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The Ultimate Financial Checklist for 2022

As we settle into a new year and shake our heads at how fast the last 12 months have come and gone, most of us will be thinking about the coming year and the things we would like to achieve.

Don’t forget to include money on your list of new year’s resolutions!

Here are 12 things you can do to get off to a strong financial start in 2022 and set yourself up for financial success in the year ahead and beyond:

1. Look at the Big Picture:

Take a moment to recalculate your net worth. Grab a piece of paper or your computer, and write down your assets (house, cars, retirement savings, cash, etc) minus any debt (mortgage, other credit) to appreciate your financial net worth.

By creating this personal balance sheet, you’ll get a holistic view of your financial situation as you kick-off 2022.

2. Revisit Your Goals:

What were your goals last year? Have they changed at all? Do you have any new financial priorities in 2022 that need to be reflected?


3. Review Your Spending Habits:

Do you know what you spent in 2021? Review your spending habits and think about your cash-flow (income minus expenses). Think about how much you would like to save in line with your goals, and if you need to make any lifestyle changes to meet these goals.

4. Know What You Owe: Do You Have Any Debt?

Check your debt commitments.

Are you comfortable with the level of debt you currently have? Do you have a plan to reduce this debt? Consider whether you could create an advanced repayment schedule.

If you have a home loan, is it time to revisit your progress? Are you able to increase your payment amounts or frequency to save interest? With interest rates so low, could you refinance for a better deal or lock in a lower fixed rate?

5. Make Your Budget Your Best Friend!

Yes, I can hear you all drifting off – budgets, sigh…

Perhaps you’ve tried to budget in the past but haven’t been particularly successful. Maybe you’ve always avoided it like the plague. Well, it’s time to make a change.

A budget is not an option. It is an essential tool to ensure you have control over your finances and can plan for a healthy financial life. A budget will make sure you are living within your means and will give you the greatest chance of fulfilling your goals and dreams.

Need help? Contact us for our handy budget template to help get you started.

6. Check Your Superannuation:

Depending on your goals and cash flow, check your retirement contributions and decide if you need to make any changes for 2022.

Are you satisfied with the progress you are making, or do you need to increase your contributions?


7. Weigh Up the Risk:

Think about your risk tolerance and risk capacity. Are you more or less nervous about markets than when you last reviewed your financial plan? Would you feel better with some risk taken off the table or do you think that risk would help you achieve your goals?

8. Check Your Insurance Cover:

Do you and your family have the foundational cover you need? Check if you need to make any changes to the level of cover, or if you can change your provider to save money.

9. Review Your Estate Plan:

Do you have beneficiaries listed? Do you need to change your beneficiaries if the worst should occur?


10. Review Your Tax Position:

Do you need to submit any tax returns? As well as reviewing previous return submissions, think about any upcoming taxes you need to account for. Are these structured well from a tax perspective?

11. Be Honest with Yourself:

Check back on your financial emotions through 2021. Have you felt calm and progressive? Or insecure and afraid about your financial future? Have you done anything to advance your financial education?

We can offer some tips and provide resources if desired!

12. Seek Financial Advice.

Reaching your goals doesn’t happen by chance.

If your finances are simple, a DIY approach can work just fine. As long as you keep on top of things.

If your situation is more complicated, you’re actively looking to grow your wealth or you simply want someone else to do it all, a financial adviser can be worth their weight in gold.

They provide an objective perspective and will bring expertise and skill to decisions around what your financial priorities should be, how you should invest your money and what sort of insurance coverage and other protections you might need.

Ready To Get Started With Your Financial Checklist?

For more than 15 years, 123 Financial Group in Newcastle has been dedicated to helping clients find lasting financial freedom. We’ll work with you to understand your needs, set your financial goals and create a plan to help you achieve them.

Contact us today for a free, no-obligation financial review.

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