If you’ve been on a quest to attain financial health, you’ve probably come across a wide variety of information relating to budgeting, saving, cutting down on expenses and getting out of debt. All of these topic matters are extremely important, but there are a few areas that are often ignored or not realised that need attention as well. Financial advisement comes in many forms, but it’s easy to forget about the things that we don’t have to deal with on a daily basis. Here, we’re going to discuss 3 financial topics that are often ignored – but shouldn’t be!
When you think about finances, you may not immediately think about your own health. However, your health plays a very important role in your overall financial picture in a couple of different ways. For example, the amount of money you may have to pay for healthcare after your insurance has paid its part can weigh heavily on your finances unless you’re prepared. You budget your other expenses, so it’s very important to budget in your healthcare expenses as well so that you’re not left surprised and unable to pay.
The other way in which health affects your finances is that if you’re not taking care of yourself, health problems can arise, which means more money that you have to pay. Preventative care is an easy way to deal with this issue. Regular checkups to your doctor and implementing a healthy lifestyle can help save you money.
While you have your Super to depend on and/or any funds from the Age Pension that you may be entitled to once you reach the required age, is it going to be enough to support the type of lifestyle that you want to live during your retirement years? Many Australians opt to save more money for retirement than they’re required to, but even a larger amount of people choose not to. While everyone’s personal finance goals are different, it’s always a good idea to review everything on a yearly basis to make sure that you’re on track to meet your retirement savings goals.
While people are busy simply trying to meet their current financial needs, it’s always important to make sure that your family is financially protected in the event that the unexpected happens. Life insurance needs change throughout time, so even if you have a policy in place, it’s a good idea to get a checkup from time to time to ensure that the coverage still meets the financial needs of your family.
A lot of factors play into your financial picture, and while it’s important to focus on your everyday needs, it’s just as important to not forget about these other areas that can all have a great impact on your financial plan.