July 2021 Financial Checklist
Howdy folks! It’s July 1st, which brings us to a new financial year. It goes without saying that the past twelve months have been one wild ride.
Now, depending on where you’re based, you may or may not be back in lockdown. So, sit tight and read this month’s Financial Checklist to help pass the time:
1. Tackle your tax return
It’s tax time, kids! Don’t all cheer at once. We know that doing your tax return isn’t the most exciting thing in the world - but it’s just one of those things that you’ve got to do.
As we said, the last year or so has been anything but ordinary. This means that whether you’re an employee or a business owner, tackling your taxes might be a little different this year.
So, here are some valuable resources to give you a helping hand:
- Freelancers: EOFY for freelancers: Tax return must-knows
- Business owners: What to do at tax time: a guide for your small business in 2021
- WFH: Tax return tips: Fintech CFO explains how smart search & more can help at EOFY
- Other tips: 5 surprising things you can claim as tax deductions
- Calculate your taxable income: Income tax calculator
There’s nothing like the fresh start of a new (financial) year. Now’s the time to stop and reflect on the year that’s passed to see what can be improved throughout the year ahead.
Setting some clear financial goals helps you keep sight of what’s truly important to you and helps keep you accountable for your actions around money. It’s also beneficial to break your goals down into smaller actionable steps so you can create a plan to get there.
Here are a few tools to help you create your FY2021-2022 plan:
- Savings calculator: Use this calculator to work out how much money you could save
- Savings goal calculator: Check whether your savings goals meet your spending needs
- Budget calculator: Crunch your numbers to get a better understanding of your spending
3. Rejig your finances
The start of a new financial year serves as the perfect time to check in with your finances and see where you could be saving a little more. Go through all your bills and expenses (car loan, mortgage, energy plan) and compare your options to see whether you could save by switching to a better deal.
Check out our calculators below to see how much you could save by switching deals:
- Home Loans Switch and Save Calculator
- Credit Cards Switch and Save Calculator
- Personal Loan Switch and Save Calculator
It’s been busy down at The Finance Burrito, folks! Not only have we been pumping out Your Money News eps, but we’ve just launched a brand new Unwrapped season that’s all about digital finance!
More importantly, we’re on TikTok, people! So go follow @TheFinanceBurrito to see some millennial’s make a fool of themselves.
Oh, and P.S. old mate Tom went viral on Insta Reels - go see for yourself. (He’ll be signing autographs at the next meet and greet!)
Anyhoo, here’s what else we got up to over the past month:
Episode #29: Your Money News: It's time to say goodbye to Pikachu
- It’s tax time. Find out why our friends over at the ATO are stressed to the max (one word: crypto).
- Some sad news about the Japan 2021 Olympics.
- And some good news for those hoarding Pokemon cards!
- Plus, all the deets on McDonald’s Australia’s saucy new collab with K-Pop group BTS.
Episode #30: Your Money News: A gold digger, a mouse & a petrol pump walk into a bar
In episode 30 of The Finance Burrito, your favourite hosts discuss:
- The ACCC’s latest petrol report on petrol prices. Been too lazy to hunt for cheaper petrol? Then you’ve been stitching yourself up (massively)!
- The mouse plague in regional NSW and QLD
- Tom introduces us to King Henry, who'll be joining the Karratha Queen at the Perth Mint!
Episode #31: Unwrapped: Cash is no longer king
In the very first episode of The Finance Burrito's brand new Digital Finance Unwrapped season:
- We investigate the disappearance of cash in society
- And chat to Mozo Senior Analyst Mitch Pollard:
- About his hatred for coins
- And predictions for the future of Aussie currency
Episode #32: Your Money News: Do billionaires belong in space?
In this episode, we unpack:
- Some frothy facts on where the average Aussie house price sits in Bloomberg's global bubble rank
- Wondering how you'll ever afford a house? (Same!) Liv sheds some light on what the latest national minimum wage increase means for you
- A new study finds we're spending more cash on outsourcing than ever before
- Finally, Liv and Tom share their spicy take on the petition for Jeff Bezos to move to space.
Episode #33: Unwrapped: What is open banking, and why should you care?
In the second episode of our exciting new Digital Finance Unwrapped series:
- Tom and Liv explain everything you need to know about Open Banking and how you can use it to your advantage
- Then special guest Piet Van Den Boer from budget management app Frollo shares how they're leading the charge in open banking Down Under.
Go have a listen to the yummiest podcast around that is The Finance Burrito!
5. Consider the bigger picture this Cancer season
It’s your moment, Cancer! But before you party too hard … according to our Mozo Magic 8-ball, this year you’ll want to have your wits about you when it comes to the green stuff.
Now’s the time to scour through your finances (think loans, debt, credit card balances) to find any room for improvement. “Think about the bigger picture” make this your 2021 Money Mantra, Cancer.
That’s a wrap! We’ll see you back here next month for your August 2021 Financial Checklist. In the meantime, you can check out our life & money hub. Stay warm!