The end of the year and the start of a new one is an ideal time to check in with your finances and make sure everything you’ve got set up is still working for you.
Many of us use this time to set goals in the form of New Year’s resolutions, or simply have a bit more down time to spend thinking about aspects of life that we haven’t gotten around to throughout the busy year.
Here are five ideas – plus one bonus idea – on how to give yourself the gift of financial wellbeing this Christmas.
Your KiwiSaver is most likely your primary investment. Use Sorted’s KiwiSaver Calculator to see whether you’re still on track for the retirement you want.
These holidays, it might be worth taking a few minutes to have a chat with your KiwiSaver provider. Many KiwiSaver providers now provide free financial advisers for their customers to provide a “health check” of your KiwiSaver. But for new and existing customers, they can answer any questions you may have, give you an overview of how KiwiSaver works and come up with a plan that works for you.
The same thing applies to any insurance policies you have – it pays to check in on the cover you’ve got regularly and ensure it still makes sense for you.
Take a look at your latest policy statement online and look at how much you’re paying in premiums and what you’re getting for your money.
Consider any changes that have happened in your life during the year. Did you recently get married, buy a property or start a family? If so, you’ll likely want to review your policies to make sure you’ve got the right amount of cover should things take an unexpected turn.
If you’re the sort of person who doesn’t want to spend time checking up on all these things, don’t worry, we get it!
Luckily, there are experts whose entire job is to do all this stuff for you, and help you stay on track towards your financial goals. Find out more about financial advisers and mentors and how they can help you.
The holiday season is the perfect time to think about what you want to achieve in the year to come. Consider what you did really well this year and what you want to do better next year.
Use Sorted’s Goal Planner to set yourself some financial goals you want to reach. Whether you want to buy your first home or go on that dream holiday, getting an action plan together will help you get there.
Learning about money can feel overwhelming, especially when you’re reading documents filled with complicated phrases. But there are some amazing resources out there now which break things down in a way that everyone can understand.
Jump online, borrow a book from your local library, download a podcast episode or two and give yourself the gift of knowledge – for free! Check out our list of money resources for Kiwis here.
Here’s a gift that won’t just benefit you, but the whole whānau. These holidays when you’re gathered around the BBQ, relaxing at the beach, or road tripping down the coast, start a conversation about finances.
It doesn’t have to be heavy – you could make it fun by discussing what your money personality is, the best purchase you’ve ever made (or the worst!) Once you’ve got the kōrero going, you can broach other subjects, and you’ll find the more you open up, the more others might too.
It’s also great for your kids to hear you talking about money openly. Parents are our biggest role models when it comes to money, so if you start talking about finances with your kids from an early age, they’ll grow up knowing it’s okay to talk about. Check out our episode with Frances Cook for more about talking to your kids about money.
Disclaimer:
This ‘How to treat yourself this Christmas’ blog is general information only. The views and opinions expressed do not necessarily reflect those of the FSC. It is not intended to constitute legal or financial advice and does not take your individual circumstances and financial situation into account. We encourage you to seek assistance from a trusted financial adviser, legal or other professional advice.
The names of any third parties are additional resources that you access at your own risk and the FSC takes no responsibility for any third party content.
The FSC and its employees make no express or implied representations or give any warranties regarding this blog, and we accept no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this blog.
November 2023.