It is already July and the new financial year is upon us. So here are a couple of ideas to get the ball rolling to become financially better off.
Start a savings account using one of the many online savings account institutions. Many of these accounts are completely free of fees, have no minimums and often pay extremely competitive interest rates.
Put your tax refund towards the new online savings account, or let me help initiate a new saving plan. This new savings plan may be to dabble in the share market in sound, blue chip stocks or some other growth investment. In many cases you do not need large amounts of money to do so. The trick is to make regular contributions and let the power of compounding interest and compounding investment do the rest!
With the coming of the new financial year there is good news for most employees. There will be a 0.25% increase in the super guarantee payments from employers that came into effect from 1 July this financial year.
For most people this is great news, however, for some it may be the difference in tipping them over the $25,000 contribution limit. So check with your superannuation provider and avoid exceeding the contributions’ cap. Please note that in the last federal budget the government confirmed that it was increasing this limit to $35,000 for those aged 60 years and over.
Interest rates offered to investors have generally fallen over the last few months. Below are the latest “best” rates available.
Please contact Solid Group’s Financial Adviser, Nick Stratus, on (03) 9690 2666 for further information or if you have any questions