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Personal finance DIY – 6 Ways to Kick Start Your Financial Year


As the new financial year is under way – it’s time to look at your finances and maybe even make a few of those new (financial) year resolutions. Here is our pick of the best 6 ideas to get you kick started:

  1. Increase your mortgage payments. Just a little bit extra in each mortgage repayment can save months, even years off your mortgage.  What does saving 5 years on your mortgage look like? If you’re paying $3,000 per month, that’s $36,000 per year – which over 5 years means that’s $180,000 that you don’t have to pay to the bank – quite the saving! Better still, while you’re working out how much more you can pay on your mortgage, shop around and see if you can find a better deal and pay less interest – that’s going save you a bucket of money as well!
  2. Increase your Super contributions. Much like putting more money into your mortgage, putting some extra into your super is going to potentially give you an extra stack of money come retirement.  The tax advantages are well worth the effort. Many people don’t like super, so if you’re a bit uncertain if it’s a good idea, read up on how super can work for you.
  3. Figure out where it all goes. While the word budget will send shivers down most peoples spine, it need not be that hard.  A simple awareness of exactly where your money is going can often be sufficient. Didn’t realise that you were spending $4,000 a year on take away coffee and wondering how you’re going to save for that holiday?  The figures will guide you.
  4. Work out where you’re going. Having a plan in life is vital for success. If success isn’t important to you, then there is no need to plan. Knowing what you want to do, when and how is going to get you a long way towards getting what you want. If you want to make a career change, upgrade the home or take off 6 months and travel the world, it’s all going to cost you. Planning around those major events in your life and knowing how you’re going to afford it will make the rest easier to deal with.  This is especially true when it comes to things like buying a house or retirement. Don’t end up somewhere accidentally.
  5. Protect yourself by Protecting your income. Your income is the only constant source of funds that helps you pay for the things you need and want. Protect yourself, especially if you have people that depend on your like family.  While life insurance isn’t a thrilling concept, it’s a very practical, solid and responsible thing to do.  Also, think of those being left behind if something happens to you – everyone needs a will.  And a proper one at that.
  6. Give. Donations above $2 are tax deductible, so just think of it as your way of helping the government give to your favorite charity – but keep your receipts!  Giving helps those around you, and for some, it could help you as well to know that you’re doing your little bit to make the world around you a better place.

Some ideas are simple, some are more complex, and some are what you make of them.  We see an enormous amount of opportunity in the people that we meet every day, and we help people make the most of what they have. If you’re not sure of any of the above ideas or want to know of more strategies that can help you build, create and protect your wealth? Contact a Financial Spectrum financial planner to arrange your free meeting.


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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

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