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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.
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.
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:
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.
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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