TAX TIME TIPS TIP 1: AN OPPORTUNITY FOR A FINANCIAL CHECK UP

December 2, 2017

TAX TIME – AN OPPORTUNITY FOR A FINANCIAL CHECK-UP

 

Eeek…it’s tax time already! But guess what – you might end up enjoying it.

 

Why can completing or getting your tax return started at all feel like such an angst or chore for some yet a breeze for others? (And yes, those others do exist!)

 

Rather than it feeling hard or seeing it as just another item to tick off on your to-do list, why not consider tax time as an opportunity to take stock and explore what has or hasn’t been working so you can change or adjust whatever is needed? As a time to appreciate and confirm the choices you’ve made, or to make different choices? As a chance to see it as a stepping stone to support what’s next – much like a health check?

 

Make this a regular time each year to review your overall financial health rather than just an exercise in gathering your paperwork and filling out a form.

 

For example:

  • Document your actual and estimated incoming and out-goings

  • Review the list and assess what stays and what goes, and what could be tweaked or changed significantly.

  • Discuss current home loan interest rates and fees and any new offers with your bank manager.

  • Contact your private health insurer or other insurers to discuss the current cost of premiums and whether there have been any changes, etc.

  • Research the possibility there could be new products or services that have been released since you set up your loan or insurance that might be more beneficial and supportive.

  • Consider the possibility that it could present an opportunity to discuss a pay review with your employer, or to review pricing if you’re a business operator.

  • Keep recording and tracking your incoming and outgoing on a regular and consistent basis so that you know at any time where you are at financially. This may mean setting time aside each week to do this no different to setting side time to eat, sleep, exercise, study, work and share time with family, friends and colleagues.

Caring for you has a significant flow-on effect in that it not only caring and looking after yourself and your health and wellbeing, but in turn that of others – your family and friends, your workplace and/or business and the wider community.

 

 

 

 

 

 

 

 

 

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