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  • Writer's pictureMark Oliver

Setting Your Financial Goals

With New Years out of the way, many of us have started (or thought about) planning our financial goals for the year ahead. Money drives most of the decisions we make day to day so setting goals can help us take control and feel more confident about those decisions.

With a difficult year out of the way we thought we would share a quick guide to help you set your goals. You don't need anything fancy just a pen and piece of paper will do the trick.

  1. Take a quick overview of your financial position - How much available cash/money do you have sitting in the bank and how much is locked away eg super, stocks and shares, business etc

  2. Review your emergency fund - Recent times have highlighted the importance of keeping something aside for a rainy day. This amount will be different for everyone but we suggest having at least 3 months worth of living expenses kept aside for a rainy day. (Step 4 might help with this answer).

  3. Are there any big purchase items you want to buy this year? A house, new car, big holiday or even some new furniture. Note these down and put down how much it will cost. For example, if you wanted to buy a house you will need 5% deposit plus buying costs (stamp duty, legal fees etc). If you can't afford to do it this year then set aside a weekly or monthly savings goal to help bring your dream within arms reach for the following year.

  4. Review your monthly spending budget - Can you make any savings anywhere? Do you know how much you spend on takeout or alcohol every month? Knowing this figure will help you make a more educated decision next time you go to order your 3rd Uber eats of the week. When was the last time you shopped around to find a better car or home insurance deal, cheaper electric or gas provider or even your mortgage interest rate. Spending a couple of hours one morning could save you hundreds every month that could help you buy your big ticket item, build your emergency fund or even pay down debt with no extra effort.

  5. Dedicate some money to invest in your child's and your future - This can sound quite freighting, risky or even to complex to want to think about but your future self will thank you for it. If you don't want to get too involved then by simply salary sacrificing a little extra to your super fund can go a long way! If you want to take things further and properly plan for your retirement then we highly suggest talking to a financial planner. They can help guide you along your journey, offer advice and manage your risk should you want to invest in other asset classes such as real estate or stocks, shares or funds. We will put some links below of some companies that can help you to quickly compare the market for a better price.

When doing the above think about what’s important to you as you begin to set goals. It’s completely normal to have several goals, and for them to change over time so don't worry. Without establishing that goal, you’re more likely to continue spending as usual while your debt piles up.

Time saving companies that do all the hard work for you! (For FREE)

- Quickly compare your home Utilities all in one place including Gas, Electric, Internet, Water, Insurance and Pay TV. Get someone to search the market and do all the hard work for you, they even do all the paperwork to switch you and it's FREE - Click here: MyConnect

- Review your mortgage interest rate to see if you could save some money. Simply email us your rate, loan amount, years remaining and lender and we will compare the market to see if we can find you something cheaper and more suitable. Email:

We hope you find this useful and just remember there's no such thing as a perfect plan but as long as we are making educated decisions around our spending habits we will get closer to the things we want to achieve.

Phone: 0423 269 468

WARNING: The contents of this communication is NOT designed to replace credit or financial advice. We have not taken into account your needs, objectives or financial situation. Please contact us today to find out what's suitable for your needs.

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