ASIC offers consumer tips for New Year's resolutions

In a statement, ASIC’s senior executive leader for financial literacy Miles Larbey suggested consumers begin by setting a goal using the regulator’s free mobile app, TrackMyGoals.

Consumers were then encouraged to take stock of their portfolio, including their net worth and diversification.

“By working out what you own and what you owe, you can work out how much you can afford to put towards a savings or investment plan,” Mr Larbey said.

Mr Larbey also encouraged consumers to get their debts under control, particularly credit card debt, and to evaluate their current super arrangements.

“For example, consider combining multiple super accounts to save fees, making extra contributions and reviewing your investment options,” he said.

In addition, he urged consumers to pay extra money onto their mortgage payments.

“The best way to take advantage of making extra repayments on your mortgage is to act early, especially when interest rates are historically low as they are now,” he said.

Finally, ASIC’s statement recommended consumers review their level of insurance coverage.

Mr Larbey said consumers would see long-term benefits from getting their finances in order over the coming year.

“To make 2015 your best year yet for your personal finances, make some financial resolutions for the New Year and reap the benefits over the course of the next 12 months and beyond,” he said.