Another year is almost over, so are you on track to make 2020 a better year than 2019?

Many people use the New Year as an opportunity to take stock, to see what’s worked well in the past 12 months and what hasn’t. This is a great habit to get into, as long as you act on those areas you think could improve.

No change, no gain

The old saying “If you do what you’ve always done you’ll always get what you’ve always got” also applies to financial planning. If you’re not happy with how things have been going over the past few months, it’s time to make some changes – and make them fast. In finance it’s often better to cut your losses and change course quickly rather than seeing things through and waiting for them to turn around.

Personal finance is tightly linked to your personal circumstances, so we’ve prepared a checklist for our clients to help you take stock of your current situation, your goals and habits, and this can guide you through your planning for 2020.

The full checklist is available here, including factors such as:

  • Personal situation (eg marital status, children)
  • Employment (entitlements, retirement plans)
  • Social security (benefits, allowances)
  • Income and expenditure (taxable income, debts, bills)
  • Assets and liabilities (superannuation, investments, debts)
  • Estate planning (wills, advanced care directives)
  • Goals and objectives (family, health, business, retirement)

We’re here to help you make 2020 a great year, so please get in touch if you’d like some guidance on planning for success.