Financial year 2019-20 is now behind us and there’s nothing like closing a chapter to inspire thoughts of a fresh start. But global challenges persist: Australia is officially in a recession while also bracing for a post-Job Keeper economy in September. While it’s impossible to anticipate future changes to the global economy, there’s plenty you can do to help prepare your personal finances for an unpredictable future. A new financial year is a great time for a check-up and to set yourself new financial goals. Know your current financial position The best way to know where you’re headed is to...
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If you think storms may lie ahead, it makes sense to prepare your craft for choppy waters. With Australia facing continued economic uncertainty, it may be time to take stock of your finances and get in the right shape. However, if you’re worried about the threat of redundancy, your investments or your retirement plans being disrupted, here are five things you can do to secure your financial lifeboat. 1. Revise your budget A realistic budget helps you get a clearer view of what you can and can’t afford. If you don’t have one already, you can create a view of your total...
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