Get your finances ready for the new financial year

Get Your Finances Ready For the New Financial Year

It’s the end of the financial year, which means it’s time to review your finances, get in your tax return and plan your goals for the next financial year.

Here are some tips to make it easy:

Make sure your tax records are in order

Whether you’re working full-time or part-time, you’ll be required to complete a tax return at the end of financial year. An annual tax return will tell you how much income you have received and the amount of tax you have already paid. If you use an accountant you will also get an estimate of your tax refund.

Review your super

It is a good idea to check your super balance and payments regularly but many of us don't get around to it. The end of the financial year is a great opportunity to have a look at how much you put into super this year and how much your balance has increased. 

Revise your household budget

Utility bills, rent/mortgage, and insurance are some of the things you always need to pay for. Check how much you spent on them each month last year and update the numbers in your budget. This is also a great time to go around and get new quotes for your insurances, utilities, and other major financial obligations to check you are getting the best value. You will be surprised at how much you can save. 

Use a financial planning tool

Mapping out a financial plan can be time consuming. That’s why using a financial planning tool whether it’s a spreadsheet or a smartphone app can be helpful in managing and keeping track of your income, expenses, and your financial goals.

Automate your savings

If you have chosen a savings target that is appropriate for your circumstances, it will be easier to reach if you ask your employer to pay that amount into your savings account each pay cycle. That way you can't spend it and are less likely to miss it. You could also get the same result by setting up an automatic transfer from your pay account to your savings account. 

Final Word

Make a change this new financial year so you can attain your financial goals and achieve financial security. You can tell your family and friends, and use their support to keep you motivated with your financial goals. 

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