Happy New Financial Year!

Top Seven New Financial Year Resolutions!

With a new Financial Year comes New Financial Year Resolutions! Our trusted advisors are here to help.

1. No more credit card debt
  • Interest rates vary from 8% to 20%.
  • Credit card points are only financially worthwhile if you never miss a monthly payment.
  • Use a low interest rate transfer offer – then no more spending!
  • Consolidate onto one card if possible – then rip it up!
  • Regular savings plans are inefficient if you constantly carry credit card debt.
2. Does the new legislation provide an opportunity
  • If you earn over $263,157 from multiple employers you may be able to negotiate with your employer to receive cash wages instead of super guarantee to ensure you don’t exceed the $25,000 concessional contributions cap.
  • New downsizing provision in place for people over 65 to top up their super without having to meet a works test and not subject to contribution limits.
  • There is now an ability to ‘carry forward’ any unused concessional contribution cap on a rolling 5 year basis.
  • If you set up a First Home Saver Scheme last financial year you can now access it (Subject to Terms and Conditions).
3. Saving for a house/residence?
  • Live at home if your ego/parents can handle it!
  • Consider First Home Super Saver Scheme.
  • Get pre-approval from a bank for piece of mind at auction time.
  • See point 1 – no more credit card debt!
4. Consider a savings plan
  • Set an amount, say 15%, of your gross income and put it aside each month.
  • Consider arranging this to come out of your salary/wage at source (prior to it hitting your spending account).
  • If you are successful at saving regularly consider turning this into a regular investment plan.
5. Try a cash diet
  • Set a challenge of not using your debit/credit card for a month.
  • Record each cash expense for the month.
6. Learn to bargain

As Australians we usually don’t tend like asking for a better deal however this ‘face saving’ attitude can hurt our wallets. As a starting point try the following:

  • Electricity Company
  • Gas Company
  • Phone and Internet provider
  • Foxtel
  • Home loan
  • Shop around for insurance (Health, Car, Home, etc).
7. Get your tax in early
  • Obtain an ATO ‘Prefill’ as a starting point.
  • If you are in line for a refund the cash is much better in your account than the ATO’s!
  • If you have a tax bill it is much better to know about it early and plan for how you are going to pay it.
Should you wish to discuss your financial situation or would like further information on these Financial Year resolutions, please contact one of our Financial Specialists today. Alternatively, you can complete your details below and we’ll be in touch or give us a call on (03) 9835 8200.

DISCLAIMER:  GENERAL ADVICE ONLY

The information provided in this blog is general in nature. It has been prepared without taking into account any person’s individual objectives, financial situation or needs.

Before acting on any information in this blog, you should consider its appropriateness to you, having regard to your objectives, financial situation and needs or seek professional advice from a financial advisor.

About the Author
Richard Addison
Richard has had a passion for finance his whole life and has thoroughly enjoyed building his extensive knowledge to benefit his valued clients. He is very proud to work amongst a great network of trusted colleagues and believes that innovation is the key to success!
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