A journey of a thousand miles begins with a single step – but first you’ll need to have your destination in mind! Gain clarity as you clear these four processes before drawing up your awesome financial roadmap:
Step #1: Put It Down In Writing.
This is a basic yet oft-overlooked step that helps you prioritise your budget. It helps you see how much and what you’re spending on every month. Planning to save more and spend less in 2020? Having a clear budget can help you gain the insights you need.
Just think about this: Cutting back on that expensive post-lunch gourmet coffee could save you a whopping $120 per month!
Step #2: Think Of The Worst-case Scenario.
If you don’t already have them, make a Lasting Power of Attorney (LPA) and an Advance Medical Directive (AMD). Should you unfortunately become incapacitated, these legal documents can convey the steps you want carried out on your behalf.
Without a LPA and an AMD, the law may dictate the next steps taken; even if they should differ from your wishes and intentions.
Step #3: Update Your Beneficiaries (If Needed).
A new year can signify a new beginning for some. Check your beneficiaries’ designations from time to time, especially after experiencing life changes such as divorce. These apply and are not limited to your Will, insurance policies and financial accounts.
For example, if you have entered a new marriage, you may not want your ex-spouse to remain as your beneficiary.
Step #4: Get Your Stuff Organised.
Your Life Plan should begin with getting the important documents together, and that includes an inventory of your current assets and accounts. You will also need true copies of vital papers such as title deeds, birth certificates, marriage certificate and insurance policies.
Keep them in a safe and secure place where both you and your spouse can easily and quickly access.
Need a nudge in the right direction? Our dedicated team is here to offer the advice and solutions you need to achieve financial success!
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