What's your new (financial) year's resolution?
Written on the 19 June 2018 by Arrow
The glow of New Year's fireworks may be a distant memory, but there's another new year coming up that for many of us is more important. That's right, the new financial year is fast approaching, and now is the perfect time to get your finances in order.
Below are our tips to hit the ground running and get the most out of your hard-earned cash.
Time to plan
Preparing a budget
If you're not happy with the amount you are able to save, take a look at your spending and see if there are any areas where you could cut back.
It's a good idea to set tangible deadlines. Give yourself realistic dates to meet certain goals, and work in some 'rewards' for doing so. Making small sacrifices now can make a big difference later.
Topping up your superannuation
Even if you're not considering downsizing there are still plenty of opportunities to make an after-tax contribution towards your super, or to take advantage of government contributions for low-to-middle-income earners. For example, if you have earned less than $36,813 during the 2017-2018 financial year then you may be entitled to a government co-contribution for any after-tax contribution you make.
Review your insurance
Life insurance today is not a one-size fits-all solution and you can tailor your insurance cover is to your lifestyle so look at your policy and see if it still fits your needs.
One thing to look at is how much debt you have over time it may increase or decrease so a regular review will make sure you're not underinsuring yourself or, conversely, paying for cover that you don't really need.
It's also a good idea to allow for future financial responsibilities, not just the ones you have currently. For example, consider your child's long-term education needs or your spouse's upcoming retirement.
Once you've decided what your goals are for the new financial year, the next step is turning those dreams into reality. So why not sit down with us today and put your plans into action? It might just be something worth celebrating.