sjsmith.com.au - blog

More than just money

End of Financial Year

I've always found it slightly bizarre that in Australia we don't run the financial year in line with the calendar year.  Instead, we finish slap bang in the middle on 30 June.  I have come to like this odd break and, it's actually wonderful to deal with wrapping up all things monetary mid-year and not on top of the Christmas chaos.  In last weeks blog I  talked about doing a bit of an assessment at this time of year about your goals (particularly those you may have set at the start of the calendar year) click the link below if you'd like to catch that one! So while you wrap up all the business and personal finances this is a great time to take a look at your money goals and where you are with them.  Talking about money can still be a taboo subject for many people but you need to at least be straight with yourself.  Are you currently where you want to be financially?  Have you made the sales you planned for or are you just winging it?  Have you set and stuck to budgets for your business and personal finance?  Maybe you don't have any budgets - you should!  

So if you find that things are off the rails and you've got yourself in a bit of a mess what do you do? The first step is to know exactly where you are now. Make a list of all bank accounts and assets. Make a list of all of your current debts (including credit and store cards).  Make a quick budget for your personal expenses. Jot down your income.  All of this stuff should be readily to hand as you get ready to do your taxes or visit your accountant.  Once you know where you are now you need to think about where you want to be. What are your long term financial goals. Do you want to be debt free? Do you want to own your home? Do you want investments that give you a passive income? How much? This is not supposed to be stressful - it's supposed to be fun! Plan big and then break down your goals into smaller chunks. Now put them in a calendar. Write them out and put them where you can see them everyday. Remember a plan without a deadline is just a dream! Make your financial dreams a reality!

Till next time,

Sarah-Jane X