Set yourself up for a successful new financial year
Now that the new financial year is up and running, it’s a great time to review your financial position and set yourself up for 24/25. Here are a few tips to get you started:
Set your goals
What are your/your family’s financial goals for the coming year?
Are you keen to reduce debt? Buy an additional property? Save for a holiday? Whatever your goal, getting clear on what you want to achieve and writing it down is the first step.
Set a budget (you can stick to)
In these times it’s easy for expenses to get away from us but having a budget (with a little buffer loaded in where possible) can at least help you make decisions on where you can/can’t afford to spend additional funds.
Apart from the key areas of income, expenses and savings, it’s also important to consider building a small emergency reserve for a rainy day, if you can.
Make the budget realistic, you don’t want to find yourself de-motivated because you can’t stick to it.
Review your mortgage options
A mortgage is usually people’s biggest monthly expense so ensuring you have the best rate and best terms possible can make a huge difference to your monthly budget. Getting this right can also mean wiping years off your mortgage and saving thousands over the life of the loan.
It is important to regularly review the different interest rates (and product features) available but it is so much easier to let a mortgage broker do the hard work for you. I have a panel of over 35 lenders that I analyse to get the best results for my clients (and I do all the leg work at no cost to the client).
Review your property investments
Now’s a great time your review the performance of your property investment portfolio.
The first step is to determine the net rental by listing the total income received and the expenses you’ve paid.
Then determine your capital growth by working out the current value of your property value (if you email me your address, I can send you a PropTrack property report).
The chances are you are sitting on a property that has increased in value. You may be able to use the equity to further investment properties.
If your equity has increased then you have some options available. Or you may wish to improve the value of your existing assets with some renovations or major repairs on the property.
Talk to me about what’s possible – you might be surprised.
To help you set a great foundation for the new financial year, I am offering homeowners and investors a FREE Tax Time Property Appraisal. This is a comprehensive market and property report so that you understand the true value of your property in the current property climate and will help with your future financial planning.
Click here to book a time to chat for FREE appraisal.
No matter what your goals, whether you are looking to buy your first home, refinance an existing property to a better rate or looking to expand your property portfolio, I can help you achieve those goals. Get in touch today.