Four ways to fast-track your finances before 2025

2. Optimise your superannuation fund, portfolio and contributions.

If your super is in the default portfolio, if it’s in an underperforming fund, or if you’re overpaying in fees, you are likely leaving at least $100,000+ on the table over your lifetime.

You want to look for a portfolio that has an asset allocation aligned with your investment goals (e.g. if you’re younger, you might want a portfolio that is more growth oriented). You also want to consider making additional contributions to take advantage of the tax benefits of super.

3. Get some personal insurance.

Personal insurances ensure that if you lose your income due to death, disability, or chronic illness, you have some financial backup that can kick in. Remember that until your investments can cover your expenses, your ability to work and earn an income is your most important asset.

Many people assume this would be covered by health insurance. Health insurance only covers a limited range of medical costs. In the event of a chronic illness (like cancer), or a disability (like loss of vision), you may have costs that are not medical, and therefore not covered by health insurance.

For instance, you might need extended time off work and therefore need money for ongoing living expenses, you might want alternative treatments or need in-home care.

4. Open an investment account for ETFs or Index Funds

Today, there are investment options like robo-advisors and micro-investing apps that are low-maintenance (i.e. time-friendly), don’t need lots of money to start (i.e. budget-friendly), and diversify risk with minimal effort.

You can get started in a single weekend, with less than a hundred dollars. This move alone can make a significant impact on your financial future.

Is it scary? Maybe. But the goal isn’t to grow your money right away. The goal is to push past your fear and start. The thing that holds people back from investing for decades is the fear of starting.

Once you start, you’ve gotten the ball rolling. Then, it is simply a process of continuing your learning journey and improving over time. But for that, you have to actually start.

You don’t need a fancy vision board. You don’t need to summon superhuman motivation to change your lifestyle at the stroke of midnight. You don’t need a complicated 50-point-plan. You need to focus on the handful of steps that actually move the needle.

If all you did was get started on the four steps above in the next three weeks, you would have made the biggest, most impactful financial moves before the year even ends.

So, you don’t need to wait for January 1 for a ‘fresh start’ or to take your financial goals seriously. You can start today and ring in the new year already ahead of the game.

Paridhi Jain is founder of SkilledSmart, which helps adults learn to manage, save and invest money through financial education courses and classes.

Advice given in this article is general in nature and not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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