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Refresh your finances in the new financial year
Dream come true?
Customer Service Team Leader, Kalen Ziflian has always wanted a red Ducati 996. Last June Kalen decided to fulfil his need for speed, so he deposited his tax refund together with some existing savings from his salary bonus into a term deposit account to kick-start his Ducati savings fund.
"The Term deposit I have is a place to store my money, where I can get a good return on my investment and minimise the temptation of being able to withdraw money at will" Kalen said.
In order to keep the dream alive, Kalen cut back on spending and made regular contributions to a personal account so he could reach his financial goal to purchase the bike within the next twelve months.
"Awareness is sometimes the best thing one can have when approaching a savings regime. Think about your "needs" things like mobile phone bills, lunches, even travel to work. Try to become more economical in your day to day spending. Then look at your "wants", how many of them do you really need? Don't forget about balance, you can't cut out all your rewards, just keep the focus on your main goal," Kalen explains.
His commitment to regular savings and the interest collected on his term deposit has set him well on his way to achieving his dream. This coming June, Kalen is planning on picking out the ultimate shiny red Ducati.
1. Prioritise the importance of your financial goals and set a timeframe in which to achieve them.
2. Take control of your finances and track your spending. It is important to know where your money goes to enable you to identify areas to cut back and save.
3. Utilise your tax refund to boost your savings in a high interest saving account.
4. Direct a portion of your next pay increase or bonus into a savings account, you won't even notice it missing.
5. Where possible, pay credit cards in full to save on interest charges. Minimise the use of credit cards to avoid spending beyond your means.
6. Start a record keeping system to ensure you track any deductible expenses which you are entitled to claim in your tax return in the following year. This could include things like car, travel and uniform expenses, self education, donations and any other tax deductible items you may be entitled to claim.
7. Take advantage of current high interest rates and direct some of your savings into a term deposit. What you don't see you don't spend.
8. Consider consolidating your credit card debt onto one card so you can closely monitor the true state of your finances.
9. Set a realistic weekly or monthly budget by using the on-line Budget Planner.
10. Consider reducing your outstanding property loan amount by contributing a lump sum payment such as a bonus or tax refund.
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