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New Year financial tips

Financial Planning  |  25/06/2018  |   7 min read

The new financial year might not be met with champagne and fireworks, but it’s a great opportunity to draw a line in the sand and look back at your finances.

It’s also a great time to plan ahead. If your bank account isn’t looking as healthy as you’d like, the new financial year is a chance to implement strategies that will get you back on track.

Here are several things you can do to improve your finances.

Understand where you’re at and what your goals are.

Whether you want to save your money for a big ticket item, spend less on your daily coffee habit, or just better understand your financial position, having clear goal provides you with the motivation to follow-through and maintain good spending habits. That’s going to make the following points easier. 

Track your spending.

Free tools like Track-My-Spend (available on the Government’s MoneySmart website) help you understand where all your money is going, which makes it easier to curb your spending. It’s also a great way for couples to help maintain a household budget.​

Pay yourself first.

If you want to build long term wealth you need to start putting yourself first. Rather than setting aside whatever you have left at the end of the month, set up an account and make regular deposits on pay day. Alternatively, you can look at salary sacrificing, which not only puts money aside for your future, it may mean a lower tax rate on your earnings.

Consolidate your debts.

Before you start putting money aside or investing it you should get rid of unnecessary debt. Credit cards are a notorious money pit, and paying them off can save you thousands in annual interest payments. If you’re burdened by large debts and interest fees consider rolling all your debts together or taking out a loan with a zero interest period.

Get your super sorted.

A few small tweaks to your super can potentially add tens of thousands (if not more) to your long term balance. Consolidating your super and tweaking your investment options can all be done in minutes on the Equip website. To see what a difference they make just look at the new retirement calculator.


Other things to consider

Invest your tax refund.

Whether it’s repaying your credit cards, making voluntary contribution to your super, or investing in the stock market, a sudden windfall presents you with a unique opportunity. Sure, you can blow it all shopping, but investing some of it in the future can help you build long term financial security.

See a financial planner.

A financial planner can help you better understand your financial options, and ways to build long term wealth. If you’re approaching the end of the your working life they can help you transition to retirement, but even someone in the middle of their career can benefit from professional advice about their super, and ways to reduce their taxes.   


Check the Equip MyFuture calculator and see what you'll retire with. Try it now.

This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Issued by Equipsuper Pty Ltd ABN 64 006 964 049 AFSL 246383.  MySuper Authorisation Numbers 33813823017672 and 33813823017518  (‘Equip’, ‘the Fund’ and ‘the Equip Rio Tinto Fund’).

Equipsuper Financial Planning Pty Ltd (“EFP”) (ABN 84 124 491 078, AFSL 455010) is licensed to provide financial planning services to retail and wholesale clients. EFP is owned by Equipsuper Financial Holdings Pty Ltd (ABN 11 604 515 791). You can obtain the EFP Financial Services Guide and/or Privacy Statement by contacting our Helpline 1800 682 626.

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