Three reasons to review your finances

As the new year begins, it’s a good idea to take a fresh look at your financial situation and consider how you can improve your circumstances.

Here are three reasons to reassess your finances.

1. Reflect on lifestyle changes

Your financial situation can be largely determined by your lifestyle – and if your circumstances have changed, you may want to make a few updates.

If your family is growing and you need some extra space, it could be worth exploring your mortgage options.

Or, if you have adult children who have left the nest, downsizing to a smaller space could see you repay your mortgage sooner than expected.

2. Consider your work arrangements

With some employers looking to make flexible work arrangements a permanent feature, it’s worth thinking about how these options could work to your advantage.

Many professionals choose inner-city living to be close to the office, but these areas can often have a higher cost of living.

If a sea (or tree) change is something you’ve always dreamed of, relocating to an outer suburb could help you get more bang for your buck.

3. Avoid the festive financial hangover

While it’s easy to overspend during the silly season, it’s a good idea to get on top of things early and pay down any debt you have accumulated during the holidays.

If you have multiple small debts like credit cards and buy now, pay later schemes, you may benefit from a personal loan or a debt consolidation loan.

A Liberty Adviser can help you review your current circumstances and support you to explore a range of lending solutions. To learn more, contact your local Liberty Adviser today.