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Your New Years Resolution for 2025 – A Financial Detox

The New Year is the time for new starts and one of the best decisions you could make is to commit to a financial detox. Cleansing your finances by streamlining them and making them work for you is something we recommend doing regularly. Here’s a breakdown of how you get your finances detoxed this New Year.

Close Unused Accounts

In an age where cyber security should be on everybody’s radar, ensuring that inactive and unused accounts are closed should be top of your list. Personal data associated with old accounts whether they be for financial products or other facilities, can be a target for cyber-criminals who can use the information illicitly.  Furthermore, closing bank accounts, credit cards or Buy Now, pay later facilities may also serve to save you money from ongoing fees you may still be charged.

For those accounts that you do keep open, considering updating your passwords to make them strong and less open to being hacked.

Declutter Paperwork

With the digital age well and truly upon us, there should be little need to have a filing cabinet bursting at the seams with paperwork. Do you still have a mountain of files and left over from a time before everything went paperless? Here’s how to sort through it:

  1. Determine if items should be kept or discarded. For those items needing to be destroyed set aside and arrange for them to be shredded.
  2. Archive important documents. For those items needing to be retained that hold sensitive information such as birth certificated, passports, tax documents and legal documents, invest in a lockable box or cabinet to securely store them as needed.
  3. Scan applicable documents. Anything that you need to retain but can be done so as a soft copy, scan in and save securely, limiting access to only those who require it.
  4. Switch to digital statements. If you’ve not already done so switch to digital statements and digital billing for all utilities and household bills.

Review Your Insurances and Will

Ideally you should have a Financial Planner on your corner who can give you sound advise on what insurances you should consider and review policies in place to confirm that they are still fit for purpose. If you have experienced any significant life changes or events such as marriage, divorce or the birth of a child then a review of your will should be a top priority.

Review Your Home Loan

To ensure your home loan is working for you can you answer the following questions:

What is my interest rate?

Is my rate competitive in the current market?

Do I have an offset account?

Am I using my offset account correctly?

Do I know how to pay my loan off quicker?

Are my goals the same as when I settled my current loan?

The chances are you are unable to answer any or all the above questions with confidence. That is where scheduling a review with your mortgage broker should be a key component to your financial detox for 2025.

Keeping your finances in order is not a “set and forget” exercise. To reach your financial goals, it takes some effort, but it doesn’t need to be laborious especially if you take on board these Financial Detox steps. For more information contact one of the Blackburne Mortgage Broking team to ensure your finances are in good shape for 2025.

 

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Take control of your finances and start paying less on your mortgage today. With our no cost, no obligation review of your existing loan, our expert mortgage brokers will analyse your current loan and provide you with a tailored solution to help you save on interest and pay your loan off quicker.

Paul Prindiville

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0438 196 695