Forget the New Year – the New Financial Year is the best time to make changes for the better. These changes don’t even need to be big ones, they can be as small as you like. After all small steps in the right direction will still get you there!
We have five top tips for getting your superannuation, tax return and finances in order at the New Financial Year/mid-calendar year point :
1) Get your salary sacrifices in early
Start the new financial year as you mean to go on, and sort out your superannuation! Don’t leave it until the last minute, transfers take a couple of days to clear.
2) Review all your insurances
Preparation will protect you and yours if ‘what if’ actually happens. The harsh truth is that if you have all other areas of your life in order, but your insurances aren’t adequate enough then you or your savings are going to really take a hit (sorry).
3) Make a savings plan
Now is a great time to start afresh and make a savings plan. Think about what you want to achieve whether that’s a holiday, a new car or paying off your house. And make a plan about how you can get there. Just making a plan will make it feel achievable.
4) Don’t forget about filing your tax return
Individuals without a tax professional have until 31 October to submit their tax return.
5) Finally it’s a great time to spring clean your finances
Take a really good look at your overall financial situation.
Ask yourself: Do I have debt repayments? Is my current saving plan working? My super reconciled? And what financial obligations do I have coming up? Your answers will indicate the areas where you may need to make changes. We all drift a bit during the course of a year and it’s really helpful to take stock, think about where you want to be and recognise where you need to make changes.
And remember if you need any more in-depth advice about your options, we are always happy to help. We have a team of experts who are dedicated to helping you achieve your goals, just call (08) 9323 3000 or email efg@efg.net.au
