Nothing says downtime quite like the holiday season kicking in. While we wind down to close off the year and take the much-needed rest, we’re also presented with an opportune time to recollect and take stock of our financial affairs.
According to Murray Anderson, CEO of FNB Financial Advisory, financial check-ups should be treated the same way as an annual check-up with your medical practitioner. “This is done to review your finances and identify strategies to improve your financial well-being. More often than not, with these annual financial check-ins, we’re able to quickly identify issues and nip them in the bud before they grow into a bigger issue. This makes it absolutely critical for one to touch base with themselves, their families and advisors to ensure they’re still on track.”
Below are a few pointers to consider in reviewing your financial health before the start of 2022:
- Review your Insurance Cover – We recommend that you review your insurance and check that it is up to date. Ensure that your car, home, and possessions are covered while you are away and going into the New Year. If you are in doubt, speak to your advisor to ensure that you have adequate cover for the unforeseen and to protect you against critical illness.
- Review your estate and legacy plan – Life is unpredictable which is why advisors are available to help you with your estate planning and formulation of trusts and wills to protect your family should the unthinkable happen. Take the time to think about what your estate plan looks like at the moment, and if needs to be amended.
- Review your savings and investments – We encourage clients to take the time and review their financial goals. This is important in assessing whether their financial goals are still appropriate, and if they’re making progress or in need for a review.
- Review your credit status – With the start of the New Year, most people kick off with their resolutions that might include getting financial support to achieve. Areas to consider are strategies to pay a lower interest rate for credit you might need, so consider a credit report to see if your financial standing is still in check.
“Similar to all key practitioners, advisors uphold the highest legal and advisory standards to give advice that’s in the client’s best financial interests. With the help of an advisor, a financial check-up to close off the year and plan for the new year, allows you to maintain a holistically healthy financial life and sound money management behavior for you and your family to grow and retain your wealth going forward,” Anderson concluded.
Compiled by Justine Fortuin