Resolutions For The New Financial Year

We’re all guilty of failing to see through the odd New Year’s resolution, especially the ones to do with our finances. The thing is this: if you want to save money in the future, you need to get organised now. Rather than waiting until the new calendar year, the new financial year is a great time to make sure that your finances are on track. Here are some basic resolutions to improve your finances in the coming 12 months. Make them, stick to them and you’ll be in great monetary shape in no time. Make a budget and stick to it Look at your incomings, outgoings and how much you want to save, spend or invest. Monitor, modify and stick to your budget over the course of the year. With finance, the small things make a big difference over time. Become debt-free Pay off all your short-term debt first and as quickly as possible. Start with reducing credit card debt since it will likely have the highest interest rate. Start (and keep) a savings plan Whether it’s $20 or $200, plan to save an amount of money consistently each week. Consider setting up an automatic transfer and sending funds to a high-interest savings account. Sort out your super The less you know about your superannuation, the less control you have over what happens to it.It is important to keep track of your superannuation, think of it assecuring your future by investing in your retirement. Locate any lost super and consolidate your funds and get educated on where your money is going. (you can find out more here: https://www.ato.gov.au/individuals/super/in-detail/keeping-track/check-your-super/) Streamline your life Are you getting the best deal on your phone plan, internet connection and so on? Shop around for a better package and cancel any services —like Pay TV, gym membership etc — that you don’t use. Get financial advice It’s worth taking the time at least once a year to check in with a financial planner or accountant and make sure everything (superannuation, investments etc.) is on track. Focus on your financial education because the more knowledgeable you are, the more active you’ll become in reaching your financial goals. Log in to your Moneysoft account to make sure you are on track to achieve your financial goals, or speak with your financial adviser to make sure that you are getting the most out of your Moneysoft account.

Posted 9 years ago 2 Minute(s) to read