New Year, New Finances: Decluttering Your Finances As A Resolution

Embarking on a journey of financial decluttering can yield remarkable results, akin to the transformative effects of decluttering our physical and mental spaces. As a New Year's resolution, consider adopting this practice to not only streamline your financial life but also usher in joy, serenity, confidence, and a more positive outlook.

1. ​Supercharge Your Super: Prevent the erosion of your super balance due to fees from multiple accounts. Before consolidating, carefully assess the insurances within each account, as they could hold valuable benefits if you have medical history.
2. Navigate Life Insurance Complexities: Evaluate the type and amounts of default life insurance cover within your super fund. Will this insurance protect your family financially if you’re unable to work or something were to happen to you? Explore whether there are more cost-effective options available.
3. Unlock Home Loan Benefits: Optimise your redraw or offset account to reduce interest and shorten the duration of your loan. Having any savings in your redraw or offset account can reduce your interest and time off your loan.
4. Streamline Your Investments: If managing investments across multiple platforms is your norm, explore consolidating to trim fees and enhance efficiency. Compare investment platforms and consider consolidating everything into one that has low fees and high performance.
5. Investing Wisely, Making the Most of Your Time: When making purchases, assess not only the monetary cost but also the time required for upkeep and organisation. This holistic approach ensures that your investments, both in terms of money and time, align with your overall goals.

 
By taking these steps to declutter your financial life, you not only pave the way for a more organised and efficient future but also set the stage for greater financial well-being and peace of mind.