Financial Housecleaning for EOFY

End of financial year is a great time to give your finances a “spring clean”. By doing your financial housekeeping now, your finances will be in great shape and ready to move into the next financial year.

These tips will get your finances spruced up and ready to take on another year:

1. Allocate a day
   

   Set aside a day to focus solely on your financial housekeeping. Try to minimise disruptions and distractions.

2. Review your current financial position and goals
   

   If you have a financial plan, EOFY is a great time to review your current financial position and ensure the plan still lines up with your current financial position and goals for the future. If you don’t have a financial plan in place already, you can calculate your net worth by subtracting your liabilities (what you owe e.g. mortgage, loans, credit cards) from your assets (what you own e.g. home, super, savings).

3. Get your savings sorted
   

   Using your goal as identified above as a guide, it is now time to review your savings. Are you saving enough to achieve your goals in the time frame allocated? Now is a great time to shop around for offers that might give you a better interest rate on your savings.

4. Get your bills sorted
   

   Take some time to review your current outgoings such as energy, gas, internet and phone. Use a comparison service like Finder or GoSwitch to determine if you can get a better deal. If you have a mortgage, you could also look and what interest rate you are currently paying and see if there is a better deal available.

5. Plan for the future
   

   Review your superannuation. If you have multiple superannuation accounts, consider merging them into the one account to save on fees. Are you on track to enjoy the retirement you dream of? If feasible, consider increasing your superannuation contributions each year as your retirement date approaches.  Review any insurance policies you hold. Do they still fit with your current financial situation and goals? If not, June is a great time to shop around for EOFY insurance offers.

Following the tips above will help alleviate any stress related to EOFY and ensure your finances are in good shape for the next financial year. If you need any advice in regards to your financial situation, Greentree Financial are here to help.