Easter to EOFY – Do you have a financial roadmap?

Mar 27, 2024 | Financial coaching, Reflection, Testimonials

We are well into 2024 and Easter marks halfway from Christmas to the end of our current financial year. At this stage our thoughts from a financial perspective tend to move to preparing for the end of the financial year. Normally, this roadmap includes questions like: 

  • Should you be making extra pre-tax or concessional contributions to super and consider whether to use any carry-forward contributions available?  
  • Have you considered a re-contribution strategy to increase the tax-free component of your super (if eligible) which can benefit non-tax dependants such as your children? 
  • Do a review of your current insurance situation and make changes if there have been any alterations in your personal circumstances, such as reduced or increased income? 
  • Assess your likely pension withdrawals if you have moved into a different age bracket and your minimum percentage has increased? 
  • Have you reviewed your non-super investments and whether there is any advantage in selling prior the end of the financial year? 
  • If you have surplus funds, where should they be deployed? 
  • Do you know if your Centrelink assets and income are up to date? 

I hear you, it’s a lot of questions and considerations when you see it all listed like that. Plus those questions are only a handful. Each person’ is unique and we need to look at their own situation and context. Most people I provide financial advice to are on a “pay-as-you-go” or ad-hoc arrangement where the onus is on them to make contact and arrange an appointment to review their situation. This means it can go years between appointments and important milestones can be missed. 

For those who want a peace of mind and avoid having to keep track on the many questions, an ongoing arrangement might be more suitable. Quite a few people have taken up an ongoing offering for a 12-month period. During this period there is an agreed level of service and associated fee. In return, I take care of the rest. I asked some people recently why they commenced or renewed their ongoing arrangement, and the comments include the following: 

“I don’t want to have to remember to go through all the things we cover and would rather be  contacted to arrange a meeting and stay on top of my situation.” 

“I’m happy to have you prompt us to catch up and address anything that needs changing.” 

“It’s easier to have you stay on top of all the changes in super and see if anything provides an opportunity than trying to do it myself and miss out.” 

With the end of financial year not too far ahead it is worth setting aside some time in the next month or two to make sure you are ready and have your answers to the questions you need to ask.

If you don’t get around to it, consider making contact and arrange for us to do it for you. My job is to make it easy for you to get on top of your future finances, so you can enjoy the things that make you happy today. 

I wish you a lovely Easter and upcoming end of financial year planning!

About the author

Simon Duigan is an Independent Financial Advisor and owner of Core Independent Financial Advice (Core IFA). Core IFA is 100% independent and receives no commissions or benefits from any product providers or financial institutions.. Instead, you can be confident that Core IFA have your best interests at heart.

Please note, this blog is not intended as financial advice and the content may not be suitable to your circumstances. Please always reach out if you’d like to discuss your current situation and what might be best for you.


Submit a Comment

Your email address will not be published. Required fields are marked *

Keep reading

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

Pin It on Pinterest

Share This