Posted by Aaron Keegan on 28-Feb-2018 17:03:25
Irrespective of what your resolutions are this year, make sure these items are on your to-do list and 2018 will be a safe and productive one for your family.
Your financial plan needs to protect you and your family. We want to always be there to take care of our family’s needs, but no one can predict the future. The one thing we can control is having the right plan in place to make sure that if something were to happen, your family will be looked after.
Have your circumstances changed since the last time you reviewed your finances? Are there more dependants? Have your bills gone up? Has your income improved?
Sit down with your financial advisor and review if you have enough protection, maybe the kids have grown up and you might be over protected.
Are there any goals or requirements that might come up in the future that you should start saving for now? Do you want to be able to give your kids a leg up on the career ladder with help funding a Masters or maybe even help with a house deposit for that property ladder.
Does your employer offer finanicial wellbeing as part of their health and wellbeing services? Make use of any independent advice available.
It is an important step for a family to make a will. Congratulations if you have one, if not make sure you get one drawn up this year.
Once done it is easily filed away, grateful that the box has been ticked and you can forget about it. However circumstances change, children grow up, maybe have needs and requirements that were not anticipated. Or like us you get a “surprise” that needs to be added. Also, executors that were sensible and pragmatic when you drew up your will may not be the most appropriate now.
Take some time to review your will to make sure it still meets your needs.
If you don’t have one, do one!
Your health is your journey. As with all journeys you need to assess where you are, ensuring that you are on track to meet your goals.
Use a health risk assessment tool to understand your health risks and educate you on what steps you can take to improve your lifestyle.
Once you have your baseline you can track the impact of any changes you have made.
Use the AIM strategy – Assess, Implement, Manage.
If you are anything like me you probably worry that your LinkedIn profile doesn’t do you justice. Career strategist, Michelle O’Connor’s recent post however, highlight that every professional needs one. According to Michelle it is never going to be perfect and it’s never going to be finished. So, do a bit of self reflection and update your profile. Hopefully it will be out of date again soon enough as you add to your achievements!!
Whether you currently have or do not have private medical insurance (PMI) you should ask the question is it appropriate for me to have it now. I am a year older and lifetime community rating is a consideration for the over 35s.
If you are renewing or taking out PMI for the first time make sure the provider and plan suit your needs. There are many options available so choose the one that meets your budget and requirements. For example, if your main concern is the cost of expensive surgery having a high excess may reduce the premium but still cover most of the surgery expense.
Another option is cash benefit plans.
You can get more information from the Citizens Information.
We all know that if you are not re-negotiating or changing provider after your contract period you are simply subsidising your neighbours utility bills. However it is easy to forget and let it slip. This is what the utility providers are banking on.
So check your contract, if you are out of contract, log on to a service such www.bonkers.ie to compare the offers available for you. If you are still in contract put a reminder in your diary for the day it expires.
These six steps will help you stay in control of your finances and health and help protect you for the challenges that life throws at you.