Now is the time to take a fresh look at your finances to ensure you are on track to achieve your financial goals. Talk with us about your financial plan but before doing so, consider the following:
Are you getting the best from your mortgage? Interest rates are likely to start slowly rising so do you fix a low rate or continue to float? Are you interest-only or interest and principle, and how many years will it be before the mortgage is paid off?
Power and telecommunication costs. Have you reviewed these in the past 12 months to ensure you are getting the best deal possible - based on price, service and functionality? Can you bundle your phone, cell phone and data plans to maximise discounts?
Do you need all the credit cards you currently own? If you are paying an annual fee for these cards, then can you rationalise to only one or two cards?
Calculate how much your car(s) cost to operate per km driven over a 12 month period. The IRD 2017-2018 mileage rate is 73 cents per km and factors in all of these things. Multiply this rate by the number of kms you do to estimate what it costs to run your car. Consider catching the bus, carpooling, combining tasks when you go out, etc.
Do you have the ability to save more money so it can compound for future goals? If so, how much? What is your current investment risk profile and are you aware of the implications that has on your investment performance?
How much are you spending on your insurances each year? Do you have enough cover and of the right type? Can you bundle insurances to achieve added discounts?
How much are you spending on the kids or grandkids? Is this absolutely necessary and can it in some way be reduced?