12 Resolutions for the new Financial Year

While those new year resolutions you made on 1 January may have fallen by the wayside, guess what? The new financial year is now upon us, and that means it’s the perfect opportunity to reset, refine and/or ramp-up your money goals. 

And if you’re looking for some inspo on where to start, we’re here with some helpful resolutions from the Mozo  team here for the financial year ahead.

1. Get your taxes done before the 31 October deadline  

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. Plus, you might be up for a plump refund so get in early so that you can put that extra money to better use.

2. Reduce your broadband & mobile bills

There’s no reason you should be overspending on your mobile or broadband. Mozo Expert research has found that Aussies could be making serious savings by switching from an average plan to one of Mozo Experts Choice Award Winners , up to $108 a year on mobile plan costs (medium  43-69GB /month) and $250 a year on broadband (Superfast NBN 250).

3. Score a better home loan rate

With the cash rate dropping this year, and banks scrambling for new customers, you could be in a great position to score a lower mortgage rate and save thousands in the process. Crunch the numbers and compare the best home loan rates yourself here on Mozo. 

4. Establish a regular savings habit 

Whether it’s $20 or $200 a week, get yourself into setting good habits and start regularly putting 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.

And if you’ve got a lump sum already saved, it might be worth considering a term deposit which guarantees a fixed rate of interest over a set period of time (generally from 3 months to five years). 

5. Start investing 

There’s a pervasive myth that you have to be swimming in money to try share trading, but you can start investing with far less. Most online share trading platforms offer helpful tools and resources and have low brokerage fees. 

6. Make future you a focus 

While retirement may feel like a long way off, the more active you are in monitoring your superfund’s performance and taking advantage of tax incentives like salary sacrificing, the more likely you are to be better off in retirement.  Mozo has a whole Super hub dedicated to explaining the key aspects of superannuation so that you can make more informed decisions and we encourage you to check it out! 

7. Bring down your car costs 

Don’t pay the loyalty tax. Whether it’s shopping around for the best car loan deal or the best car insurance quote, it pays to look beyond the big names.  Online lenders and challenger brands often have lower car loan interest rates than big banks, and come with fast application and approval times. With car insurance, there’s more flexibility these days with some insurers offering pay as you drive options and safe driver discounts so  check them out before you renew your existing policy. 

8. Compare  & switch your energy provider

Energy prices are set to rise again on July 1, so it’s time for you to do a review of your energy plan and consider switching if your costs are already too high. It’s actually a lot easier to compare & switch energy providers than you might believe.

9. 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 0% balance transfer credit card could help you with paying down existing debt at a lower rate before accruing any additional interest. 

10. Cut travel costs

While it’s likely that you’ll spend hours shopping around for the best priced flights and hotel deals, not many people pay as much attention to their bank account and credit card fees. International fees on purchase can add as much as an extra 3.50% to your total spending if you use the wrong card. Luckily there are a lot of banking providers that don’t charge international fees - check out the Mozo Experts Choice Travel Money Awards for a list of winners.  

And when it comes to travel insurance, it’s also a good idea to purchase it as soon as you’ve made any bookings. It doesn’t cost you any extra money but with comprehensive cover you’ll be covered for cancellations if something happens and you’re unable to go. 

11. Improve your credit score

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. 

You can usually request a free copy of your credit report every 12 months. It’s a good idea to do this to make sure that there are not any errors or inaccuracies before you start applying for credit.

12. 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.