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New Financial Year, New Goals: Empower Your Financial Future

July 2, 2024

With the new financial year upon us, now is the perfect time to reassess and set fresh financial goals. Whether you’re aiming to save for your first home, cut back on expenses, or simply understand your financial position better, we’ve got you covered.

Understand Your Financial Situation

Before diving into the fun stuff, it’s crucial to know where you stand financially. Start by tracking your income versus expenses. This step is like cleaning out your pantry – you need to know what you have before you plan your meals. Use apps or a simple spreadsheet to keep tabs on your spending habits. Once you see where your money is going, you can make informed decisions about where to cut back or allocate more funds.

Set Goals: From Short-Term Wins to Long-Term Dreams

Setting goals is essential. Think of it as mapping out the perfect road trip. Your short-term goal might be paying off personal loans or credit cards – the pit stops along the way. Long-term goals, like saving a deposit for a house, are your ultimate destination. Break these down into manageable steps. For instance, if you aim to save $20,000 in two years, that’s about $834 a month. Knowing your target makes the journey less daunting and more exciting.

Budget: Be Realistic

We like to compare creating budgets to baking; you need to know the right ingredients in the right amounts. Be realistic about your spending and savings. Allocate funds for essentials, savings, and a bit of fun – after all, life is about balance. Use budgeting tools or apps to help you stick to your plan. Remember, a good budget should be flexible enough to accommodate life’s surprises while keeping you on track.

Invest in Your Future

Investing is about securing your financial health. You invest time and resources now to reap the benefits later. Consider putting money into savings accounts, superannuation, or even investment properties. The key is to start early and stay consistent. Over time, your investments will grow, providing a financial cushion and opportunities for future growth.

Stay Informed

In today’s fast-paced world, staying informed is vital. Regularly read financial news, seek advice from experts, and stay connected with your financial advisor. The more you know, the better decisions you’ll make.

Maintain a Healthy Work-Life Balance

A healthy work-life balance is the secret ingredient to a fulfilling life. Just as you wouldn’t neglect your health for work, don’t let financial stress overwhelm you. Make time for activities you enjoy, spend quality time with loved ones, and ensure you’re not burning out. A balanced life leads to better financial decisions and overall well-being.

Top Tips for the New Financial Year

Boost Savings

Instead of transferring $100, round up to $110. This small change can make a significant difference over time.

Review & Plan

Regularly update your financial plan and set new goals. Adjust as needed based on your progress and changing circumstances.
Research the Market

If you’re looking to buy a property, research the market thoroughly. Understand the area, rental returns, and market growth to make informed decisions.

Key Figures to Have on Board

When it comes to making the most of the new fiscal year, having the right team is crucial. Think of it as assembling your dream squad for a grand adventure. The key player is your trusted mortgage broker – Connected Finance. If you’re purchasing jointly, include both parties in the discussions. Don’t forget your solicitor or conveyancer and, if you’re self-employed, your accountant. Family and friends can also play a role in keeping you accountable.