Why Financial Check-Ups Matter for Your Financial Future

While our standard of living is increasing here in Australia, economic pressures such as rising house prices, slow wage growth and market volatility are leaving many of us feeling the squeeze.

A recent report from the Melbourne Institute, Taking the Pulse of the Nation, found that one in three Australians are under financial stress, and one in five say it’s affecting their mental wellbeing.

At Insight Wealth Planning, we see this all too often: people so busy juggling life, work and family that their finances start to slip through the cracks. For some, it’s worrying about debt. For others, it’s uncertainty around retirement. And for many, it’s that feeling of not being in control.

Financial planning is a journey, and it starts with understanding your current financial situation and taking a holistic view of your personal finances.

The good news is that all financial situations can be improved. The first step is to evaluate your current situation and then reach out for help.

Taking a holistic view from the start can make a big difference as you begin your financial journey.

Your Three-Minute Financial Check-Up

So here’s a simple tool to help you reflect on your current situation: our Three-Minute Financial Check-Up. This check-up is to help you assess your personal situation and understand your cash flow, which is key to budgeting and managing expenses. Whether you’re lost or just want a quick reality check, this quick checklist is a great place to start. It’s also a starting point for strategic planning towards your financial goals.

The Checklist

Action	Yes	No
Do you pay all your credit cards off in full by their due date?
Do you sleep easy knowing all your bills will be paid when they fall due?
Do you have a budget, and do you stick to it to effectively manage your cash flow?
Are you making all your loan repayments on time?
Do you know exactly how much your home loan is today?
Do you know what you would do in the event of a job loss tomorrow?
Are you confident about your children’s financial future?
Do you have life, total and permanent disability, and critical illness insurance in place that would provide a lump sum payment if needed?
Do you have income protection in place?
Do you know how much you have in your superannuation account, and are you aware of your super fund’s performance?
Are your debts being managed effectively?
Do you regularly review your investment portfolio and understand your risk tolerance?
Are your retirement funds on track to meet your needs?
Do you have a plan in place for different life stages and long-term goals?
Are your financial goals realistic and aligned with your life goals and personal goals?
Are you and your partner in agreement about your finances?
Do you feel confident about your overall financial position?

Managing Debt and Credit

Managing debt and credit is the foundation of building a strong financial base and working towards financial freedom. If you’re juggling multiple debts or feeling overwhelmed by high-interest credit cards, you’re not alone, many Australians are in the same boat. The key is to develop a clear strategy to manage and reduce debt tailored to your individual circumstances and financial goals.

A financial planner can help you create a realistic plan to pay off debts efficiently, prioritise those with the highest interest rates and help you avoid common pitfalls. By making timely repayments and keeping track of your credit, you’ll not only improve your financial situation but also set yourself up for long-term wealth creation and successful retirement planning. Remember, managing debt isn’t just about paying off what you owe, it’s about planning for the future, reducing financial stress and giving yourself the freedom to focus on what matters most.

Protecting Your Assets

Protecting your wealth is an essential part of any financial plan. Life can be unpredictable, and protecting your assets means you and your loved ones are financially secure no matter what comes your way. This means considering the right insurance policies; life insurance, income protection and total and permanent disability cover, to provide a safety net in case of illness, injury or unexpected events.

A financial adviser can guide you through the process of selecting the right insurance policies for you and help you structure your assets to minimise risk. By investing in the right insurance and taking proactive steps to protect your wealth, you can have greater peace of mind and confidence in your financial future. Asset protection isn’t just about protecting what you have today, it’s about being financially secure for tomorrow and beyond.

Financial Discipline

Being disciplined with your finances is the key to achieving your financial goals and a secure financial future. It’s more than just setting a budget—it’s about tracking your spending, making informed financial decisions and reviewing regularly. With the right plan in place, you can make your money work for you and stay focused on your long-term goals.

A financial planner can help you develop a plan that fits your lifestyle and supports your aspirations. By prioritising financial discipline and seeking professional advice, you’ll be better equipped to navigate life’s financial ups and downs, make good decisions and achieve financial freedom. Regular check-ins and adjustments to your plan will keep you motivated and on track as you move towards your future goals.

What Should You Do Next?

If you answered “No” to any of the questions above, don’t stress, you’re not alone. But it’s a sign that now might be the time to talk to a professional and get back on track.

Having access to the right advice and support from experienced financial planners and advisers is crucial to make sure your financial strategy aligns with your goals.

When considering what to do next, look into the range of financial planning services and financial services available, including investment advice, wealth management and support for big financial decisions. Financial advisers and financial planners provide advice tailored to your needs and act in their clients’ best interests. They offer ongoing service and support to clients throughout different stages of their lives, so your financial plan remains relevant as circumstances change. Advisers can advise on investments and provide investment advice as part of comprehensive financial planning services to help you make informed decisions to grow and protect your wealth.

How a Financial Adviser Can Help

A financial adviser can help you work out how bad it is and give you simple, actionable steps to fix it. More than that, we can help you get back in control, so you can have clarity and confidence in your financial position.

You don’t have to do this alone. Whether it’s a new budget, a super review or help with debt and insurance, we’re here to guide you.

Ready to get started? Contact the team at Insight Wealth Planning today.