How to start your new financial year the right way
With 2021 in full swing, we’re continuing to be challenged with COVID-related surprises that keep us on our toes as we try to maintain a sense of business as usual. With the new financial year here, it’s a great opportunity to check in with goals you may have set in January, take a moment to pause, refresh, re-set or start fresh. Here’s where to put your focus:
Make sure your goals are S.M.A.R.T.
From both a business and personal perspective, setting yourself up with well thought out goals is the key to success. Goals that are Specific, Measurable, Achievable, Realistic and Timely (or S.M.A.R.T.) tick all the goal-setting boxes. Starting off with a goal that is specific is crucial – this means, that instead of saying something like “I want to get fit”, you’d say “I want to complete the Queensland Half Marathon”, or “be able to run for 30 minutes non-stop on the treadmill”. For more help with setting S.M.A.R.T. goals, head to this resource.
Assess your financial position
The end of one financial year and dawning of a new one is the perfect time to evaluate your financial position and whether you’re on track with bigger financial goals. If you’re saving (or considering saving) for a big ticket item like a car, new computer or even a first home or investment property, check in with your budgeting and get your finances back in shape if needed. If you’ve got property related goals, check out our blog here for some tips to set you up for success.
Schedule a health check
Winter and work can become all-consuming but carving out the time for a regular health check (just as you would for your car) is a good habit to form. Think of it like a mid-year tune-up and service for your body, to keep you in tip top shape. Visit your GP for all the usual health checks like blood pressure, cholesterol, and a weigh-in. Don’t forget to consider things like your sleep and fitness habits too – particularly if your lifestyle has changed as you adapt to working from home. For at home fitness inspiration, check out our fitness blog here.
Evaluate your quality vs quantity of time
COVID has taught many of us to take a breather and reassess our busy lifestyles and priorities – but it’s easy to fall back into old routines. While the financial year is typically about just that –finances – we’re urging you to use it as an opportunity to take a moment and assess your overall life balance. Think about where your time is best invested and how to nurture relationships with those closest to you. It may be creating your own family events like a regular Friday pizza and movie night, carving in regular date nights that slip by the wayside, or committing to finishing work early one day a week and spending that time with an elderly relative or loved one.
Reflect on wellbeing goals
How many of us have pledged to quit smoking, exercise more or lose weight as a new year dawns? Not surprisingly, according to a survey by Finder, losing weight, eating better and saving money topped the list of New Year’s resolutions for Australians this year. Use this half-way mark as an opportunity to check in with your progress against life-altering goals and revisit the S.M.A.R.T. technique if necessary.
Continual learning isn’t just good for our brains, it helps keep us motivated, engaged, and empowered. Look at what you can do in line with any goals you’ve set – i.e., if you’re striving for career progression, think about courses or seminars that could bolster your success. Remember, learning doesn’t have to be strictly career focussed, it’s also a great way to keep connected with friends – from dance classes to drum lessons, there’s bound to be something you’ve always wanted to try!
Revisit your insurance policies
Insurance usually falls in the dull but essential category and is at risk of being forgotten about until you really need it. Get in the habit of including a once over of your insurance policies in line with your end of financial year admin. Things to check include any updates required following major life events – things like getting married, becoming a parent, buying a house or even an empty nest. As a result of these, policies often need to be tweaked. It’s also a great opportunity to re-negotiate with existing insurance providers or hunt around for better deals to suit your current life stage.
While the end of the financial year is usually a time where the focus is firmly on finances, we hope you’ll take the opportunity to use this half-way mark to re-assess both your personal and financial health. Afterall, both are intrinsically linked so let’s make this a year of being strategic, balanced, and SMART.
The information shared here is general in nature and for any individual personal financial or personal health or fitness advice seek out your finance or health professionals to tailor a plan to suit your individual circumstances.