So we’ve just passed the Australia Day weekend. We know who won the 2013 Australian Open and who topped the Triple J Hottest 100. The kids are almost back to school. The year is well and truly on its way!
If you want 2013 to be a better money-year than 2012, here are 5 quick things you can do to help get yourself onto the right track:
1) Check your savings account is still competitive. Many banks offer special introductory interest rates to suck you in, but then after a few months they revert back to a standard rate. Use a comparator like Canstar http://www.canstar.com.au/savings-accounts/compare-online-saver/ to get a quick overview of what’s out there but do your own research by contacting the banks yourself too.
2) Check your Binding Death Benefit Nomination is correctly set up so that if you die prematurely, the right people receive any money in your super fund. Your most recent super statement (probably dated around October 2012) will show you whether you have a beneficiary nominated and who it is. There may be tax implications for your beneficiary so talk to a financial adviser if you’re not sure.
3) Check you’re not underinsured at home. As we’re right in the middle of bushfire season, it’s a timely reminder to check that your home and contents are properly insured – for the right amount and to cover the right risks. Check the policy wording and work out what would it cost you to replace absolutely everything? Getting a good insurance broker makes it easy. Here’s a story that highlights the implications of being underinsured.
4) Check your mortgage is covered. If you have a mortgage on your home, would your family still be able to afford it if you died prematurely? Make sure they keep their home if they lose you by getting life insurance that at least covers the debt amount. It’s also a good idea to have some extra left insurance over to cover living expenses, so we strongly suggest you talk to an insurance adviser like Suggars & Associates as there are so many different options out there.
5) Check your health insurance is competitive. A number of comparators are advertised on TV but these only display the insurance companies that pay to be included. Instead, use http://www.privatehealth.gov.au/dynamic/compare.aspx which includes all insurers in Australia
Of course, if you really want to get your finances in order, the best way to get started is to see a financial adviser. They’ll help you work out your goals and objectives and help you map out a plan to get you there.
If you’d like help with any of these items, call Suggars & Associates and we can get you started.
The advice in this article is of a general nature only and does not take your personal circumstances into account. You should seek financial advice before making any investment or financial decisions.