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Time for an annual tune-up?

Checking in on your goals, finances and health

We don’t think twice about taking our car in for a regular tune up. Why? Because we know it’s going to mean our car runs at its best and saves unexpected problems down the track. It follows then that we should take the same approach to other areas of our lives. From our goals, to our finances, to our health, there’s so much to be gained in checking in regularly to make sure everything’s tracking well.

Kick your goals into gear
A good place to start is with your goals. If you set some at the beginning of the year, take some time to reflect on how you’re tracking. If you didn’t, there is no time like the present to stop and think about what you want for your future.

The next step is to make a plan. This will involve writing down your goals, then looking at what resources you’ll need to help you achieve them. You want to make sure you have allocated enough hours and dollars towards making them a reality. This will also dictate your overall timeframe. Set regular, realistic deadlines with measurable sub-goals and make sure you have someone in your corner to hold you accountable.

Remember too, that your goals don’t need to be bigger than Ben-Hur. They might just be to see more of your friends or put a bit extra aside each month for a holiday. Reflect on the little things in life that bring you joy, and what you can do to pursue them.

Fuelling up your finances
Once you’ve got a handle on your goals, it’s a good idea to review your finances. The new financial year presents the perfect opportunity.

Start by reviewing your budget. If it’s not currently working for you, what changes can you make to start taking meaningful steps towards your goals? Maybe there’s an online subscription you aren’t using or you’re having one too many meals out. Shopping around for a better interest rate on your mortgage and credit cards, is another worthwhile consideration.

It’s also wise to take a proper look over your investments. Review your asset allocation and risk tolerance to make sure that your approach is still in line with your present situation as well as future goals.

For many of you, your biggest and most tax-effective investment will be your superannuation. It makes sense then to ensure you’re comfortable with what your fund is returning as well as your current risk profile.

Your super may also include some level of insurance cover. If your circumstances have changed, it might be time to review. We can assist you in assessing whether you are adequately protected, looking at options both within and outside of super.

Get a handle on your health
Even if you’re feeling fit as a fiddle, a regular health check-up can be a worthwhile investment of both time and money that could help you to live a long, happy and healthy life. If you have reached a milestone birthday it’s worth speaking to your GP about any recommended tests.

Likewise, your physical health doesn’t start and end with a doctor or dentist visit. Getting into some exercise habits now and changing your eating habits could bear dividends for your long-term health and well-being.

Someone in the passenger seat
No matter where you’re going it’s always helpful to have someone in the passenger seat to help you navigate the way. For your goals and your passions, it might be a friend, partner or family member. For your health, it’s a doctor. And when it comes to your finances, we can help you protect the lifestyle you have, while mapping out the journey to achieve your ideal future.

If you need help with the financial aspects of your annual tune-up, give us a call. We’re always here to help.

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Helen Ruddy

About the author

Experienced Accountant, Helen Ruddy joined the BMO team in April 2013 with a background in accounting and agribusiness-banking roles based at Miles and St George. With a Bachelor of Commerce under her belt and qualified CPA status, Helen brings with her strong qualifications in accounting and taxation. While at university, Helen was admitted to the Dean’s Honour Roll for Outstanding Academic READ MORE


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