6 Steps to a Happy New Financial Year

Aug 16, 2022 | Goal Setting, Wealth, YOUR LIFE

The new financial year provides an opportunity for a fresh start for your finances. Make this the financial year you get on top of yours… for good! 

We’ve broken it down into six bite-sized, manageable steps for you to tackle over six months, because real change takes time!

The below is a suggested path to a New Financial You, however, you can choose your preferred order and pace.

July: Goal Setting

What is it that you want? I mean REALLY want?

As with any goal, your financial goals should be SMART – Specific, Measurable, Achievable, Relevant, Timely.

Whether you’re wanting to build an emergency fund, get out of debt, or save for a specific goal, write down your goals in detail and then revisit these regularly to remind yourself of what you’re working towards.

August: Set your Budget

A budget helps you see what’s coming in, what’s going out and most importantly how much you have to allocate towards your goals.

There are plenty of free templates online so find one that works for you and add in your personal income and expenses. 

Tip – Go through your last three months’ bank statements to get details of your spending.

September: Set up a Savings Plan

You can do this by working out how much money you need for a particular savings goal and by when, then breaking it down into regular amounts to be set aside.

Example – If you want to save $2,000 for Christmas by December 1st, you’ll need to set aside $154/week from September 1st.

Tip – Automate savings by setting up a regular transfer.

October: Super Check

It’s time to health check your superannuation: 

  • Contact Details
    Make sure your contact details are up to date to ensure you’re not missing out on important correspondence.
  • Beneficiary Nomination
    Do you have a current beneficiary nomination in place? A valid beneficiary nomination will direct your super fund on how you would like your super benefits to be paid, if you were to pass away.
  • Fees
    How much is your super costing future you? There are a whole range of fees that might be funded from your super, including administration, investment, and adviser service fees, all of which will have an impact on your retirement savings. 
  • Investment
    Do you know how you’re super is invested? Is it Conservative or Growth? How well has it performed over the long term? Some important things to consider when choosing an investment option include your life stage, investment horizon and comfort for risk.

November: Insurance Review

There are a range of insurances that offer financial security for you and your family, including: 

  • Life
  • Total & Permanent Disability
  • Trauma, and
  • Income Protection

This month, get to know your current insurances and consider whether the types and amounts are suitable for your needs.

December: Estate Planning

Estate Planning involves documenting what you want to happen in the event you pass away or become incapacitated. It might include Wills, Powers of Attorney, Health Directives and Guardianship nominations. 

If you don’t have these in place already, it’s time to build out your Estate Plan.  If you do, it’s time to dig these out for a review.

Congratulations, you made it! 

If you’d like some extra support on your journey, reach out to a Financial Adviser today for help with achieving your financial goals!

Do you have a question?

We’re here to help, don’t let your questions go unanswered. Complete your query below and we’ll respond.

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Financial Advice services are provided by Insight Financial Partners Pty Ltd T/A Insight Wealth Perth as a Corporate Authorised Representative of
Australian Unity Personal Financial Services Limited (ABN 26 098 725 145), AFS Licence no. 234459.