For many people the New Year period is a time to reflect on the year that has just passed and consider what 2014 maybe like. It also a good time to reflect on finances and your financial goals.
Reviewing is an important part of financial goals and strategies and below we have listed a couple of points that can help with fine-tuning your finances for the year ahead.
1.Have your financial goals changes?
Changes occur to our lives everyday so it should not come as a surprise that our goals may change from year to year. Also, major life events such as serious illness, the birth of a child, inheritance, marriage and the death of a parent or spouse can all result in significant changes to our financial and wellbeing goals.
By reviewing these change we can take actions to ensure that these goals can be maintained. In more extreme events a review may lead to material change to the original strategy.
2. Prioritize your goals
In reviewing your goals it is opportune to rank and prioritize goals. This will allow you to focus on what is most important as well as and decide realistic time frames to achieve them.
Most industry experts agree that short-term goals are those that can be achieved within a year with medium term goals generally requiring two to five years. Long term goals are those that often require a time period of more than five years.
3. Be savvy
Make sure that your investments and level of protection support your level of risk and your goals.
Reflecting and thinking about your financial position, as well as setting a clear path, is critical to making sure you can reach your goals. Make sure that you contact us through the year for your annual review to ensure you are on track to reach your financial goals.
Nick Stratus, Solid Financial Advisors, 20th January 2014