New financial year: Our top tips for achieving your financial goals

As we’ve entered the new financial year 2023/2024, now is the time to be setting new goals for the future and devising how you might build your wealth effectively throughout the year ahead.

With this in mind, there are various things you can consider implementing to make this process as effective as possible.

Read on, to learn our top tips for achieving your financial goals in this new year.

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  1. Modern wealth management

Our first tip comes down to the significant benefits of a modern wealth management service. If you’re looking to achieve your financial goals in the year ahead, and beyond, an expert service – such as Netwealth wealth management, for example – can play a key role.

Your financial expert can offer their extensive knowledge and experience and apply it to your financial situation to help you take the right approach to your goals.

They’ll conduct a full analysis of your circumstance, so they can offer recommendations that are tailored specifically to your requirements, ambitions, and also any unique challenges you might have.

  1. Extensive financial planning

Another key tip is to develop an extensive financial plan. This is important for not only establishing what your goals for the year are, but how you can effectively reach them, and sustain this for the years ahead.

Your adviser can help here, to make sure your goals are both beneficial to how you can build your wealth, and a realistic reflection of your financial circumstance.

These goals could be surrounding your income this tax year, retirement, your assets, or possibly an inheritance you’re leaving or receiving.

With a clear and accurate plan in place, you can tailor your steps to give you the best chance of hitting each target in the financial year.

  1. Investment optimisation

You should also consider how you might optimise your investments to reach your financial goals.

We recommend using your modern wealth manager, who can not only offer expert guidance on your investments, but handle them on your behalf.

They can offer you a range of portfolios that are well-suited to your circumstance, providing the right balance of risk and potential reward for your finances, to hit your goals efficiently.

On top of this, they can also help you factor in any personal investor values, so you need not compromise on your personal ethics whilst making effective investments this financial year.

  1. Wealth tracking

Tracking your wealth throughout the year can also be beneficial for staying on target for your goals.

Your wealth management service can provide access to powerful online tools that can monitor and assess your wealth for you.

This can allow you to manage and review all your accounts in one place, so you can more seamlessly factor them in when devising the approach to your goals.

You can also gain insight into how altering variables in your investments might impact your journey to your goals. This could include altering your pension contributions to see how it affects your wealth growth for retirement.

The more accurately you track your wealth, the more effectively you can alter it to meet your goals.

  1. Ongoing guidance

Our final tip for reaching your goals this financial year is to seek ongoing advice from your expert.

This can allow you to adjust your approach as your financial circumstance evolves. Your expert can help you navigate any impacts to your wealth, so you remain on target to reach your goals at all times.

For instance, this can factor in changes in your career and lifestyle, as well as changes in the markets and tax rates.

With ongoing advice, you can maintain a clear trajectory for your goals, and make the necessary alterations if and when the need should arise.

Using these top tips, you can have the highest chance of achieving a successful financial outcome in the financial year ahead, whilst reaching all your goals as efficiently as possible.

Please note, the value of your investments can go down as well as up.

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