Financial planning resource centre

Start planning for a brighter future today with these tips and resources from Bridges.

Top five tips for the new financial year

While we all have different priorities, we can all benefit from making some financial resolutions at the start of the new financial year. Here are five tips that can put you in better financial shape for the financial year ahead.

While we all have different priorities, we can all benefit from making some financial resolutions at the start of the new financial year. Here are five tips that can put you in better financial shape for the financial year ahead.

Revitalise your goals

This tip is all about dreams and lifestyle objectives. Goal setting is the engine room of your financial plan and provides the motivation and drive behind any of your financial activities. That means that regularly reviewing them can help keep you motivated. 

The key to great goal setting is to make it concrete. That means making it specific by writing it down and making it as precise as possible. Of course it needs to be realistic too, so make sure any changes you make are manageable so that you’re not setting yourself up for failure. It pays to get some help so speak to a financial planner about your overall plan to get an objective viewpoint and assist with quantifying and prioritising goals.

Target your bad habits

If goals are the engine room of your financial plan, habits are the fuel. A habit can be defined as turning some form of behaviour into an automatic action. Positive habits such as saving a certain amount each fortnight or paying your credit card on time each month can improve your financial situation and your sense of achievement.

Reduce costs and invest in knowledge 

It’s all too easy to become complacent and have our hard earned dollars frittered away through unnecessary costs. Find out about getting a better deal on your home loan, car and home insurance, electricity and phone and internet accounts. 
You should also invest in areas that will improve your skills and grow your longer term financial situation. It might be buying a book, subscribing to a magazine, going to a seminar or picking the brains of a financial planner. Any and all of these things can improve your financial literacy and generate financial gains that can be multiple times the initial cost.

Smarten up your super

Despite all the recent legislative changes, super is still one of the most tax-effective avenues for investors. But don’t just rely on your employer to do all the work - make this financial year the year that you take control of your super and maximise your position. Tools and tactics such as salary sacrificing, consolidating your funds, making deductible personal contributions and reviewing your investment profile all make a big impact. Talk to a financial planner about doing an audit on your super strategy to help pinpoint areas of opportunity.

Reward yourself when you succeed

Make sure you reward yourself when you achieve a goal. Build in a specific reward when you frame the resolution, such as dinner out at a special restaurant if you complete six months of your new savings goal. Just make sure your reward is proportional to your goal!