The festive season is a time of joy and celebration but, for some, it can also lead to a financial hangover in the New Year.

Overspending on gifts, parties, and decorations can quickly add-up, leaving us with unwanted debt in the New Year.

Australia is a giving country, but we often give in kind rather than financially.

Whenever there is a disaster here or overseas, Australians rush to donate their time, household goods and cash. However, we still lag other countries when it comes to giving money.

Understanding cash flow can be the difference between a solid long-term investment and a costly mistake, writes Michael Sloan. So do your research – and get good advice before you buy. Oftentimes investment properties generate negative cash flow.

How much tax you pay on retirement income depends on your age and the type of income stream.

For most people, an income stream from superannuation will be tax-free from age 60.

If you’ve had an irregular or interrupted income in the past, you might’ve missed out on opportunities to contribute to super. If you don’t fully utilise your concessional cap, and you’re eligible, you may be able to make ‘catch up’ on concessional contributions.

In today’s modern business landscape, small and medium enterprises (SMEs) are the backbone of the economy.

However, lost amid the grind to balance books, meet customer demands, and stay afloat, there’s an often-overlooked factor: prioritising mental health.

Life is filled with changes. But with preparation and good advice, you may be able to manage the changes more effectively to minimise the stress.

Watching your spouse’s health decline can be difficult and stressful. And if this decline results in a move to aged care, you will both be faced with a lot of changes.

We all know them. The people who seem to know everyone and effortlessly make connections within their network. While it’s wonderful to know a ‘connector’, we can also develop those qualities and become a connector ourselves.

Employers are desperate for workers and cost of living pressures are making it tough to live on a pension. That’s a perfect mix of conditions to send some retirees back to work. But it’s smart to get good advice before you take the leap.

Aging at home with government-subsidised funding is made possible through the Home Care Packages program.

However, a crackdown on what the funds can be used for and a shortage of support workers, can make it challenging to understand the funding available.

Why it’s so important to talk about your finances

According to this research1, one in two Australians don’t sit down regularly to look at their finances and one in three say that money is a source of conflict in their relationship.

If you're age 60 or over, own your home and need to access money, releasing equity from your home may be an option.

There is risk involved and a long-term financial impact. Get independent financial or legal advice before you go ahead.

Check the income to declare, when to report a loss, and deductions you can claim for managed investment trusts.

You must show any income or credits you receive from any trust investment product on your tax return.

Diversification is an investment strategy that lowers your portfolio's risk and helps you get more stable returns.

You diversify by investing your money across different asset classes — such as shares, property, bonds and private equity. Then you diversify across the different options within each asset class.

Preparing to retire is emotional and practical. Making a retirement plan can help you manage your finances, and cope better as your life and priorities change.

Your retirement plan can be simple or detailed.

Salary sacrifice is an agreement with your employer to contribute a certain amount of your pre-tax salary or potential bonus into your super. The aim is to potentially reduce your tax and boost your super balance at the same time.

Step one: what are your financial pain points?

When you start making plans, chances are you’ll both come across financial pain points. In other words, the areas that need some attention and possible alterations. These might include:

If you find a transaction in your account that you don't recognise, it could be unauthorised or mistaken.

If you think something is wrong, contact your bank as soon as possible.

From Proverbs to John Lennon, many people have said it - and the last nine months have been a reminder of its truth: life happens when you are making other plans. While investors were worrying about the recession that sharply rising interest rates would surely lead to, fretting about the cost of living and waiting for unemployment to rise and earnings to drop, the stock market was quietly building a powerful rally.

Second marriages may present additional financial challenges when balancing day-to-day expenses with implications for aged care funding. You may not share finances equally, but Centrelink/DVA will assess your obligations as if you do.