Get in Shape This Financial Year 

There’s no better time to take a step back and review your finances. In this article, Russell Investments’ experts share five tips to get you in great shape this financial year. 

1) ORGANISE YOUR TAX 

Make a resolution to begin this financial year with a decent filing system so you don’t end up with bags of unfiled receipts next 30 June. 

Whether you manage all your receipts digitally or in a shoebox, separate out any paperwork relating to income and expenses. Set up folders for each main category (e.g. travel, insurance, rent) so as soon as you get a receipt, you can put it in the right spot. 

2) REVIEW YOUR FINANCIAL COMMITMENTS 

Consider evaluating the big-ticket items you’re spending money on to make sure they’re right for you. Does your mobile phone plan reflect your usage? Does your health insurance cover your needs? 

It can also pay to review your existing utility policies or loan rates. Shop around for a better deal, or try calling your current provider and asking them to do better. 

3) SET UP A BUDGET 

Once you’ve got your bills worked out, take a look at your other spending habits and see if there’s any room for improvement. 

When setting up a budget, the trick is to include absolutely everything—from car registrations to takeaway coffees. You’ll get a picture of where your money is going, and you’ll probably be amazed at how quickly little luxuries can add up. There are a number of websites and apps that can help with this — check out this budget planner [1]. 

4) SELL WHAT YOU DON’T NEED 
Jump onboard the trend of getting rid of the excess ‘stuff” you just don’t need or use anymore. Do you really need an extra toaster or three tennis racquets? 

Clear out what you don’t need, and then sell it online or have a garage sale. You could make some extra pocket money as well as reclaiming precious space in your home. 

5) GET YOUR SUPER SORTED 

Do you still have multiple super accounts from your old jobs? You’re probably paying fees on all of those accounts — and those duplicate fees could cost you thousands by the time you retire. 

Talk with your adviser about combining your accounts. If you’re not sure whether you have any lost super hanging around, your adviser can help with that, too. It may only take a few minutes to simplify your super. 

If you’re in line for a pay rise or a bonus, consider boosting your super with before or after tax contributions. Extra cash tends to get absorbed into our daily living expenses. But if you set up an automatic deduction, you’ll never even miss it, and will benefit from it at retirement. 

[1] https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/budget-planner 

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Disclaimer: The articles in this newsletter are of a general nature only and are not to be taken as recommendations as they might be unsuited to your specific circumstances. The contents herein do not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making any financial or other decisions. 

InterPrac Financial Planning Pty Ltd directors and advisers may have investments in any of the products discussed in this newsletter or may earn commissions if InterPrac clients invest or utilise and any services featured. Your InterPrac Financial Planning adviser or other professional advisers should be consulted prior to acting on this information. This disclaimer is intended to exclude any liability for loss as a result of acting on the information or opinions expressed.

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