July 2020 Financial Checklist

By Rhianna Dews ·

Congratulations, you’ve officially reached level seven (July) of Jumanji (2020). After everything that’s gone on in these past few months, I’m sure many of you are ready to just put up the Christmas tree and call it a year - am I right? But hey, you’ve made it this far! What’s another six months?

And while I can’t just magically snap my fingers and make it a new year (if you know someone who can, help a sister out!), let’s not forget that we’ve just entered a new financial year. So take this as the fresh start you’ve been hoping for and make the most of it folks!

On that note, let’s kick things off with another jam-packed Financial Checklist: July 2020 edition!

Set your new (financial) years resolutions

Start the new financial year off right by reevaluating your finances and setting some clear goals for the year ahead. Remember to check-in regularly to see how you’re tracking with your goals so you can hold yourself accountable to them. As the saying goes, new (financial) year, new you! 

Tick off your tax to-do list

With so many people working from home due to the Coronavirus pandemic, your tax return might look a little different this year. If your house has become your office over the past few months then you might be able to claim back a portion of your electricity and internet bills, home office equipment, as well as the depreciation of furniture and appliances, among other things. 

Don’t forget, to claim these costs you must be able to provide proof of your time spent working from home, so be sure to keep a record of your daily working hours. Remember, you’re better off taking your time when lodging your tax return to avoid any hiccups. Read our article on what costs you can claim on tax when you’re working from home to help get you started.

Cut down costs to boost your savings

Once you’ve set your new financial year’s resolutions, sit down and go through all your current bills and expenses to find ways to cut them down so you can save some extra money. This could be as simple as cancelling any unused subscriptions or shopping around for a better deal on your car loan.

Every dollar counts. The money you save from clearing out those unnecessary extra costs could be just what you need to help you hit those savings goals.

Tune into The Finance Burrito Podcast

Whether you’re a longtime lover of podcasts or you’re a finance fiend who’s hungry for something new to sink your teeth into - boy, have we got the show for you. Introducing: The Finance Burrito!

The Finance Burrito (A.K.A the hottest new show that’s all about the dough) is your one-stop-shop for all things personal finance. Each episode Mozo Moneywriter's, and now, your fave new podcast hosts Tom Watson and Olivia Gee break down confusing finance topics into delicious bite-size pieces and spill the beans on their juiciest money confessions! 

...So, what are you waiting for? Go and listen to the first episode to see what all the fuss is about!

Create a financial cushion this Cancer season

It’s your birthday Cancer crew! And with a total of six planets currently in retrograde (yikes!), not to mention the massive elephant in the room that is 2020, it’s safe to say your birthday will be anything but boring this year. 

Speaking of which, a little birdy told us (A.K.A the Mozo Magic 8-ball) that you’ve been thinking long and hard about your finances. Now could be a great time to start looking out for potential investments so you can start setting yourself up for a better future Cancer. Just maybe hold off on signing any contracts until Mercury retrograde has passed...

That’s another Checklist done and dusted! We’ll see you back here next month for your fave Financial Checklist, August edition. But for now, you can keep yourself busy by having a look around our life and money hub!

Rhianna Dews
Rhianna Dews
Money writer

Rhianna Dews is a lending writer and millennial money expert here at Mozo. Her work is aimed at keeping twenty-something readers up to date with the latest trends in finance and providing budgeting and debt busting tips. She has a Master of Journalism and Communications from the UNSW.