A new year is a chance for a fresh start

A new year is a great time for making lifestyle changes, reviewing your goals, and taking time to check on your financial health.

Well 2022, it has to be better than the last two years, right? With everything that has been going on the last two years, you may have not had the time or motivation to get your financial affairs in order because life has been all about survival every day. With a fresh new year comes a new opportunity to get your finances in order and feel comfortable with the knowledge that you are getting professional help to make the most of your hard-earned dollars.

Plan around your pay cycle

If your job pays fortnightly, there is a great opportunity to modify your mortgage repayments. Paying half your monthly mortgage as a fortnightly repayment lets you squeeze in one extra monthly repayment each year – potentially saving thousands in interest over the course of a loan.

Don’t waste a pay increase

If you received any sort of pay increase in 2021, or you are starting a new job in 2022 with a higher salary, there are opportunities to save more while maintaining the lifestyle you’ve become accustomed to. One of the most tax-effective investments is making additional concessional contributions into your super. Using your before-tax pay, it’s usually taxed at just 15 per cent instead of your marginal tax rate.

Individuals may contribute up to $25,000 during 2021/22 as concessional contributions to super.

Check your insurance

As you move through your career, priorities change and with a mortgage and children comes the need to protect your income. Thew new year is a good time to sit down and check your insurance – inside and outside of super – and make sure it matches your financial situation and your current lifestyle needs.

Check your budget

You may have been living on a more frugal budget the last two years if you have had a downturn in employment due to COVID, and your expenses may have decreased as we have not been able to travel, eat out, participate in sports and hobbies. Your income and expenses going forward are likely to change. A financial adviser can help you set a budget based on your 2022 salary and expected expenses. They can also discuss investment strategies to ensure any surplus finances gives you a boost today, and in the future.

Time to get your superannuation on track

With many people predicted to have more than 10 jobs in their lifetime, having a super fund that can move with you from job to job and into retirement has never been more important. After all, losing track of just one super fund can cost you thousands in retirement.

Not all super funds can do this though, and once you’ve done your homework to find the fund that best suits your investment profile and insurance needs with fees you are comfortable with – it’s often a good idea to stick with it. This gives you peace of mind throughout your working life that your retirement savings won’t get lost and you won’t be paying unnecessary tax and fees when the time finally comes to retire.

A Financial Adviser can talk you through some superannuation fund choices and how to go about consolidating your superannuation accounts to take advantage of the benefits of having one, rather than multiple accounts. They can also talk to you about the benefit of having multiple accounts – it doesn’t suit everyone, but there are a few that are better off with more than one super fund, under the right conditions.

For help with your 2022 financial plan including super, savings and more, contact a financial planner today.

If you would like to know more, feel that you or anyone you know requires advice, or would simply like a review of your financial situation, please visit our contact page call our office today to arrange an appointment on (07) 5574 0667.

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Note: This communication (including taxation) is general advice only and does not consider your personal circumstances. You should consider whether the information is appropriate to your individual needs, and not act on any information without obtaining professional financial advice specific to your circumstances. This communication including any attachments is intended solely for the use of the individual to whom it is addressed. Any unauthorised use, dissemination, forwarding, printing, or copying of this communication including any attachments is prohibited. It is your responsibility to scan this communication including any file attachment for viruses and other defects. To the extent permitted by law, we will not be liable for any loss or damage arising in any way from this communication including file attachments.


The information has been given in good faith and has been prepared based on information that is believed to be accurate and reliable at the time of publication. The information is general in nature and does not take into account your particular financial needs, circumstances and objectives.



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