Our response to limit the spread of COVID-19 | Read here

9 steps to get your finances in order this new financial year

It’s a new financial year which means it’s the perfect time to review your finances, make a few changes and get set up for your future. By getting your finances sorted now you can minimise the tax you pay, increase your net worth and reduce your stress about money.

1. Sort out your super

Have you checked for lost super? It is as easy as logging into your MyGov account and with a few clicks, you can see if you have any lost superannuation and consolidate it instantly. By having your superannuation all in one account you pay less fees and your investment can grow faster.  While you’re checking for lost super, also have a look at these 5 strategies to save tax with super and these 4 tips to easily boost your super.  The sooner you make changes, the larger the effect it will have on your tax and superannuation balance next financial year.

2. Look for lost money

Did you know Australia has around $1.1 billion in lost shares, bank accounts and life insurance? You can check here to see if any of this unclaimed money is yours. If you do find money and claim it, decide what you’ll do with it before it hits your account so it doesn’t get wasted.  Will you pay off debt, put it in your offset account or add it to your superannuation? Having a purpose for your money is an easy way to make the most of it.

3. Know your deductions

Charity donations, work clothing, equipment and superannuation contributions are a few of the numerous things many Australians can claim on tax. Find out now everything you can claim based on your job and start keeping records to ensure you get more back at tax time. Check out our free ebook to help you get started.

4. Streamline your banking and budget

Set aside time now to streamline and review your finances. Check your budget, implement small changes to save more, get your banking sorted and know where your money is going. You can streamline it all easily within a week. By making the time to do this you can reduce your bank fees, pay less interest on your mortgage, make sure you’re on track with your financial goals and know that your budget is realistic.  The sooner you get your finances sorted, the easier life is.

5. Set a goal

Having a clear financial goal gives you a reason to have your finances sorted, stick to a budget and make smart choices. Buying your first home, planning your retirement, going on a holiday or buying a new car are some common financial goals for Australians. Being clear on your financial goals puts you in control of your money.

6 Make changes

Taking your own lunch to work and eating less take-out might seem insignificant but these small changes can add up.  We shared 10 small changes that bring big rewards in 2018 here. Pick one or two to start with, then add more. Soon, you’ll be saving more money and it won’t feel like you’re depriving yourself of anything either.

7. Plan how you will use your tax return

If you’re getting a tax return, decide before it is in your account what you will do with it. Many Australians blow their tax returns because they don’t have a specific plan for it and instead spend it on shiny new things such as TV’s, clothes and a bunch of takeaway food. Instead, look at the most effective ways to use a windfall such as investing or paying off debt. How can this money go further to improve your finances and life?

8. Review your expenses

We mentioned streamlining your banking and budget, but also take the time to review all your bills properly. Compare everything you pay for such as insurance, electricity, gas, phone and internet to make sure you are getting the best deal for you in each one.  The cost of these services can vary significantly, even as much as thousands of dollars a year.  Write a list of all your expenses and compare them online to look for the best deal on each one then switch if needed.

9. Check your net worth

Your net worth is the value of your assets minus your liabilities.  Write down the value of all your assets such as your house, shares, superannuation, investments etc. Separately list your liabilities such as mortgages, personal loans, credit card debt and any other debt. Subtract the liabilities from your assets and that amount is your net worth. By knowing your net worth you can check it regularly to see if it’s increasing and if the changes you’re making are getting your closer to your financial goals. Check it every few months or at least each tax season to keep you on track.

You may also like

Is positive or negative gearing the best strategy?

Learn the difference between positive and negative gearing and what to consider when working out which strategy may be best for you.

Read more

How will the outcome of the US election affect your super and investments?

Whoever takes the reins to the world’s largest economy is going to have a material effect on people around the globe. Find out how the US election could impact your super and investments.

Read more
Talk to us


We’re so confident about creating value for you quickly, that we guarantee it with a 100% money-back guarantee.

Call us for a free strategy session

Arrange a call back

  • This field is for validation purposes and should be left unchanged.
Untitled-2 Untitled-2

Arrange a call back

  • This field is for validation purposes and should be left unchanged.

Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:
    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

Google Review

Google Rating


Looking for something?