This July, forget hard-line, easy-to-break resolutions.  Put your finances ahead with these simple-to-follow New Financial Year tips instead. 

1.  Consolidate and reduce debt 

If you have multiple credit cards and personal loans, make the 2018-19 financial year one where you start to tackle debt.  Paying off debt takes time and strategy and the only way to do it is to start.  List the debt and interest you are paying in a spreadsheet, then look at ways to consolidate it or lower the interest rates either through a balance transfer credit card (which lets you transfer high-interest debt to another card at a lower interest rate) or a personal loan.  When everything is in place, select the most effective repayment strategy – you might choose to pay the smaller debt or the highest interest first.

2.  Track expenses daily 
The key to changing spending is knowing the figures.  Track the amount you spend daily, weekly and annually to reduce it or spend more wisely.  There are free apps to do this, or you can just put all your spending into an excel spreadsheet each day.  Tracking expenses will certainly make you aware of spending so you can change or adjust it.

3.  Invest in higher quality to cut expenses 
Reduce incidental spending when you invest in higher quality items which last, or services which put your business ahead.  Whether it’s an espresso machine to stop getting coffee out, or a digital agency to build up your online reach, invest in spending to make your money work harder.

4.  Create a budget and cash flow forecast
Are you planning any significant spending which your current level of cash flow might not support?  If so, do you have finance options in place?  Mapping out your finances is critical to avoiding a cash blow out which you can’t recover from. .

5.  Maximise your marketing 

Effective marketing not only puts you on the radar but will give your brand a clear voice and set you apart from competitors.  What marketing ideas can accelerate your business and how do they translate across every customer interface?  Are there brand synergies to maximise through partnerships?  In marketing it always pays to plan ahead – missing clearly aligned opportunities because you weren’t prepared could cause regret at the end of the year.

For tips on reducing time costs in your business, read 5 things to automate in your business right away.