Time to review your personal finances
How often do you review your personal finances? We recommend that you do a full assessment at least once a year and an interim review every six months.
Conducting annual reviews of many aspects of your life is a good habit to form. The key is to choose a time and put it in your calendar to recur at the same time each year. The start of the year or start of the financial year can both be good times to choose. Setting a particular time to review things means that you know when you last did it and can make this your annual event.
Whilst reviewing your personal finances, you should take a close look at your personal insurances. This is best done in conjunction with your financial planner.
In Australia, research has shown that most people fail to have adequate levels of insurance on both themselves and their family. In fact, research showed that parents with dependents were the most critically underinsured, to the tune of a whopping $1.37 trillion. (Statistics courtesy of IFSA)
Here is another scary statistic. In Australia, more than 3 in 4 Australians will be diagnosed with a serious illness in their working life (statistic courtesy of the ABS).
Now you need to know not only what personal insurances you have, but if they still meet your current needs and situation. As part of the FinanceCorp family, our FinanceCorp Finance Services division is able to offer you personal financial planning. If you would like to book an obligation-free appointment, please feel free to contact us on 08 9417 5550.