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New Year’s resolutions for your finances

Few of us would be as excited about July 1 as we are about January 1, indeed many of us probably groan at the thought of having to do yet another tax return.

But as with any “new year”, July 1 and the start of a new financial year, is a fantastic time to look at what you’ve achieved over the past twelve months and start making some goals for the coming year.

OK, so you file your tax return and if you’re lucky, you may be in for a refund. What to do with that money?

Don’t blow it!

The temptation is to put it towards a holiday, a car, or a TV as a reward for all your hard work. Yet, the smarter choice and with a bigger, long term reward is to look at reducing your existing debt, or consider investing it either in a managed investment [1], a term deposit [2] or even your superannuation [3]. Not as much fun we know, but you’ll be pleased you did it later on.

Say hi to your Financial Planner

The new Financial Year is the perfect time to either find or catch up with a Financial Planner. A new year means a fresh start and a Financial Planner [4] is the ideal person to go over your income, expenses, superannuation and any investments.

It doesn’t take long and suddenly, those goals and dreams you have, can start taking shape, all because of some careful short term planning.

Make your money work for you

Get the most out of your hard earned money by looking at ways to maximise your wealth.

Salary sacrificing [5] is the perfect start. Contact your boss or if you’re self-employed, commit to putting away a certain amount each pay and make sure it goes into an account that prevents you from touching it.

This way, you’ll start building up a nest egg that may help pay school fees, private health cover or help fund your eventual retirement.

But I haven’t got time!

You’d be amazed at how little time it takes to sit down and sort out your finances. Booking a meeting with your Financial Planner will motivate you to get things in order.

They can handle most things for you, talk to you about investment options, calculate how much you’ll need for specific goals and set up a road map for your future. Think of it as an annual money check up just like going to the doctor or dentist and next thing you know, your wealth will be working how you want it.

This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular circumstances and needs.

Financial Planning services are provided by Eastwoods Wealth Management Pty Ltd ABN 17 008 167 002 / AFSL 237853. Eastwoods Wealth Management Pty Ltd is a subsidiary of Community CPS Australia Ltd ABN 15 087 651 143 / AFSL 237 856 trading as Beyond Bank Australia.