With tax time on the agenda, it is a perfect opportunity to reevaluate your financial position and put in place necessary changes to your spending and/or saving habits to ensure you are staying on course to reach your
financial goals. To help get you get started, we have put together the following practical tips for you to consider.
Regularly review and update your financial plan
Having a financial plan is crucial. However, it’s equally important to review and update it regularly. Life events such as buying a home, getting married, or having a baby can impact your financial situation. Aim tocheck your plan at least once a month and update important information every three to six months.
Set meaningful financial goals
Goals provide direction and help you track progress. Make your goals S.M.A.R.T: specific, measurable, achievable, relevant, and time-bound. For instance:
- Save $75,000 towards a house deposit in 18 months
- Pay off $15,000 of credit card debt in 6 months
- Build up a $10,000 emergency fund by the end of this financial year
Create a budget you can stick to
Extreme changes to spending habits may yield immediate results, but they’re hard to maintain. Instead, focus on a budget that aligns with your financial goals. Did you know that MOVE Bank has an easy-to-use Budget Planner? Give it a go today at movebank.com.au/budgetplanner.
Use apps to help manage your money
Technology can simplify financial management. Explore popular apps for budgeting and expense tracking.
Cut back on non-essentials
Identify unnecessary expenses and redirect those funds toward savings or debt repayment.
Consider consolidating debt
If you have multiple debts, consolidating them into a single loan can simplify payments and potentially reduce interest costs.
Talk to us about your home ownership goals
Whether you’re buying a home, refinancing or looking to invest in property, our experienced lending specialists are here to help you to make your goals a reality. Visit movebank.com.au/lets-talk to book in a chat at a time that suits you. Remember, forming these habits early can help set you up for success this financial year and beyond.
