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23/07/2015

Blog: New Financial Year resolutions

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You know you’re an adult when it’s the prospect of a new financial year turning
over – rather than Christmas Day – that gives you butterflies in your stomach. A
clean slate, a new beginning: that’s right, it’s time to make your New Financial Year
Resolutions! Here are some key areas that you might consider planning around to enjoy a financial year rich with savings, paying down and consolidating debts and even sneaking in a cheeky investment property purchase or well-earned holiday!

Down That Debt
Have multiple credit cards hanging like storm clouds over your savings plans? Work with your broker to see if consolidation of debt is an option – if you have a mortgage,  it can often make sense to pop your credit card debt onto your home loan. You may also consider transferring your existing debt onto a credit card with a grace period of ‘0% interest’ – again, speak with your broker to find an institution and credit card product that suits your needs.

Get Up To Date With Tax
It’s hard to make decisions about your financial future if you are uncertain of your current financial position and tax obligations. Get your 14-15 tax return lodged as soon as possible – you might even find you have a tidy little tax return to enjoy – and deal with any prior year’s unlodged returns as a priority. Consider the services of an  accountant if you’re time-poor or would like a helping hand. Require a referral? Just ask.

Asset Protection and Insurance
Could you continue to make repayments on your loans and financial obligations if you were unable to work? If the answer is no, it’s time to learn about and obtain appropriate income insurance. While you’re there, make sure that your assets (think house, investment properties, valuables) are insured to their current market value – and given the growth of the property market, you may need to have your property’s worth re-evaluated. Again, if you require the services of a valuer or estate agent do ask. Other new financial year’s resolutions worth tabling for discussion with your broker are savings plans, retirement plans, SMSF education and more … so make an appointment and begin financial year 2015-16 on top!

You know you’re an adult when it’s the prospect of a new financial year turning over – rather than Christmas Day – that gives you butterflies in your stomach. A clean slate, a new beginning: that’s right, it’s time to make your New Financial Year Resolutions! Here are some key areas that you might consider planning around to enjoy a financial year rich with savings, paying down and consolidating debts and even sneaking in a cheeky investment property purchase or well-earned holiday!

Down That Debt
Have multiple credit cards hanging like storm clouds over your savings plans? Work with your broker to see if consolidation of debt is an option – if you have a  mortgage, it can often make sense to pop your credit card debt onto your home loan. You may also consider transferring your existing debt onto a credit card with a grace period of ‘0% interest’ – again, speak with your broker to find an institution and credit card product that suits your needs.

Get Up To Date With Tax
It’s hard to make decisions about your financial future if you are uncertain of your current financial position and tax obligations. Get your 14-15 tax return lodged as soon as possible – you might even find you have a tidy little tax return to enjoy – and deal with any prior year’s unlodged returns as a priority. Consider the services of an accountant if you’re time-poor or would like a helping hand. Require a referral? Just ask.

Asset Protection and Insurance
Could you continue to make repayments on your loans and financial obligations if you were unable to work? If the answer is no, it’s time to learn about and obtain appropriate income insurance. While you’re there, make sure that your assets (think house, investment properties, valuables) are insured to their current market value – and given the growth of the property market, you may need to have your property’s worth re-evaluated. Again, if you require the services of a valuer or estate agent do ask. Other new financial year’s resolutions worth tabling for discussion with your broker are savings plans, retirement plans, SMSF education and more … so make an appointment and begin financial year 2015-16 on top!

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