Wednesday, June 30, 2010
New financial year - goals and things
I cannot believe it is a new financial year already! Every year I make plans to keep better records and never do.
This year I am setting up a better folder system and will be keeping track of everything much better. I have 2 spreadsheets set up on excel; one for expenses and the other for income. I also have a new folder for all my receipts and records.
I am pretty hopeless really with keeping it all organised. It gets thrown in a box, then pulled out and handed to my brother (awesome tax dude that he is) to “fix” and get me money. Yep, gotta love him. No one else would be able to sort through all my crap and tell me how it should all be. This year it is going to be SUPER fun for him coz I have an ABN again! Lol. He loves me though.
Anyways, since I am totally motivated for a new financial year, I thought I would share with you my goals for this one, plus the things I will be making sure I keep to claim on tax and stuff. This will make filing online taxes easier next year.
So goals first.
1.) Keep proper records of everything.
2.) Earn enough from home to enable me to be a WAHM getting a good wage.
3.) Buy a property.
4.) Have my net worth at $250,000 by the end of this financial year (aim big people!)
5.) Buy shares
I don’t want to list too many financial goals. I have enough going on and since they pretty much all revolve around the same thing I don’t really need to say much else.
Some of the things I am going to keep proper record of are
1.) The tithing I pay to my church. We put it in an envelope, get a little receipt and can claim it on tax. I never keep that receipt and just trust that at the end of the financial year when we get a big receipt that all my money will be on it and recorded. I’ve had a few friends where this has not been the case, so I really should take more note of it.
2.) Record the dates and times I go to my rental property. I don’t actually need them I know how many times I go etc... But it would make for more accurate records for myself if I have that written down.
3.) Get receipts for everything and keep them all. Not just that, but scan them onto my computer coz receipts fade then you can’t read them.
4.) Organise said receipts into groups – Health (I seem to be quite good a raking up medical bills), Charity, Business related, anything else. I will probably think of these groups more once I do my return this year.
5.) USE my spreadsheets. It’s all very well and good to have them, but I am not always the greatest at using them. To change this I am putting a little reminder in my phone each night reminding me to record things so hopefully it will become an ingrained habit.
Those are the main things I will be looking at this year. I need to have a chat with my brother about what I can claim and things for the upcoming year, so I don’t accidentally toss something I could have used.
Just thought I would mention that taxes are different state to state and country to country. I know many of the laws in Aus are completely different to USA and UK and NZ, so what I write might not apply to you.