Maximise The End of Financial Year!

The end of the financial year is akin to the end of the calendar year. There is a bitter sweetness that accompanies the end of an era, but an anticipation for the start of a fresh beginning. But how can you maximise this period, so you strengthen your money mindset and sustain good financial habits?

While we often like to focus on the things that went wrong or areas we could improve in,  it’s important to celebrate our successes and the challenges we have overcome. And not necessarily confined to financial growth in the numbers, but also an educational perspective and personal growth dimension.

So take a moment to reflect on how your money habits have changed. Think about the money lessons that have produced a significant impact. Review your budget and track your cashflow strategies. Were there any differences this year? These may seem insignificant, but once you see how these small changes cumulatively build meaningful changes that can help us achieve and sustain financial freedom.

Here are some questions to ask yourself…

  • What am I enjoying more about my budget/cashflow/bank account routine?
  • Do I feel more organised and in control with my financial affairs?
  • Have a set and worked on my financial goals?
  • What have I learnt about myself financially over the past 12 months?
  • What challenges did I overcome and what did I learn from this that has made me wiser and more responsible?
  • Am I inspiring others to get onboard with financial wellbeing?

When you force yourself to look at how far you have come and how much you have grown intellectually and even spiritually, I know you will feel quite proud of yourself and realise how powerful you really are. 

Having a healthy money mindset is important, but so is maximising your raw savings too! Here are some simple tips to effectively and efficiently claim tax deductions, so you make the most of the end of financial year savings. 

  1. Keep a running spreadsheet of all potential deductions and scan/save electronically all your receipts throughout the year. This way, you won’t have to scramble around erratically to locate items! Whilst expenses under $300 don’t require receipts, make sure it actually relevant to your employment.
  2. If you are working from home, you may be able to claim a percentage of home-running services and items! These include:
    -Internet & Phone bills
    -Electricity bills (heater, air conditioner, lighting etc) 
    -Electronics (computers, printers, scanners etc)
    -Depreciating value of home office furniture (i.e chairs/desks) & general equipment (stationery, folders etc)
  3. Be aware of general work-related expenses so you don’t miss out on potential savings. Some of the most commonly overlooked deductions include:
    –  Transport expenses (only from your office to work meetings)
    –  Education expenses related to building knowledge in your career. This can include textbooks, subscriptions, courses and membership fees.
    – Uniform expenses, including clothing, footwear or specialised garments
    – General technology such as software, computers, laptops etc
    – Miscellaneous tools like sunscreen and sunglasses if you work outside. Think of overall costs you incurred whilst working and they may be relevant to your deductions.
  4. Invest your tax refund! Instead of splurging on items you may later forget about, why not invest the money so you can keep building your wealth? I always say: when money works for you, that’s true financial freedom. You could direct your tax refunds to starting The $1000 Project and gradually build parcels of money to purchase shares. 

When you accelerate your financial growth from a self-development perspective, and maximise your raw money savings, you will feel accomplished and your momentum will keep building! Don’t be fearful of the unknown, instead, embrace the exciting opportunities ahead of you and focus on sharpening the skills, attitudes and insights that you have already built. 

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