Check how your new year plans are progressing

There's no time like the present to review your 'New (financial) Year's' resolution, to check on your financial plans for the year and to ask ourselves: "Am I financially fit?" It's a question that invites reflection and encourages us to take proactive steps towards improving our financial health. So, let's explore some meaningful options and goals you might want to consider, to make positive changes for the year ahead. 

Assessing your financial health

Before diving into goal setting, it's essential to take stock of where you stand financially. Start by examining your personal cash flow and budget. Where is your money going each month? Are there areas where you can make savings without sacrificing your quality of life? Perhaps it's cutting back on dining out or finding more affordable alternatives for your daily expenses. By identifying opportunities to trim expenses, you can free up funds to allocate towards your financial goals.

If you don’t have a budget and you’re not sure where to start, visit the sorted website, where the Government has provided guidance and templates that you can use.

Exploring investment options

While KiwiSaver is a valuable tool for retirement savings, it's not the only option available. Consider exploring other investment avenues to diversify your portfolio and potentially boost your returns. From shares and bonds to property and managed funds, there are various investment options to suit different risk appetites and financial goals. Every little bit counts when it comes to building wealth for the future, so don't overlook the potential of these alternative investments. And if you’re not at an age where ‘wealth creation’ is your cup of tea, that doesn’t mean you don’t have options.  Even small amounts saved regularly for a rainy day can add up, so when the time comes, you have some money behind you, to do the things you want.

Put simply, make your goals SMART – specific, measurable, achievable, relevant and timely. 

Reviewing your insurance coverage

Insurance may not be the most exciting topic, but it's a crucial aspect of financial planning. Take some time to review your insurance policies and ensure that you have the right cover for your unique needs. Whether it's health insurance, life insurance, or income protection, having adequate coverage provides peace of mind and financial security for you and your loved ones. Don't wait until it's too late – take proactive steps to safeguard your future today. Again, if you think you’re too young to worry about these insurances, maybe think about it differently. If you have debt and something happens to you, how will you pay those debts off? Something to think about.

Seeking expert advice

Navigating the complexities of personal finance can be daunting, but you don't have to do it alone. Consider seeking advice from a financial adviser who can provide personalised guidance tailored to your individual circumstances. An adviser can help you set realistic goals, develop a sound financial strategy and help you make informed decisions about your money. By tapping into their expertise, you can maximise your financial potential and set yourself up for long-term success.

Embracing positive change

Making positive financial changes now can reap rewards in the future, even in the face of the current cost of living crisis. While it's true that many New Zealanders are feeling the pinch, there are still small steps you can take to improve your financial situation. By setting clear goals, managing your expenses, exploring investment opportunities, reviewing your insurance coverage and seeking expert advice, you can take control of your finances and build a brighter future for yourself and your family.

As you embark on this new financial year, approach it with optimism and determination. By setting meaningful goals and taking proactive steps towards financial fitness, you can lay the foundation for a more secure and prosperous future. Remember, every little bit counts, so don't underestimate the power of small changes. Whether it's cutting back on expenses, exploring new investment opportunities, or reviewing your insurance coverage, each step may bring you closer to your financial goals. Seize this opportunity to make positive changes and set yourself up for success in the year ahead.