Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

New (financial) year, new (financial) you!

New financial year

It’s officially a new financial year so it’s time to get your finances together, and there are six key steps to get you there.

 According to Omniwealth financial planner Steven Korner, there are six steps to financial fitness, with taking control a common thread.

1.       Eliminate personal debt

Noting that Australia has some of the highest personal debt levels, Mr Korner said personal debt is generally considered “bad debt” as it isn’t income-producing and doesn’t boost wealth.

Advertisement
Advertisement

“Paying this off as fast as possible will propel you on your path to financial independence,” he said.

2.       Take control of your super

It’s yours, after all. Mr Korner said savers should review their super and consolidate any duplicate accounts to avoid extra fees.

“This is the financial year to consolidate your super and take back what is yours!”

3.       Make a plan

“Sit down and determine how much money you want to save this financial year. Now, divide this number by 52 weeks. Congratulations, you have just created yourself a weekly savings goal,” the financial planner said.

The next step is seeing where savings can be made. For example, cutting out the morning coffee can save more than $1,400.

4.       How’s your home loan looking?

Mr Korner said that while interest rates are generally sitting at record lows, some customers are still being stung with high rates.

“Speak to a mortgage broker to take advantage of the highly competitive interest rates some banks are offering,” he suggested.

“This could save you thousands of dollars a year in interest repayments.”

5.       Protect yourself

“Australians will not hesitate to insure their car but will not insure themselves. You are your most valuable asset,” Mr Korner said.

“Ensure you have appropriate levels of personal insurance in place, such as life and income protection, to protect yourself and your family in the event of unexpected injury or illness.”

6.       Set a target

The key to achieving goals is to stay accountable, Mr Korner said, pointing to a Harvard University study finding the 3 per cent of students who set written goals and concrete plans were making 10 times more than the rest of their class a decade down the track.

“Schedule yourself one hour to write down your goals and how you are going to achieve them. Revise this every six months and the results will speak for themselves,” he concluded.

New (financial) year, new (financial) you!
New financial year
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
MelbMan - We dodged a real bullet with Saturday nights Federal election result. ....
Anonymous - It means they won’t be stealing my tax refunds and cutting my retirement income by 30%....
Anonymous - Sorry ... 2 years de facto equals marriage and you can be carved up. This is Lionel Murphy’s no fault divorce where men are asset stripped and.......
Anonymous - The confiscation of Imputation Credit has been stopped, thanks to the Liberal minded Aussie voters that stand up to correct the inequality so that the.......