January 1 is generally the time we most commonly make resolutions – diets, fitness, careers and relationships all get dealt with as the new year comes around. But does it make sense to make financial resolutions at this time too?
When the new financial year rolls around, you’ve just submitted your tax return and got your finances in order. Now, it’s time to plan ahead. If you’re a home buyer, here are some resolutions you should consider making this new financial year.
1. Implement a budget
If you don’t already have a budget, it’s time to sort one! If you already have one in place, look at it again to see if there’s anything you can tweak.
Planning to buy a new home in the next few years? See if there are any expenses you could minimise to save up that deposit. Looking to do some big renovations in the next six months? Increase the amount of savings you set aside each pay to ensure you can afford them. You can use our budget planning tool to get started.
2. Improve your financial literacy
Did the end of the 2016-17 financial year cause you a great deal of headache? Make sure the next one doesn’t by improving your financial literacy. There are tons of handy tools out there to help you out, and you can start with this blog! You could also check out the Australian Taxation Office (ATO) and ASIC’s MoneySmart websites for valuable tips and information, or sign up to a free online course.
Give yourself the gift of knowledge. In the case of financial literacy, it literally pays!
3. Boost your super
Consider bumping up your super contributions this financial year. Not only will it mean your retirement savings get a boost, but if you’re a first home buyer you could also be increasing your chances of entering the property market.
As of 1 July, changes to superannuation legislation mean you can now put some of your super towards your first property purchase. The First Home Super Saver Scheme allows you to make voluntary super contributions of up to $15,000 per year that you can use to buy your first home.
4. Seize those opportunities!
Whether it’s refinancing your mortgage, finally making a start on those renovations, or taking advantage of the recent first home buyer grants and concessions to buy your first home – just do it! And if you need some support to go about it, Smartline’s mortgage advisers are here to assist. Let us help you get your new financial year off to the best possible start.