As 2023 gets underway and you’re thinking about the year ahead, what better time to review your current financial position and start thinking about improving your financial situation in the coming year and beyond.

But where do you start? 

Firstly, taking a step back and reviewing your current position is important. This will help you identify areas where you need to make changes and what to focus on in the year ahead.

So, what next?

Setting goals is a critical part of any financial planning and should be the starting point to guide any financial and life decisions you may face. Here are some things to consider when setting goals:

• Think about the end result and align your goals with what is important to you. What do you (and your partner) value in life, and what is important for you to achieve over the short, medium and longer term?
• Set SMART goals, that is, goals that are Specific, Measurable, Achievable, Relevant and Time-Bound.  Retirement, for example, is a very broad goal. Instead, you should break this down to a goal to save $x amount per month or year. This is a more achievable goal and one you can track your progress against on a monthly or annual basis.
• It’s important to have goals to work towards, but it’s also important to enjoy life today. Set goals that help you plan for the future but are also balanced out by enjoying today. 
• Revisit your goals regularly. Life changes and these goals will need to be adjusted over time to ensure they stay relevant to your changing lifestyle.

Once you have set some goals, it’s important to create a plan to help you achieve them. Having a plan in place will help you monitor your progress and stay on track towards achieving those goals and help you stay focused even when there are short-term bumps in the road.

So how can you start your plan?

• Financial health check – understand your current financial position by reviewing your assets, debts and cash flow. There are tools available online and often available via your online banking that may assist with this. Your health check should include insurance (home, medical, life and disability), bank accounts, loans, credit cards, superannuation and retirement accounts.
• Think about a budget – review your cash flow and ensure your income exceeds expenditure, particularly as the cost-of-living increases. Identify areas you can make savings.
• Consider a saving plan – set up an automatic money transfer each month to help you stay disciplined with your savings plan for 2023 and help you progress towards your goals.

If you’re unsure where to start or have questions about your financial situation, consider seeking the advice of a professional. We can help you to develop a plan with your personal goals at the center of your strategy and help you get 2023 off to a great start.

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