Now that we are comfortably and well into the new financial year 2019 (since 1st of July), it is time to give your financial goals a rethink and start afresh. Whether it is taking control of your savings, paying off your debt or making an intelligent investment, there is no better time than now to simply do it!
There may be a few lessons that you are holding on to from past years, it is important that you take them into consideration. Do an earnest review of your status, your wins as well as your losses and what worked for you and what didn’t. This will help you evaluate your position realistically.
Then, take the time to get organised. Mark important milestones and dates in a calendar and set notifications for reminders. Get the documentation sorted. Keep what you need handy and accessible. Create files and folders for storing receipts and other material you may accrue.
Have a chat with an accountant or financial adviser who can help you shed light on matters of importance. It would be beneficial to understand your tax benefits and implications in advance. Think about using accounting software and tools that will make your job easier.
As you emerge ready and equipped to handle the demands of another bustling year, here are a few goals to consider keeping:
1. Make money goals
Define your money goals for the year in as much detail as possible. Your goals should be “S.M.A.R.T” i.e. Specific, Measurable, Achievable, Realistic and Timebound. And you should have a few goals of every kind – long term, medium term and short term.
Explore ASIC’s budget planner.
2. Set aside savings
According to a Commonwealth Bank research study, one in three Australians admit they’re spending beyond their means. Setting aside money will come in handy in case of an emergency and will also help you reach your bigger money goals such as, saving for a home or repair, or saving for your children's education.
3. Tackle your debt
Tackling debt is easy if you break it all down into manageable chunks and prioritise the payment. For example, you can go by size and tackle the smallest debt first. Once you have paid the smallest one-off, pick the next in line and continue until all your debt is covered. Alternatively, pay off the debt with the highest interest rate first.
Check your credit health with ASIC’s Credit Reports.
4. Take charge of your super
Your super is a nest egg that can help you bring security and stability to your future. If your super is spread across multiple funds, you may be paying multiple sets of fees and in turn, diminishing your net balance. Consider these options and talk to an adviser about consolidating your super into one fund or about contributing extra to your fund to grow your balance.
ASIC’s super contribution optimiser is a fantastic tool to tryout.
5. Aim to invest intelligently
As you grow your savings and pay off your debt, you are now free to approach the subject of investment. Build your knowledge by reading materials and taking counsel from trusted financial experts. Follow the news for economic indicators and financial performance.
As we always say, when it comes to financial planning, there’s no time better than now. Our trusted and highly experienced advisers can show you how you can reach your financial goals faster and seamlessly. Talk to us and see the difference we can make.
General Advice Disclaimer
The information contained on this website and in this blog-post is general in nature and does not take into account your personal situation or circumstance. It is recommended that you consider and use the information provided responsibly, and where appropriate, seek professional advice from a financial adviser.
Although, every effort has been made to verify the accuracy and correctness of information, Oakmont Financial Group, together with our consultants, officers, agents, and employees, disclaim all liability for any loss or damage suffered by any persons directly or indirectly relying on this information.