What a rollercoaster 2020 has been! This year has likely made you a bit more aware of your finances, and it might have been more of a struggle to meet your financial goals. So what can you learn from this year to help you be your best financial self in 2021?
Review your year
If you had some financial lows this year, there was probably not a lot you could do about it. But think about what you learnt, and how your finances are sitting currently. It’s a good idea to review where your money was spent during the year. Take stock of your usual costs as well as any extra spending – especially if you engaged in a bit of online retail therapy during lockdown!
Set your goals
Now that you have a general idea of your year and what you learnt, you can set some goals for next year. Maybe you want to build up your emergency savings fund, or cut down on your impulse spending. Or maybe you want to have a better work/life balance so you can spend more time with your family. It’s a good practice to write your goals down and create a map for how you will reach each one.
Sort your insurance
If you haven’t got your insurances sorted yet, make it a priority. As this year has shown us, you never know what life will bring, so it’s important to protect yourself and your loved ones. If you do have insurance in place, now might be a good time to review it. If things have changed for you since you last had a review, you might be paying for more than what you need.
Learn about your KiwiSaver
There are still many New Zealanders who don’t know how KiwiSaver works, or what fund they’re in. Make it a priority in 2021 to take a look into your KiwiSaver. If you’re not in the right fund for your situation, you could be missing out on a large sum of money come retirement. Even if you do a little bit of research into the different fund types, that’s a great place to start!
If you need a bit of guidance with any of the above, our team can help! From reviewing your insurances to helping you set up a budget, we’ve got you covered.