Time for a financial fitness check: RACQ

As the 2020-21 financial year kicked off, RACQ urged Queenslanders to conduct a new year fitness check today.

RACQ spokesperson Lucinda Ross said the first of July was a day everyone should set aside to review their financial position and wellbeing.

“It’s easy to get caught up with work and other priorities and lose track of your money goals,” Ms Ross said.

“But, just like how many of us make new year resolutions, the start of the new financial year is the perfect time to check in and evaluate whether you’re achieving your targets.

“It’s been a tough start to 2020, and many people will have either forgotten about or shelved their money goals for a ‘better day’.”

Ms Ross said the pandemic and economic challenges had seen many Queenslanders change their household budget, defer a loan, or cancel well thought out plans.

“Whether your financial goals were cancelled or put on hold, it’s important to adapt them rather than simply postponing them,” she said.

“Now is the perfect time to sit down and plan what you want to achieve with your money in the next three, six or 12 months.”

RACQ’s financial fitness check urged Queenslanders to do the following:

  1. Block out time to sit down with your family and plan your goals
  2. Make a plan for your tax return – sign up to RACQ’s free webinar on tax time tips to get started
  3. Review all bank statements for the last 12 months and categorise spending
  4. Compare your spending against your goals, income and budget
  5. Commit to three changes you’ll make in the new financial year.

 For more information and for help building your new financial year fitness goals, visit the RACQ Financial Wellbeing Hub.