How to Give Yourself a Financial Health Check Before Tax Time
As tax time approaches, getting finances in order should be a top priority.
According to Mark Bouris, executive chairman of Yellow Brick Road, everyone should review their home loans, insurance, savings, super and household costs. With mortgages or property investment loans, savings are possible on interest and loan repayments by comparing rates and paying fortnightly.
When it comes to insurance, Bouris advocated being appropriately and adequately covered. This includes insuring any households and contents, as well as health insurance, life insurance, trauma and/or income protection cover.
Bouris said savings and superannuation provide opportunities to save money as well. Small changes in fees can have dramatic benefits in the long run.
Additionally, Bouris pointed to household bills as a potential area for real savings. With a simple review, he claimed many people can save over $100 a month. This extra money can be contributed to savings or a super in order to build further retirement income.