We like to think life grows smoothly from good to better, but it fluctuates. The way to stay on track is reviewing your financial affairs regularly.
Alexandria Blaelock, author of Holistic Personal Finance: How to pay for the life you want says “Every year when you think about new year resolutions, you should think about reviewing your financial affairs too.”
Here are Blaelock’s tips for reviewing your financial affairs:
- Ask what’s your vision of the future: Your vision of the future is the best guide for your money as well as your life. Plan goals, and put your resolutions towards making them happen.
- Check your credit reference report: Once you’ve lost your credit rating you may never get it back. Get copies of your files; look for fraudulent requests and correct any errors.
- Review your risk management: Single people face different risks to those married with children. Check your insurances to ensure they still meet your needs – cancel, change and take out new policies as appropriate.
- Reconsider your investments: Think about what you’re saving for and whether your strategies are still the right ones. Do you need to be more or less aggressive?
- Update your estate planning: Not just to ensure any births, deaths, marriages or divorces are reflected in your will, but whether your affairs are complicated enough that you need professional advice on your live estate as well as your deceased.
Alexandria’s tips on reviewing your financial affairs will help you take a longer-term strategy with your money as well as your life.
For Further Information Contact:
+61 (0)3 9758 1378 (24-hour messaging service)