After the excesses of the festive season, the New Year is the perfect time to evaluate your financial fitness. Are you as financially fit as you would like to be? Are there some improvements you could make to get your finances in better shape? 
This is a simple 12 question self-evaluation that will help you re-focus and re-set for the upcoming year.
Ask yourself these 12 simple questions
Keep a tally of the number of “YES” responses.
- Do you have a budget?
- Are you getting all the benefits and entitlements you are eligible for? (ie. Family Tax Benefits and other Centrelink and government payments)
- Are you comfortable with the level of your debt? (debt includes: home loans, investment loans, credit cards, personal loans, car loans and store finance)
- Do you make extra repayments on your home loan?(if you don’t have a home loan answer Yes)
- Do you have all your superannuation in one fund? (if you have more than one super fund for a good reason answer Yes)
- Do you make extra contributions to super?
- Are you confident you will have enough money to retire comfortably?
- Do you have long term investments such as a term deposit, managed fund, share portfolio of investment property? (do not include your super)
- Are your investments diversified? (eg. A mix of investments such as cash, shares and property)
- Do you have enough life insurance cover to provide for your loved ones if you were to die or become permanently disabled?
- If you were unable to work for 6 months due to sickness or injury, would you still be able to pay your bills?
How did you go?
You answered YES to EVERY question
CONGRATULATIONS! You are in great shape with excellent financial health.
It seems you have your financial health under control. You have documented your goals and have put in place savings, debt management and wealth protection strategies to achieve those goals. Stay in optimal financial health by regularly reviewing your financial plan.
You answered YES to at least 8 questions
WELL DONE! You are on the right track with a moderate level of financial fitness.
You seem to have many aspects of your financial health in good shape, but there is some room for improvement. Now is the perfect time to bring your finances into focus and put in place plans to achieve optimal financial health.
You answered YES to 7 questions or less
ACT NOW! You need some help to improve your financial fitness.
It seems there is room for improvement in relation to your financial fitness. You would benefit from a comprehensive review to help you get your finances into shape.
Please contact us on phone to arrange a financial review so you can be as financially fit as possible.
What you need to know
The financial check-up contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances. A copy of your responses will be made available to our business. Your responses are confidential and will not be shared with any other companies. Unless you are informed otherwise, the personal information we hold is used to enable us to provide you with the services that you have requested, to review your ongoing needs, to enhance customer service and available options and giving you ongoing information or opportunities that we believe may be relevant to your financial needs and other circumstances.
