A new financial year is a great time to get on top of your finances. We’ve put together a list to guide you.
Review and renew
If you’ve been using the same service providers for a while, consider reviewing your plans and checking out what other competitors are offering, to see if you can score yourself a cheaper deal. Think internet, phone, insurance and electricity. If you’re happy with your providers and don’t want to switch, you could simply chat to them about what other options they have that are better suited to your current needs and in turn are a win for your wallet.
Check your super
As you make your way through tidying up your finances, something you may not have checked for some time is your super. Check your balance, make sure the contributions being made by your employer are correct and update any details.
Complete your tax return
If you haven’t completed your latest tax return – start preparing your finances. This includes getting your receipts and paperwork together and considering what expenses you can claim deductions for. Check out the ATO website for a list of the items you can and cannot claim.
Home loan health check
Has it been more than two years since you reviewed your home loan? Has your financial position changed or has your property increased in value since taking out your current home loan? If you answered yes to any of these questions it may be worthwhile reviewing your current home loan to see if it still suits your current needs. You may also be interested in different features or simply just want to reduce your home loan repayments. If this is the case, chat to your lender about what they can offer and/or compare other financial institutions to consider refinancing your home loan.
Review your bank accounts
Consider checking and comparing your interest rates and monthly fees, as well as reviewing your recent transactions to monitor where your money is going. If you’ve been spending a bit too much time than you care to admit on online shopping, you may be inspired to make some changes to your spending habits.
Build a rainy-day fund
It's important to have and build an emergency fund. If you haven’t already, think about starting to set aside an allocation of money each pay day to an account that you don’t touch unless it’s, yeah you guessed it, an emergency. An emergency doesn’t necessarily have to be a something life-changing, it could be your car breaking down and you need to pay a hefty bill to bring it back to life. Or maybe you need to have an unexpected procedure. An emergency fund is there to help take the financial stress away when life throws us unexpected curve balls.
Re-evaluate your budget
If your expenses have changed over the course of the last few months, it could be a good time to review them. Take some time to re-evaluate your budget and consider the impact any changes have on reaching your financial goals.