EOFY Money Makeover

Written by Mina Cao

EOFY Money Makeover

We’re all aware and well-practised at making New Year’s Resolutions. A time to reflect on the year that has past and make a point to make better decisions into the new year; we think about our dreams, our goals and self-development. Even if we didn’t make it to the gym 5 times a week at least we set an intention to do better. In our world, the world of finance, this is our New Year and we like to treat it exactly the same, the only difference being we’re giving our money a makeover not our waist line!

Before we jump into the makeover we have just 1 week left until this financial year is over on 30th   of June. This means  we have a small window of opportunity to give this financial year one last push in the right direction, the positives that is!  How can you do this?


Minimise your taxable income by maximising your taxable deductions:

1. Make more tax-deductible contributions to super.

2. Prepay expenses to qualify for tax deductions this financial year.

3. Make the most out of private health insurance.

4. Managing investments.

5. Make the most of the $30,000 asset write off.


You can read our full article on how to do this here. Maximise on your tax return and make max time a breeze!

If you’ve been thinking about buying a new car NOW is the time to do so. Dealerships slash the prices at this time of year so whether you want your dream car, a bigger family car or are purchasing a new work vehicle through an employer, speak with your adviser. We can help connect you with a loan solution and make sure a new car matches your financial strategy. You may also be able to claim this purchase as a tax deduction on to your tax return.


On to the New Year!

Step one: Reflection

Now is a great time to think about the financial year that has just passed and reflect on areas we can improve.

Here are a few questions you may want to consider:

1. What did you do well this past year?

2. What areas could you improve?

3. What has changed in the last year?

4. What adjustments could you make?

5. Read over your insurance policies to refresh yourself on what you are covered for. (You could have unclaimed benefits)


Next, it’s time to set new some goals! Simply write down areas for improvement and then start turning these into actionable goals.

Maybe you went overboard on the credit card? Turn this into a goal: “In 6 months time I am going to pay $5,000 off my credit card”.

Maybe you didn’t do a very good job tracking your personal or business expenses? Create a folder, a system or use one of the many apps to conveniently record your expenses throughout the year, ready for tax time. You want to put yourself in the best position possible so you can start the year fresh and ready!

Take the time to write 5 actionable goals, keep a copy on your fridge, in your wallet, on your desk or anywhere you go to be constantly reminded of them!

Here’s an example:

Step two: Spring Clean

Now is a great time to give your finances a serious clean up! Consider consolidating any debts, perhaps you have multiple credit cards and personal loans building up. Give your debts a spring clean and streamline your payments into one loan, you may also find you save on repayments by doing this too. We have a fantastic team who can help you consolidate your loans.

The spring cleaning isn’t quite down yet. Now it’s time for a reality check. The saying goes “Don’t tell me what your priorities are, tell me where you spend your money and I’ll tell you what they are”.

Look at your bank statements and look at areas you’re spending money unnecessarily. Do you really need to be spending $90 a week on lunch? Are those Uber bills adding up? “A small hole can sink a big ship”.


Step three: Budget

Now you’ve reviewed your finances it’s time for to make a budget. You may have already done this with your adviser, if so great, but is there anything on there you need to review?

Remember “a budget is telling your money where to go instead of wondering where it went”. A budget will also allow you to plan to reach your goals, and will give you a rough timeline of when you should be able to reach your goals.

If you haven’t created a budget before, read our article on how to do so here>

Don’t let your budget spoil all your fun either. Whilst you need to stick to your budget you also need to make sure you pay yourself a fun allowance. There are also lots of savvy ways you can save now too:

  • Shopback (gives you cashback on online purchases, including Woolworth, The Iconic, Uber)
  • First Table (gives you 50% off your food bill if you book the first table of the night)
  • Round up investing (rounds your purchases to the nearest dollar and puts the difference into a savings account)


Step four: Don’t be afraid to ask for help

If you need help creating a plan to reaching your goals, or have adjustments you want to make to any of your investments or accounts, consider moving your next appointment with your adviser forward in time.

If you haven’t seen an adviser recently Anne Street Partners and many other financial firms offer complimentary initial consultations to discuss your financial situation. They will see if there is any room for improvement and help you make a financial plan to move forward.  This is definitely worth doing if you have any questions, concerns or simply want to discuss your investment options. You can book your complimentary consultation in now via the calendly button in the bottom right corner of the page!


Mina Cao
Financial Adviser

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