Are you Financially Fit, or do you need a Financial Spring Clean?

Many people are doing reasonably well financially.

But being busy is not the same as being on track.

The purpose of this check-up is to identify whether there may be opportunities to improve your position, reduce risk, and make sure your finances are working as hard as they could be.

By staying on top of the key areas of your financial life, you can build greater wealth, protect what you’ve worked hard to achieve, and gain the confidence that comes from knowing you’re on track to achieve your goals. Ultimately, it’s about creating more choice, flexibility and financial freedom, so money becomes a tool to support the life you want to live, rather than something that holds you back.

Score Yourself

✅ Yes = 1 point
❌ No = 0 points

Your Financial Position

1. Do you know your current net worth?
   (Assets less debt)
   □ Yes □ No
2. Do you have a clear understanding of where your money goes each month?
   □ Yes □ No
3. Are you consistently saving or investing money each month?
   □ Yes □ No
4. Do you have an emergency fund or cash reserve available?
   □ Yes □ No

 

Debt & Cashflow

5. Have you reviewed your mortgage or lending arrangements in the last 2 years?
   □ Yes □ No
6. Do you have surplus cashflow and a clear plan for what to do with it?
   □ Yes □ No
7. Could you explain how your debts fit into your broader financial strategy?
   □ Yes □ No
8. Do you have a strategy for reducing non-deductible debt and building long-term wealth?
   □ Yes □ No

 

Superannuation & Investments

9. Have you reviewed your super fund and investment options within the last 12 months?
   □ Yes □ No
10. Do you know whether your investments match your risk tolerance and goals?
    □ Yes □ No
11. Do you know whether your super investments are performing as expected for the level of risk you’re taking?

□ Yes □ No

12. Are you making the most of available super contribution opportunities?
    □ Yes □ No

 

Protection (Life, TPD, trauma, income protection)

13. Have you reviewed your personal insurance within the last 2 years?
    □ Yes □ No
14. If something happened to you tomorrow, would your family be financially secure?
    □ Yes □ No
15. Do you know whether you have enough Life, TPD, trauma and Income Protection cover?
    □ Yes □ No

 

Estate Planning

16. Do you have an up-to-date Will?
    □ Yes □ No
17. Do you have Enduring Powers of Attorney in place?
    □ Yes □ No
18. Have you reviewed your superannuation death benefit nominations in the last 2 years?
    □ Yes □ No

 

Retirement Readiness

19. Do you know how much income you’ll need in retirement?
    □ Yes □ No
20. Have you modelled whether you’re actually on track to achieve it?
    □ Yes □ No
21. Do you know when work could become optional rather than necessary?
    □ Yes □ No

 

Your Score

18-21 Points

Financially Fit

You’re doing many of the right things and appear to have a good grasp of your financial position.

That doesn’t mean there aren’t opportunities available, but you’re likely operating from a position of strength.

11-17 Points

Freshen up your Financial Position

You’re doing some things well, but there may be gaps or missed opportunities.

This is where many people sit.

A review could help identify improvements around tax, superannuation, investments, retirement planning and protecting what matters most.

0-10 Points

Time for a Financial Spring Clean

You may be making important financial decisions without having the full picture.

That doesn’t mean you’re in trouble.

It simply means there may be value in stepping back, understanding where you stand, and developing a clearer plan.

Final Thought

Most people don’t need to completely overhaul their finances.

More often than not, it’s the small things that get overlooked. An old super fund, insurance that hasn’t been reviewed for years, surplus cash sitting idle, or simply not knowing whether you’re on track for the future you want.

If you’ve answered “No” to a few of these questions, don’t beat yourself up. You’re certainly not alone.

The important thing is knowing where the gaps are and deciding when and how you will take action.

If you’d like a second opinion on your results, give me a call. After more than 20 years helping people improve their financial position, I’ve found there are almost always opportunities to improve outcomes, whether that’s building wealth, reducing tax, improving cashflow, strengthening protection, or simply gaining clarity around what comes next. The sooner you identify those opportunities, the sooner you can take action and the more valuable they can become.

General Advice Warning: The information in this article and the links has been prepared for general information purposes only and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned in this article, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product, together with the Target Market Determination (TMD).