12 Resolutions for the new Financial Year

It might seem counterintuitive to set resolutions in July, but a new financial year is actually the perfect opportunity to reset, take stock, and check in with where we’re at. 

If you’re looking for a little bit of guidance to get yourself set up for the 2023-2024 financial year, we’re here with some helpful resolutions.

1. Get your taxes done on time

Kick the financial year off right by getting your taxes done on time. The longer you delay it, the more you’ll find yourself with the obligation hanging over your head. If you expect your taxes to take some extra time, it’s best to get in early.

2. Switch your energy provider

With energy prices on the up, it’s easy to accept defeat and feel like switching providers is just too tough. It’s actually a lot easier to switch energy providers than you might believe – and it could keep costs down dramatically.

3. Ditch credit card debt

If you have any lingering credit card debt leftover from last financial year, you’ll want to prioritise clearing that out. A balance transfer credit card could help you with paying down existing debt at a lower rate before accruing any additional interest.

4. Bring down your broadband bills

Mozo Expert research has found that Aussies could be making serious savings on their internet, and there’s no reason you should be overspending.

5. Score a better home loan rate

With the cash rate having risen over the past year, chances are the variable rate on your home loan has done the same (or you’ve come off a fixed rate to a nasty shock). Contacting your lender could negotiate you a lower interest rate. Alternatively, refinancing might earn you an interest rate that suits you better.

6. Commit to setting aside some savings

Get yourself into good habits and start setting aside some money into a high interest savings account. That way you’ll be better prepared for anything that comes your way in the year to come.

7. Start keeping track of your spending for next tax season

With a new financial year comes a clean slate, so you can take advantage of that and get right on top of your record-keeping for the year to come. July 1 changes mean that you’ll have some different rates to keep on top of. Make sure to track any hours worked from home, and any purchases made for work purposes (keeping the receipts) – and check out our tax calculator if you’re not sure.

8. Cut travel costs

No one is saying you have to cut out travel altogether, but keeping up with the rising cost of living can be a struggle. If you want to be a jetsetter, consider travelling on the cheap, or taking short holidays instead of long haul vacations.

9. Repair your credit score

If your credit score has taken a beating over the past few years, now is as good a time as any to do some damage control. Working on your credit score can mean it’s easier to get approved for things like personal loans, credit cards, and home loans – as well as netting you better rates.

10. Get started with share trading

There’s a pervasive myth that you have to be swimming in money to try share trading, but you can get started on most markets with as little as $500.

11. Make some extra cash

Feeling a little strapped for spending money? At Mozo, we’re always looking for ways to help you with making extra money. From picking up a side hustle, selling old mobile handsets to renting out parking spaces, you could be sitting on a fortune.

12. Bring down car costs

Join the Aussies looking to cut down on their car price by comparing car loans and looking for an interest rate and repayments that suit your lifestyle. You’ll also want to make sure to watch for petrol savings.

As the year goes on, we’ll have more tips and tricks to keep you on top of the cost of living – keep checking our family finance section for more. Meanwhile, compare savings accounts to find the most effective way to store your cash this year.