Set a budget for the year – It’s not new information, but is the single most powerful action you can take. Even the simplest of budgets means you’re thinking about what you’ll need to spend, how much you’re willing to put away for various purposes and where it will come from. Of course, you should also include goals. Where would you like your savings and investments to be at this time next year? Plan how to make that happen.

Check your debt – Rather than ignoring the debt you’ve accrued, get to know it instead. Find out where it is, how much it’s being reduced annually and how you can accelerate this reduction. Separate it into ‘good’ and ‘bad’ debt – tax deductible and non-tax deductible. Consider strategies to demolish if not minimise the bad debt.

Fine tune your portfolio – Every long term plan requires fine tuning. As time passes, your risk tolerance or circumstances may change and so too can your investment opportunities. Look at where you are today, and ensure your portfolio continues to be in line with your needs and financial goals.

Ensure your super really is super – If you’re approaching retirement, there’s a decent chance that you’ve already reviewed your super and set a strategy in place. However, many Australians haven’t done much other than glance at their annual super statement before filing it. If you fall into this category, the best possible time to review your super is now, as every dollar you can save or invest in the short-term can mean thousands in the years to come. Combine all your super accounts into one, check the level of risk in your portfolio to ensure it suits your risk appetite and goals, and take a look at any insurances that are included. It doesn’t need to take hours. Pick up the phone and book an appointment with a financial adviser while you have some free time during the summer break – and feel good about super.

Make or review your will – If you don’t have a will then do your family a favour by determining to have one completed by the end of January. If you already have a will, have a read through it and check that you’re still happy with its orders. Even the most amicable of families can end up in nasty disputes if a loved one’s wishes weren’t clear, especially when it comes to superannuation or a life insurance payout.