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Your Financial Checklist for 2018

Your Financial Checklist for 2018

Every year we reflect on what we have accomplished the previous year. We think about our financial achievements, what we want to achieve in the coming years, where we want to be, and how we are going to accomplish these goals. Which is where a financial planning checklist can help us execute our goals a lot more easily. To help you, here is a personal financial review checklist for 2018:

Update your budget

You may have a change in your career like a change of job or a salary increase. You may have your kid attend school for the first time, or you may have a new loan repayment under your name. Whatever financial changes transpired last year, you will need to update your budget plan.

List your expected income and expenses, including your savings, superannuation, investments and insurance. Having a budget plan will give you a better understanding of your money spending habits and how healthy your finances will be for this year.

Establish a financial goal

Financial goals may be for long-term or short-term. Think about what your goals will be for this year. You goal can be to diversify your investments, pay off credit card debt completely, increase your savings and more. Whatever it may be, your goals should be S.M.A.R.T (specific, measurable, achievable, realistic, and timely). This can help achieve your goals a lot more easily.

Check your investment performance

It’s essential to have plans for your future which is why we invest. Investments can help build your wealth without a major effort. Our investments may vary, you may be investing in real estate, in shares, bonds, cryptocurrencies, etc. Make sure to get an update on their performance to see if they are still working for you.  

Review your insurance policies

This is another financial product that may vary from person to person. You may have health insurance, life insurance, home and contents insurance, landlord insurance, car insurance, and more. Make sure to review the policies to see if you are getting the best deal, and that your possessions and assets are adequately covered.

Repay debts and loans

Debts and loans have interest, meaning they will grow over time, especially when you’re not paying them. Get on top of your personal finances in 2018 by taking control of your debts and loans. You can start by making extra repayments or by paying off debts with the highest interest.

Boost your financial knowledge

Financial knowledge can help you make better decisions in regards to your finances. This can help minimise the risks when investing and it can give you better options on what to do with your money which can give you financial security in the future. There are plenty of ways you can boost your financial knowledge, you can attend seminars and training, read books or blogs, get to know about the terminology and more.

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