Between dragging your winter wardrobe out of storage and planning a bang up BBQ in celebration of Queen Lizzie’s birthday, June is a busy time. But between all that fun stuff, there’s serious work to be done.
That’s right, June is also the perfect time to get your finances in order, tally up all the extra dollars you spent on eating out and, wince, reflect on the three latest iterations of the iPhone and ask yourself if they were really worth that hole in your life savings.
But don’t panic! There’s time before we make it to the next financial year to ensure you see this one out with a bang. To help get you on track this June, we’ve come up with a to-do list of some of the major money tasks you might need to get on top of.
- Splurge at the EOFY sales. This is the one time of year when you get a free pass to shop until you drop, especially if your purchases are tax deductible and will bring down your taxable income. So if you’ve been pining after a new laptop, if your rental property could use a little love, or if the next iPhone is the one you really need, then now is the time to spend up big. Just make sure you keep all the receipts!
- Protect your wheels. If you decide your end of financial year splurge is going to be in the form of a brand new SUV or a zippy little hatchback, then make sure your new gift to yourself is safe and sound with a killer car insurance policy.
- Give your home loan a health check. It’s no secret that interest rates are currently low. Really low. So seize the moment and review your current mortgage. Chances are, in all the rate cut action, a better deal or two surfaced, and you’re now dragging around a dud mortgage when you don’t have to be. Compare home loan options and trim the fat from your repayments for the next financial year.
- Jump on the Junk free June bandwagon. If you’re guilty of an after work doughnut or five, then ditch that unhealthy habit, and save some money while you’re at it by joining Junk Free June. The $20 you usually spend on Krispy Kremes might be better spent on something tax deductible, or better yet, not spent at all! One of Mozo’s money writers has taken up the Junk Free June challenge, so check out her tips on how to survive going cold turkey on junk.
- Get your hands on some health insurance. If you make less than $140,000 a year ($280,000 for families), you’re probably eligible for a private health insurance rebate – and just in time for flu season! You can claim up front and knock down the price of your insurance premium, or claim the rebate as part of your tax return.
- Price check your heating bill. Winter is coming. Before you resolve to wearing every coat you own at once and losing a finger or two to frostbite, compare energy plan prices and see how your heater stacks up. Snag a good deal and sit cosy and snug in front of the radiator without worrying about burning up your hard earned savings with a high energy bill.
- Make a super contribution (or two). It never hurts to plump up your nest egg, and before June 30 is a particularly good time to do it. When you make personal contributions to your superannuation, you can claim them as a tax deduction, and if you opt for salary-sacrifice contributions, these are taxed at a way lower rate than normal super. Plus, you might even qualify for up to $500 in government co-contributions. Check out the details at the ATO website.
- Set yourself a Financial New Year’s Resolution. Nobody’s perfect and you probably made some money mistakes this financial year. Maybe your budget wasn’t up to scratch, or you let your hard earned money languish in a sub-par savings account. Whatever your money sins, make a promise to yourself this June that next financial year you’ll do better. And unlike your December 31st resolution to hit the gym every week – stick to this one!
Is there anything else on your June to-do list? Let us know in the comments what money saving tasks you’ll be tackling this month.