5 Financial Year Resolutions You Can’t Miss

A new financial year brings a great chance to plan ahead and help you reach your financial goals. However, it can also be stressful. These resolutions can help you on your financial journey but also help you stress less next time June rolls around.

1. Take a chance to review.
There’s no better time than the start of a new financial year to refocus on what you want to achieve in the year ahead. It’s a great time to review what’s really important to you and how you’re tracking in those areas. Have you increased your business profitability?

2. Get ready to measure.
Any goal is more likely to be achieved when following the goal setting SMART method (specific, measurable, achievable, relevant, and timely). No matter what the goal whether it be to reduce debt, create savings or make a lifestyle change, make sure to divide them into short, medium, and long term goals. Having a chat with your accountant can explain any tax benefits or implications in advance.

3. Get organised.
Getting organised helps you consider all the options and make decisions that are well suited to yours and your business’s needs. A business advisor can assist in this process by considering your current circumstances and future possibilities.

4. Stay on track.
Make sure you’re on track in all aspects of your business by keeping an eye on small expenditures which can add up over time. Keeping track of finances by utilising paperless apps and programs can be helpful.

5. Acknowledge your wins.
Nothing gives more incentive then recognising your milestones after all your hard work. Making sure you pay attention to small feats along the way makes the finish line seem a lot closer.

Don’t wait for another year. Get tax ready and take the stress out of tax time next year with the help of a financial expert. Book an appointment with us by clicking here.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licences (No. 233209), located at Level 3, 50-56 Sanders St, Upper Mt Gravatt Q 4122. The information and opinions contained in this fact sheet are general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this fact sheet can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.