Strategies for Success in the New Financial Year


Strategies for Success in the New Financial Year


Organise your paperwork
Work on setting your budget
Top up any used emergency funds
Evaluate your investment portfolio
Review your insurances
Assess your superannuation

As the new financial year rolls around, it’s an opportune moment to streamline your financial matters. Whether it’s organising paperwork, evaluating your investment portfolio, or addressing any outstanding issues, there are several pragmatic steps you can take to set yourself up for success.

Here are some strategies to kickstart the new financial year on the right note:

Organise your paperwork:

While sorting through paperwork may not be the most thrilling task, dedicating time to sift through your ‘To Do’ pile and tackle the mounting files can pay off. This not only helps declutter your space but may also uncover potential savings. Lodge your tax return early, especially if you think you may be receiving a refund.

Work on setting your budget:

With a new year comes potential changes in expenses and financial goals. Reviewing and adjusting your budget ensures that it aligns with your current objectives, preventing overspending. If you don’t have a budget yet, now is an ideal time to start, with numerous budgeting apps and tools available to assist you. There will be some cost-of-living relief from the 1st of July as the stage 3 tax cuts commence.

Top up any used emergency funds

A lot can happen in a year, so it’s important to top up any funds that were taken from your emergency fund throughout the past year. If your circumstances have changed or will change in the coming months, it’s vital to recalculate the amount that is needed in your emergency fund to ensure that it can still cover your expenses for up to three months’.

Evaluate your investment portfolio:

Take stock of your investment portfolio to ensure it still reflects your financial aspirations. Consider factors such as changes in personal circumstances, investment performance, diversification opportunities, and risk tolerance. Reassessing these aspects can help optimise your investment strategy for the year ahead.

Review your insurances:

Evaluate your insurance policies to ensure they adequately cover your needs and risks. Take note of policy renewal dates to explore potential cost-saving options in the market. Get in touch with our insurance team to discuss your circumstances.

Assess your superannuation:

Regularly reviewing your superannuation account is crucial to ensure it remains aligned with your retirement goals. Check investment choices, fees, insurance coverage, employer contributions, and beneficiary nominations. Consider optimising your super contributions through salary sacrificing or making additional contributions within the prescribed limits.

Furthermore, there’s still an opportunity to boost your superannuation balance for the current financial year by making either concessional contributions (deducted from your pre-tax income) or non-concessional contributions (using after-tax income). Check out our latest two blogs on Salary Sacrificing and Super Contributions.

By implementing these proactive measures, you can pave the way for a financially successful year ahead. Don’t hesitate to speak to your adviser for any updates on your circumstances or goals.

With careful planning and execution, you can position yourself for a fresh start and progress towards your financial objectives.




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