The Start of a New Financial Year is a Great Time to Review & Refresh Your Financial Structures

by Dominique Schuh

Relief over the Reserve Bank's neutral policy stance faded and the Australian share market closed in the red as attention turned back to the weak domestic growth outlook. There was no lead from the US last night because of the Independence Day holiday, but the S&P/ASX 200 index dropped to a 0.5 per cent loss and closed down 20.5 points, or 0.35 per cent, at 5763.3 with most sectors closing lower. The Australian dollar was slightly firmer at US76.20¢ following its one per cent loss yesterday after the Reserve said a strong dollar would complicate the domestic growth recovery.

What this means for you:
The 1st of July is like a whole new year for us, which makes it a great time to get your superannuation, investments, savings and insurances in order for the year ahead. This is everyone's opportunity to set new goals and create new money habits for the next 12 months.
This may include reviewing your insurance premiums – do you have enough cover or maybe too much, can they be structured or funded differently? Could you contribute more into super this year? If you can, what will this look like in 5 or 10 years time or when you retire? If you have other investments, is there enough diversification within your portfolio? Are you paying too many fees?

It's also a good time to tidy up the last financial year by getting all your records together and booking in to have your 2017 tax done. If you can get off to a great start, there's no reason why this can't be your best financial year yet!