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Setting yourself up for success in the new financial year

Pascale Helyar-MorayPascale Helyar-MorayPascale Helyar-Moray
Jul 14, 2023

The new financial year is upon us, and it's the perfect time to take stock of your current financial situation and set yourself up for success in the year ahead. Whether you need to tidy up paperwork, reassess your portfolio, or simply deal with outstanding issues, there are several steps you can take to ensure your finances are in order. In this blog post, we'll outline five ways to start the new financial year strong and provide insights on how Super-Rewards can help you grow your retirement savings.

Set a budget

One of the first steps you can take towards financial success is setting a budget. This can help you track your spending and identify any areas where you may be overspending. Start by taking a look at your income and expenses over the past year, and then set realistic goals for the upcoming year. There are many online budgeting tools available to help you get started and stay on track.

Organise your paperwork

Another important step towards financial success is organising your paperwork. This includes everything from bank statements and bills to tax documents and receipts. By keeping your paperwork organised and easily accessible, you'll be better equipped to stay on top of your finances and make informed decisions.

Reassess your portfolio

If you have investments, now is the perfect time to reassess your portfolio. Take a look at your current investments and assess how they've performed over the past year. Consider whether your current mix of investments aligns with your financial goals and risk tolerance. Remember, diversification is key to minimising risk and maximising returns.

Review your insurance policies

Insurance is an essential part of any financial plan. Take some time to review your current insurance policies to ensure you have adequate coverage for your needs. This includes everything from health and life insurance to auto and home insurance. Consider whether you need to make any changes to your coverage based on your current circumstances.

Review your superannuation

Finally, one of the most important steps you can take towards financial security is reviewing your superannuation. Here are 6 important reasons to review your superannuation regularly:

- Investment strategy

Reviewing your superannuation account is essential to make sure that your investments and risk strategy are still suitable for you. People’s goals and circumstances change over time, and it's vital to adjust your investment strategy accordingly to ensure that you're not taking on an unacceptable level of risk. Doing so will ensure that you are investing funds in line with your earning capacity for the most significant benefit.

- Fees

Check if the fees charged by your fund are reasonable. High fees take a chunk out of returns and can significantly impact your account balance in the long run. This makes sense as you don't want unnecessary management fees eating up your balance. Checking fees is essential, and in some cases, fund holders may be paying too much for what they are getting.

- Insurance policies

It's easy to forget that you have insurance through your super account, which may not suit your needs over time. Reviewing your policies ensures that you’re not paying for insurance you no longer need, or increasing the sum insured if you require it.

- Employer contributions

Employers have a legal requirement to make contributions into your super account, but it's still essential to check if it's being done. Payroll errors happen, and if you're not receiving your employer contributions, your account balance won't grow as it should.

- Death benefit

Review whether you have the right death benefit nomination in place. Having a death nomination ensures that in the event of your unexpected death, your wish will be respected. Reviewing this ensures that your nominated beneficiaries are still relevant, and it’s a good idea to stay on top of this regularly.

- Sign up to Super-Rewards

Adding more super contributions is easy with Super-Rewards, a platform designed to help you boost your retirement savings effortlessly. With Super-Rewards, you can earn up to 15% cashback when you shop at popular brands like eBay, The Good Guys, Apple, and more. Plus, it's not just for individuals - Super-Rewards is a game-changer for those who don’t receive superannuation guarantee (SG) contributions from an employer, such as carers or small business owners and sole traders. You can start earning super every time you make an eligible purchase, whether it's online, through our user-friendly app, or at instore retailers. The best part? We'll deposit your cashback directly into your super fund as soon as we receive the funds from the retailers.

Setting yourself up for financial success in the new year requires a combination of planning, organisation, and action. By setting a budget, organising your paperwork, reassessing your investments, reviewing your insurance, and signing up to Super-Rewards, you can take control of your finances and move towards a brighter financial future. Start implementing these steps today and reap the rewards in the years to come. Sign up to Super-Rewards today.

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.