Get your financial year off to a flying start

family at the kitchen table eating breakfast

The start of a new financial year is a good time to review your finances and set yourself some short and long term saving goals. A few simple changes can get your finances into shape and have you limbered up for a productive year.

Set your goals for the year ahead

The simple act of setting yourself the challenge of achieving a goal can have a positive effect because you've raised it to top of mind. Think about your short and long term goals and include at least one of each – like planning for a family holiday or paying off your credit card debt (short term) and saving the deposit for a house or reviewing your superannuation payments (long term).

Review your budget

By pulling together a simple budget you'll quickly see where your money goes. Spend some time noting down all your major expenses and you'll have a clearer picture of your spending patterns.

There are some handy budgeting apps that can help. Examples include Goodbudget, a cloud based take on the envelope budgeting system where you set aside your monthly wage into virtual envelopes. And Pocketbook automatically organises your transactions into categories like groceries, entertainment and transport so you easily see where your money is going.

Automate finances

Set up automatic transactions from your everyday account to help manage your money. By allocating money for bills and savings you'll be better able to budget and have a clearer idea of what's left for spending. With BPAY, for example, you can schedule regular payments and pay bills automatically in online banking.

Consolidate debt

Consider bundling any individual debts into one loan to make them easier to manage. By consolidating debts you'll remove the pressure of multiple bills, and it could save you interest charges and help you to be debt-free sooner. We might even be able to arrange it for you.

Organise your financial storage

Invest in a few folders or large, clearly labelled envelopes to store all your financial material. Find it a good home and then whenever you receive a document, you'll have a place to store it straight away.

Making a few small changes to how you manage your money can make a big difference, and by this time next year you'll be financially fit.

Please note: This is only intended as a general guide in relation to issues you may want to consider. It is not intended to be an exhaustive list of all relevant issues and you should take into account your own particular circumstances, and obtain independent expert advice where needed, before proceeding.

Feb 26, 2019 | Found in: savings,
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