The start of a new year is the perfect time to assess your financial health and set realistic goals for a financially successful year ahead. Whether you’re a first home buyer, a seasoned homeowner, or just looking to make the most of your financial situation, a proactive and informed approach is the key to achieving financial success. Read on as we share three essential steps to help you reach your financial goals in 2024.

Step 1: Do a Financial Wellness Check

Financial success begins with a thorough understanding of your current financial situation and goes beyond simply reviewing the mortgage. A financial wellness check encompasses an in-depth analysis of current income, debt, budgeting, risk management, insurance, retirement savings and estate planning.

It’s an important exercise for all homeowners to undertake to ensure they’re adequately covered against the rising cost of living. Think of it as a way to test your financial resilience, as you prepare to navigate the unexpected financial challenges that could come your way. Book in a financial wellness check with your financial adviser who can help you evaluate your current situation and prepare a long-term financial plan.

Step 2: Consider Mortgage Refinancing

As mortgage rates continue to fluctuate and market conditions evolve, homeowners can proactively improve their financial situation through strategic refinancing, by leveraging a combination of cash contributions from a new lender and refinancing at a lower interest rate.

To improve your chances of securing favourable refinancing terms, focus on improving your account conduct and demonstrating responsible financial habits, by avoiding unarranged overdrafts, ensuring debt repayments are made on time, and regularly reviewing your credit report to identify and address any issues.

Meet with a mortgage adviser to explore your options for refinancing to secure a lower interest rate or restructure your loan to better suit your financial goals. Refinancing can lead to significant savings over the life of your mortgage, providing you with extra funds to be used to achieve other financial priorities.

Step 3: Boost KiwiSaver Savings

KiwiSaver is a powerful tool for building long-term wealth and securing a comfortable retirement. Furthermore, for first home buyers, KiwiSaver plays a significant role in facilitating home ownership by providing a valuable boost to the deposit required for buying a first home.

Actively managing your KiwiSaver – by regularly reviewing contributions and increasing them when possible, taking advantage of employer contributions and government incentives, and getting financial advice to ensure you’re in the right fund with the right provider – is a fundamental step in understanding and improving your financial situation.

Get ready for success

Setting yourself up for a financially successful year requires careful planning and strategic decision-making. By booking in a financial wellness check, exploring refinancing options, and boosting KiwiSaver savings, you help pave the way for a successful financial future.

Connect with a Mortgage Express branded mortgage adviser who can guide you every step of the way, and provide expert advice tailored to your unique circumstances. Contact our team today