. Review your saving and spending patterns, return on investments and progress against your financial goals. This exercise can help to give you ideas for your current year goals.

Budget
Document a detailed, realistic budget that sets out allowances for housing, transportation, debt repayment, savings and investments, and day-to-day expenses. Developing your budget with your partner is a good way to ensure it is achievable.

Set goals
In addition to setting savings and investment goals, you may consider an overseas trip, upgrading your car or moving house. Then work out how your goals sit within your budget.

Housekeeping
Make a list of any administrative tasks that need doing – like making or updating your will, consolidating your or your spouse's super accounts, or updating your address details with financial institutions – then starting ticking them off.

This information has been prepared by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. Any advice contained in this document is of a general nature only, and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this document, you need to take into account your own financial circumstances, consider the Product Disclosure Statement for any product you are considering, and seek professional advice from a licensed, or appropriately authorised, financial adviser if you are unsure of what action to take. "MERCER" is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2012 Mercer LLC. All rights reserved.

 

SA Metropolitan Fire Service Superannuation Pty Ltd ACN 068 821 750 as Trustee for the SA Metropolitan Fire Service Superannuation Scheme ABN 99 439 309 855.

This website is provided by Mercer Outsourcing (Australia) Pty Ltd (MOAPL) ABN 83 068 908 912, Australian Financial Services Licence #411980. The Trustee pays a fee for the provision of this service, however this fee is not conditional on you using this service or acting on the information or advice provided through this service.