You revamp your workout regime in summer. You assess your balance of naughty to nice at Christmas. In the same way, the EOFY should be your trigger to take stock of your finances. And you don’t even have to break a sweat.
Don’t be afraid of commitment.
Unless you have nominated a superannuation account for your employer to pay your superannuation into, your employer would likely have opened a new superannuation account with a default superannuation fund. This means you could have more than one superannuation account. This would also mean you could be charged separate set of fees on each superannuation account.
Before consolidating your super accounts, you should consider where future employer contributions will be paid, the other fees you may incur with the rollover and lost current insurance benefits from your existing provider(s). You should discuss any potential super strategies with your accountant or financial adviser.
ING Living Super lets you rollover and consolidate your super online so it’s all in one place and easy to manage.
Swimming in debt? Time to get out of the water.
Debt piles up quickly when you’re young. From HECS or HELP debts to car loans and credit cards, and maybe even a mortgage. Work out a budget that lets you pay off your debt as quickly as possible. This may mean cutting back on weekend breaks and those smashed avos you love so much, but it could save you hundreds on account fees and interest in the long run.
Upgrade your bank account.
Is your bank account right for you, or can you do better? It might be time to move to a new bank with lower fees on accounts, higher returns on interest, and even some savings features, such as ING Everyday Roundup, a feature that rounds up purchases to the nearest dollar and transfers the difference from the transaction account into the savings account.
Invest in you.
Don’t be afraid to invest money into developing your skills, knowledge and work ethic. It’s never too late to go back to study, earn an important certification, or change careers. If your study is relevant to your current job, you might be claim a deduction on your next tax return.
Become a super saver.
The First Home Super Saver Scheme (or FHSSS – we finance people love our long acronyms) could help you get onto the property ladder sooner. The scheme allows you to voluntarily contribute up to $30,000 and withdraw it when you’re ready to buy a property, taking advantage of superannuation tax breaks so you can build a bigger deposit more quickly.
Good for the world, good for you.
Giving to charity is not only good karma, it could be a great way to reduce your taxable income. To get ahead in the next financial year, consider setting up a monthly donation to a cause that’s close to your heart. Just remember to keep the receipts.
Slow and steady wins.
Start investing early by starting small with just 1 percent of your income, then increasing the amount by a percentage point every year. This is a smart way to save for your goals and work towards a comfortable retirement.
Click here to find out more about ING Living Super, and how it can help you make the most of your tax return.
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