As the year comes to a close and we all take time out for the Christmas and holiday season, why not set aside a few hours during your break to have a look at how your finances are tracking.

Start by having a look at your assets and liabilities and how they compare now with the same time last year. This will give you a great starting point and should highlight any areas that need some attention.

Have a think about what your financial goals are and how long you have to achieve them.

Small changes can make a huge difference

Even small changes can have a big impact when you have time on your side and the earlier you start to get on top of your finances the more quickly you’ll reach your goals.  Albert Einstein called compound interest the 8th wonder of the world!  Saving a small amount regularly or paying a bit extra on your mortgage adds up over time.  Even small increases in regular mortgage repayments can cut years off your loan and save thousands in interest.

Your superannuation savings work on the same principle.  Regular contributions, invested well and incurring low fees will work for you and provide the funds to support your lifestyle when you retire.

There have been a lot of changes to contribution caps in recent years and there are no guarantees that there won’t be further change in the future.  Whenever possible, make the most of the caps while they’re available.

If you’re closer to the end of your working life than the beginning you might feel you’re running out of time.  After age 50 or about 10 years out from your preferred retirement date can be a good time to seek some additional professional advice.

The superannuation landscape changed dramatically on 1 July 2017.  Assistance to navigate these changes and ensure that you don’t miss any opportunities can have a profound impact on the lifestyle you enjoy when you retire.

The holiday season is also the ideal time to review whether there are savings available by reviewing your utilities, insurance, health insurance and financing. And of course, plan to pay off your credit card by the due date.

Get trusted advice

The Saward Dawson Wealth Advisory team can assist you to identify your goals and objectives and work with you to take advantage of all opportunities available to you in the lead up to your retirement.