The Power of Proactive Planning

by Dominique Schuh

Hopefully, you've managed to carve out some time over the Festive Season to reflect on your 2018 year that was and to plan for the next 12 months ahead. We find that this time of year presents a perfect opportunity for good planning to occur, and hopefully, this will set you up for a great year ahead.

In terms of setting money goals, we know that around 80% of New Year resolutions have failed by mid-February. So to avoid this while still taking stock of your finances, aim for some resolutions that will be realistic for your situation, as well as sustainable.

One way of taking stock for the year ahead is to ask yourself the questions below:

1. Am I happy with the amount of money I've saved or accumulated in the last 12 months?
2. What needs to have happened in my financial life over the next three years, for me to feel I've made good progress?
3. What are the obstacles getting in my way and slowing my progress down?
4. Will there be family life events in the future that I need to be planning for now?
5. What are some of the financial things I've been meaning to get to but haven't yet?
6. What is one positive move I can make for myself or my business that will set me up well for the year ahead?

Asking yourself either some or all of these questions will hopefully help organise your thinking while also highlighting the areas you can improve on.
Other important points to note are:
If you haven't got your tax work into us yet, please feel free to do so. A nice tax refund is always welcome early in the New Year!
Plan now for the planning you may need to do prior to June 30. If you think you'll need some interim work done after March we'd be happy to help with this.
The halfway point is a good time to check how much has been contributed to your super fund so far and to make any top-up payments needed in the second half of the financial year.

We're looking forward to the year ahead and we hope you are too. Please feel free to contact us if you have any queries or need any assistance with your finances - business or personal! We look forward to seeing you soon!