Chris Childs

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New year new you: Setting your financial goals for the 2016/2017 financial year

New Year’s resolutions can be a mixed bag: a combination of determination – and trepidation. People set all kinds of goals, whether it’s for their health, their careers or even their relationships. The impending start of the new financial year should be no different.

Now that your taxes are safely filed away, it can be tempting to let yourself lose some steam. But don’t be fooled – this could be a critical moment for your future success! So, let’s take a look at how you can make sensible financial goals, and meet them too.

Do your finances need a shake-up?

Cut the junk

At the start of this year, a Finder survey found that more than half of Australians who made a resolution based it around their health. More exercise, less junk food; it’s all a great start for a better you. The same method can be used to get to grips with your finances too.

Your finances could do with a debt management health check and better financing behaviour: it’s the diet and exercise of the money world. Look into refinancing your current loan to get a better interest rate, or make larger repayments on your current mortgage to cut away some of your future debt. Make it a goal to reduce your outgoings by a certain amount by the end of the next financial year – your bank balance will thank you.

Re-evaluate your needs

Now is a great time to start moving and shaking your real estate holdings toward maximum value gains.

While you are setting new goals, it’s a great time to review your old ones as well. Is your current investment strategy working for you? Do you need to expand your investment portfolio to reach the next level? Have you got your properties in the right structure for maximum tax benefit? Are you investing in the right way?

With the recent cash rate cut and the subsequent drop in interest rates for consumers, now is a great time to start moving and shaking your real estate holdings toward maximum value gains. Remember, any new goals that you set need to be achievable, and keep this in mind when revisiting older or more long-term needs too. Review what worked, make specific goals in a set arena, and you’ll find it that much easier to work towards them.

Ultimately, what you want to get out of your new financial year should be supported with the right advice. That’s where Think Money comes in – we can help you set, work towards and ultimately achieve your wealth-creation goals, all with a minimum of fuss. To access your own personal investment mentor, get in touch with our team today!