Happy New Financial Year


Start the year as you mean to go on and establish some good financial habits early, especially if you find yourself with a tax refund. Now’s the time to make sure your money’s really working hard for you. Read our top tips to keep your finances under control.


Dollar signTip 1: If you’re trying to save for some important purchase, or perhaps a holiday or a new home, then you need to get on top of your finances. The start of a new tax year is the ideal time to do this, particularly if you get a sudden windfall from a tax rebate.

Tip 2: First of all it’s crucial to prioritise your financial goals and set a realistic time frame in which to achieve them. Do this by taking control of your finances and keeping track of your spending. Then you can work out where cut-backs and savings can be made so that you can put money aside to achieve your goal.

Tip 3: If you do get a tax refund then this can really boost your savings, particularly if you put it into a high-interest savings account. Similarly if you’re being awarded a pay increase or a bonus, direct some of the extra income straight into your savings account and you won’t notice it missing. Or use it to pay off a chunk on your mortgage and save yourself the extra interest.

Tip 4: Cut back on unnecessary outgoings. If you have credit cards, pay them off in full every month if at all possible to avoid attracting interest charges. Also make sure you’re tracking any deductible expenses you’re entitled to claim in your tax return the next year. These might include car, travel and uniform expenses, self-education and donations. Set yourself a realistic weekly or monthly budget and try to stick to it.

By reducing your outgoings and making sure you income is really working for you, you have more chance of achieving your financial goals.

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