7 tips to get ahead this new financial year!

7 tips to get ahead this new financial year!

The new financial year is a great time to take a look at your finances and reflect on what you have achieved in the last financial year, where you want to go and what you need to do to get there.

If your goal is to be better off financially in the next 12 months – and who doesn’t want that – now is the time to get organised and work through the below new financial year checklist to get yourself financially fit!

Review your Mortgage 

If you have a home loan for personal or investment properties, it’s a great time to review it. Some key questions to ask yourself:

  • What has been the change in your loan balance from a year ago to now?
  • Are you able to increase your payments or frequency of payments to save interest?
  • With interest rates changing, should you refinance for a better deal?
  • Call your loan provider and tell them that you are shopping around for a better deal; they may review your rate.

We can help you review your mortgage(s) with our mortgage advisers, if you want to have a look what is out there please let us know and we’ll organise a free review for you! Fill out the contact form and we will call you, or call us on 02 9633 5530.

Reduce your debt 

If you have any personal loans, outstanding amounts on your credit cards or other debts currently being paid off, it’s time to consider ways to reduce these because these types of debt are usually expensive. Combining all your debts into one loan at a lower interest rate could be an option here.

Develop better money habits

  • Curb any costly bad habits that can drain your finances, such as paying for things that you can do yourself.
  • Build some good habits, such as paying bills on time or setting up direct debits to avoid late charges.
  • Now is the time to review your budget
  • Develop a savings habit by auto depositing an amount each payday into a separate bank account.


Get your super sorted

Annual superannuation fund statements are due to be posted to members in the next month. Instead of filing them away or throwing them out, take the time to read them as this will potentially be one of your biggest assets when you retire. Are you on track to retire at the means you want, or do you need to  start putting more away?

  • Start making before-tax salary sacrifice contributions to build up your account balance. Check your superannuation contributions caps to find out how much you can contribute before the end of the financial year.
  • If you make after-tax contributions to your super, check if you’re eligible for any co-contribution from the government. Or find out if you can top up your spouse’s super to be eligible for a tax offset.


Our financial planner Chris Kelly can help you with any superannuation advice, so please call us on 02 9633 5530 or fill out a contact form and we will call you if you want to discuss how to increase your balance and start preparing for retirement now – no matter what your age!

Personal Savings 

How much money did you save in the last year? Are you spending first and saving what’s left? Or are you saving first and spending what’s left. It might sound the same but if your savings aren’t as healthy as you would have hoped, it’s time to remember to pay yourself first and allocate up to 10 per cent of your income to  a regular savings plan.

Protect your income and lifestyle  

No one plans to get sick or injured but when illness or accidents occur most people are caught insufficiently protected. It is important to regularly review your insurance policies to ensure that you and your family have adequate cover. Learn more information on when to review your policies here.

Reduce unnecessary expenses

  • Review any memberships, such as the gym or clubs that you don’t use regularly to reduce your outgoings.
  • Cut back on waste and keep your grocery bill in check by only buying what you need. Or buy items in bulk and share the cost with family, friends or neighbours.

What else do you need to think about?

Working on your finances can be a bit daunting but with so much to be gained from being educated about your finances and financial choices there’s nothing to lose.

If you’d like help with working out your financial goals, you might want to consider getting professional advice from us on insurance, superannuation, budgeting, investing and retirement planning. Contact us for a call back or call us directly on 02 9633 5530.


Disclaimer:  This information, and any advice provided is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore you should consider its appropriateness having regard to these factors before acting on it.
Sacha Loutkovsky
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