New financial year resolutions

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Happy New Financial Year! Rather than cringing at tax time, let’s celebrate by setting some meaningful financial goals that can help you get ahead, and live the life you want.

Assess your debt

How are your credit card bills? Are you drowning in interest repayments? If the debt is weighing you down, now’s a good time to sit down and work out how to manage it.

Talk to your bank or look around for a better offer. Some providers offer an introductory low or no interest rate. If you switch, you may have the chance to pay off some debt during that introductory period.

Your Smartline Adviser can also help you consolidate debts. This means rolling your debts into one loan. Debt consolidation reduces paperwork and may lower your overall interest rate, overall. Be aware that by consolidating your debt, you may be up for other charges, like administration fees and government charges. Debt consolidation also extends the life of your loan, so you will effectively pay more in interest overall, and this may not be what you want.

Either way, your Smartline Adviser can help you sort out the pros and cons of consolidating your debts, so that you can feel lighter this new financial year.

Set up good systems

Whether you are self-employed, a business owner or on a salary, having good financial systems in place means that you are prepared for tax time next year. It also helps you assess your income and expenses to identify what could be saved. Consider using a program like MYOB or Excel to log invoices and receipts.

Get money smart

Start the new financial year by improving your financial literacy. The Smartline blog has a wealth of information about managing your finances. The ASIC’s MoneySmart also has great information for getting your finances in order. The more you know about your finances, the easier it is to feel in control.

Set (realistic) financial goals

Set aside time to talk with your partner or other family members about your financial needs and desires.

If you are in the market for a new home, now can be a great time to start planning how you are going to make it happen. Book a chat with your Smartline Adviser and use our simple budget planner.

You might be in the market for a new car. Our advisers can also help you get your head around car finance and find a suitable loan for you.

Maybe your financial goal is to reduce debt, save more and minimise big expenses and small ongoing costs like cable TV subscriptions. Whatever your financial goal is, write it down, say it aloud and talk to people who can support you to realise it, like your Smartline Adviser.

Book a chat with your Smartline Adviser

Whether you’re wanting to buy a new home, a new car, consolidate debt or restructure a loan, your Smartline Adviser can help you get clarity, and make good decisions that put your new financial year on the right track.

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