With the financial year coming to a close, it's worth changing your approach to your finances, according to a leading financial institution.
While most people make their resolutions in January, the new financial year is the perfect time to change your approach to money, said Jason Murray, CUA’s acting general manager - products and marketing.
“Start the new financial year by reviewing your current financial situation and reflecting on what you want for the year ahead. An effective financial plan will help you to achieve your financial goals and will give you more freedom to do the things you want to be doing,” Mr Murray said.
He suggests considering planning from a distance, and conducting a 'reality check' by being specific with goals.
Budgeting realistically to see how you’re tracking financially is also worth consideration, along with an automatic savings plan that transgers money into a separate account each pay cycle.
Similarly, using your tax refund to cut down your debts and having a savings/contingency plan for unexpected problems by cutting down on unnecessary expenses, as well as using a financial planner who can assist with tax effective strategies, recent regulatory and taxation changes, as well as a range of fnancial plans and advice, are ways investors can get ahead for the new financial year.
By following some of these useful resolutions, investors will be able to set themselves up for a positive new year, Mr Murray said.
“A few simple changes to your financial goals and saving habits will allow the new year to be one that is filled with financial potential, without having to worry about spending beyond your means,” he said.