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Give Yourself a Financial Health Check

Give Yourself a Financial Health Check

We all know the importance of going to the doctor regularly for a health check up. Well, your finances are no different to you health. Your financial health needs regular reviews (check-ups) to see if there are areas for improvement, gains to be made and opportunities to seize.  Here are some quick tips on what you can do to review your financial health.

Financial Health Check – Step 1 – Find Your Lost Super

Financial Health check

Recovering lost super is relatively simple. The ATO gives us a few ways we can search for and recover our lost super but essentially it is as easy as filling out an online form or making a phone call. Whatever method you choose, to make the process easier get your relevant information together, such as your Tax File Number.

So how do you know if you have lost super? The ATO lists three main reasons; if a super fund hasn’t been able to contact you in the past, haven’t received any contributions or rollovers for five years, or if they don’t have your address after another fund has transferred you over. If you are a lost member your super fund may still hold your money. Super fund must report inactive accounts to the ATO. They also have to pay inactive low balance accounts to the ATO, so it is beneficial to take control and claim back what is yours.

Financial Health Check – Tip 2 – Get Financial Advice

Financial Health Check

If you were to give yourself a physical health check, you would get advice from a doctor. Getting advice from a financial adviser is your financial health check equivalent. A good financial advisor will help you work out your goals and strategies for your own personal situation. Financial advice can cover a whole scope of life stages. Whether you are planning for retirement, organising your budget or preparing to purchase a home, it may be worth getting professional advice. You don’t have to wait for a windfall to get professional advice either, however if you do have some spare funds, now may be a time to consider investing.

Financial Health Check – Tip 3 – Make a Budget


The idea of a budget can seem intimidating, especially in the case where your financial health may need a little improvement. However, a budget is essentially your own tool for organising where you want your money to go. No matter what your situation is in life, whether you are fresh out of school, married with children, or looking to retire; making or reassessing your budget might be one of the methods for getting your financial health back on track. Like Dave Ramsay suggests, ‘A budget doesn’t limit your freedom, it gives you freedom’.

Tip  4 – Check For Sneaky Subscriptions or Fees

Financial Health Check

Tying in with organising your budget, it is a good time to go through your credit card or bank account to make sure there are not any subscriptions being paid unawares. These days subscriptions tend to be commonplace and yet no matter how cheap, seem to have a way of adding up. It could (literally) pay to spend some time going through your accounts to see what recurring payments are eating into your budget. You could do this possibly through your online banking, or even in your iTunes, Google Pay or smartphone settings, if perhaps some apps and purchases are slipping under the radar.

Tip 5 – Review Your Home Loan

Review Your Home Loan

Rates are still low, but on the increase, so now is still a good time to review your home loan. It is a worthwhile exercise to investigate if your home loan can compete with other lenders in the market. You could do a google search, contact your bank and ask for a better deal or enlist the help of a mortgage broker. Either way, your home loan is generally the biggest expense of your life, saving a few percentage points could save you thousands over the course of your loans. This is one area where a little effort can provide big gains.

Tip 6 – Make a Will

Estate Planning

A will is a legal document that shows how your assets are distributed after you pass away. Without a will in place, the State dictates where your assets will go. If you have assets and loved ones that rely on you it is prudent to have a will. This being said, when it comes to Estate Planning and drafting wills, decisions can be overwhelming. Making the wrong decision can be upsetting and cause conflict in the long run. Consider seeking professional advice from a solicitor who specialises in Estate Planning matters and finally get that will you have been putting off.

Start Thinking About Tax Time

Tax implications - Investing

The 30 June will be here before we know it. Now is the time to see if there are any decisions you could make that will make a difference to your tax. For example, it may be worth bringing forward and making the most of your tax-deductible expenses. There may also be an opportunity for methods such as income splitting and negative gearing. If thinking about tax time gets your head in a bit of a spin, you might want to speak to a trusted accountant or professional to make the most of your tax return this year. If you leave it till after 30 June, you will be too late.

For expert financial advice from an award winning team get in contact with Elliot Watson Financial Planning 02 4038 1623.

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author. Elliot Watson Financial Planning Pty Ltd ABN 70 610 168 646 is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Elliot Watson

Elliot Watson is an award-winning Certified Financial Planner with over 15 years' experience. He is passionate about helping people grow and protect their wealth.

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