As we start the new 2020 calendar year, it’s a good time to review our long-term goals. Let’s face it, a lot of those New Year Resolutions fall by the wayside relatively quickly for many. But if we focus each day on our long-term goals – the ‘big picture stuff’ of what we want in the future, it helps us work out what we have to do this year to achieve them. For example, if you want to retire in 10 years, what do you have to do this year to help you retire in a much more financially comfortable situation? Review your super? Pay off your house? Pay down your credit cards? Do something to improve your health and fitness? Review your spending? If you want to buy a property or a car, pick some savings or investment goals, print out your schedule and put it up somewhere you will see it every day. How much money can you save for it? What is going to improve your chances of getting a loan? What’s your credit rating looking like? Have you scheduled in research so that you know what is a good price for the house or car you are looking at? And so on. So set some SMART goals that are achievable but a good challenge to aim for.
A good way to measure your achievements is to work out at the end of each 6 month period your personal balance sheet – a statement of what you own, and what you owe. Include your superannuation, because that’s an important part of your long-term savings. It can be very motivating to see your net worth increase each year.
Sometimes we need help to do this. If you need help with your business finances, call us on 1300 911 227 or message financials@in8businessadvisory.com.au, or Brisbane@bantacs.com.au. If you need to speak with a financial controller for your super, contact Monika Ponmoon at monika@bantacsfinancialsolutions.com.au. There are other services we can put you in touch with, who can work out a personal spending & savings plan over a number of sessions, so contact us to get your financial future sorted!
Note: Super needs to be paid this month. For employers, make sure the super fund receives the funds by 28 January, otherwise, it’s a wealth of pain tax and admin wise. For employees, they need to check their super fund via their online super login around 1 February, and make sure their employer contributions have gone into their account.
With the recent bushfires burning across large parts of Australia, the ATO grants deferrals for activity statement lodgments and payments due to those who are affected. Please contact our office at 1300 911 227 or message financials@in8businessadvisory.com.au, or Brisbane@bantacs.com.au if you are one of those fire-affected organisations.
Please click on this link to check on ATO’s list of fire touched places in Australia
