With 30 June just a few weeks away, it’s a great time to end the financial year with some big savings. Whether it’s saving money on a car or other big-ticket items during the end of financial year (EOFY) sales, or just some smart tax savings, there are lots of ways to save money before the big day in June arrives. To help you save, here are our three end of financial year money-saving tips.
Buy a new car, household appliances or a holiday
If you’re looking to buy a new car, the EOFY period is one of the best times to pick up a bargain. Car dealers and manufacturers are keen to clear stock and will drop prices to get the sale. Best of all, you should have all the brands to choose from. Just be careful not to fall for those tempting 1% finance deals. They usually come with hidden fees and a big balloon payment at the end of the term.
Apart from getting a great deal on a new car, you could also pick up big-ticket items (whitegoods, furniture, appliances, etc…) at greatly reduced prices. Plus, travel agents are also joining in the EOFY sales with big discounts on holidays. But don’t just take the listed sale price as a given, ask the retailer if they can give you an even bigger discount. Also, take in competitive quotes on the same model to see if they’ll price match.
Donate to a charity
Donating to a charity isn’t just good for the soul, it’s also tax deductible when over $2. If you haven’t made any tax deductible donations to charities this financial year, now is the time to do it. Your donation to a registered charity could offset any tax debt you have, or help increase your refund. So if you have a little spare cash, do the right thing and you’ll be rewarded in more ways. Just make sure you keep those receipts.
Put a little extra into your super
If you have some extra cash, consider making an additional contribution to your superannuation. There’s also still time to salary sacrifice additional contributions to save on tax. As long as all your contributions for the financial year (including employer contributions) don’t exceed $25,000, you’ll be able to claim the personal contributions as a tax deduction. Depending on your income, you may also be entitled to Federal Government co-contributions of 50 cents for every dollar. These are great ways to boost your retirement savings and save on tax. Before you make any contributions, it’s worth talking with a financial planner who’ll make sure you’re maximising the savings.
There are plenty of ways to save money before another financial year comes to a close. With some sound advice, good planning and by making smart decisions, you could save money and also give your tax return a big boost.