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4 steps to make FY20 your best financial year

We are about to enter the final month of FY19, a new financial decade is about to start!

A new financial year can be the time to draw a line under what’s happened in the past and go for new goals.

To make FY20 your best financial year ever, here are some things you could do:

Try to boost your income

One of the most important things for your standard of living is obviously your income, so it makes total sense to try to improve it.

There are several different things you could try. Negotiating a pay rise might be difficult but it’s not impossible. You can search online for what people of similar experience and qualifications earn, if you earn less then that could be a good starting point. You could also document how you are a better employee than a year ago, perhaps you are more efficient or have produced more billable work.

Businesses like SEEK Limited (ASX: SEK) have tips on how you can improve your employment income and your CV.

Other income-boosting ideas could be to start a qualification or perhaps find a small side hustle.

Save (more) money

With the Australian economy looking a little wobbly at the moment, it might be wise to save more money where you can.

Having an emergency fund of at least $1,000 is a good start but it could be a good idea to save more money to give yourself a good financial buffer. Many financial gurus recommend at least three months of living expenses.

The better financial position you can put yourself in the better off you’ll be. There are various financial tools from financial providers such as the big banks like Commonwealth Bank of Australia (ASX: CBA) that can help you plan your savings.

Start an investment plan

The best way to grow your wealth over the long-term is by investing in good assets that produce cashflow for you.

If you can commit to investing at least once every three months then you’ll be putting yourself on track for excellent results over the decades. Investment options like iShares S&P 500 ETF (ASX: IVV), Vanguard MSCI Index International Shares ETF (ASX: VGS) and MFF Capital Investments Ltd (ASX: MFF) could be excellent ideas to hold for many years.

Track your wealth

The best way to know whether your efforts are working or not is to track your wealth.

I think looking at your wealth once a month would be a good idea so you can see how your cash, shares and other assets are going.

As long as the long-term trend is up then you know what you’re doing is the right thing and that could motivate you to keep going.

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Motley Fool contributor Tristan Harrison owns shares of Magellan Flagship Fund Ltd. The Motley Fool Australia has recommended SEEK Limited and Vanguard MSCI Index International Shares ETF. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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