How to be financially prepared for your tax payments
Lodging your own tax return doesn't have to be a scary experience, but you need to ensure you do it right, and on time, to avoid penalties.
Learn MoreIt’s easy to be overwhelmed by the ever-increasing range of financial services providers, products and wealth strategies to choose from.
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However, with the right planning and persistence, a few simple changes can be all it takes to achieve your personal finance goals. Here are a few practical tips to help make your dreams a reality.
Identify your financial goals
It’s hard to kick goals if you don’t know where the goalposts are and it can be just as bad if they’re constantly shifting.
The first and most important step to achieving your personal finance goals is to define what those goals are. What do you want to achieve? How much money will you need to get there?
Be specific and do your research to make sure you plan for all the costs involved. For example, if you’re saving for a home loan, find out what you’ll need for a deposit as well as the associated upfront costs like legal fees, mortgage fees and moving costs.
Similarly, if you’re planning to start your own practice, work out the upfront and ongoing costs of managing a practice. Having specific savings targets such as “I want to save at least $30 000 in two years”, makes it much easier to manage your budget around your financial goals.
Make a plan to achieve the goals
Once you have a specific and measurable goal in mind, it’s time to make an action plan for how you’ll achieve it. Work backwards to understand the steps you’ll need to take and be realistic about what’s possible.
For example, if your goal is home ownership within three years, do some basic calculations to understand how much you can afford to save from each pay. This exercise will reveal a clear estimate of how much money you’ll have set aside after three years of savings. Then, consider opening a savings account or term deposit and commit to depositing a set amount of savings each month. Try to avoid dipping into your savings account unless absolutely necessary.
Talk to a specialist that can assist you with your individual needs.
When it comes to getting the right finance solution for your unique needs, your choice of financial institution matters. Look for a financial institution that has products to suit your individual needs and circumstances, rather than pushing generic products that may not be the most appropriate fit for you.
Ideally, search for a financial specialist that understands your industry, career path and financial goals. Finding the right financial partner not only helps you get the most appropriate solution for your needs, but it will also reduce the effort, complexity and paperwork burden on your end.
By putting these small steps into action, you’re likely to make bigger strides towards saving that home deposit, opening your own practice or growing that savings account.
Want to learn more about your different options for managing money? Click on the link to learn more about our range of transaction accounts. Ready to take the next step? Contact us to find out how we can tailor a finance solution for you, or call us on 1300 160 160.
