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As we usher in the New Year, full of aspirations and fresh starts, it’s essential to include financial resolutions in your list of goals for 2024. At Lynden Group, we understand the importance of sound financial planning, and we’re here to provide you with actionable advice to make lasting changes to your financial state. 


1. Save Money Wisely 

The most common financial resolution is to save more money, and here’s how you can make it happen in 2024: 

  • Prioritize paying down high-interest debt to minimize interest payments and maximize savings. 

  • Identify areas for discretionary spending reduction, such as dining out, entertainment, and shopping, to accumulate significant savings over time. 

  • Embrace a lifestyle that lives below your means, directing extra income towards savings and debt repayment. 

  • Explore refinancing options for high-interest loans, like mortgages, to take advantage of lower market rates. 

  • Regularly review and compare insurance policies to ensure optimal coverage at the best rates. 

2. Boost Your Credit Score 

Improving your credit score is a valuable resolution that pays off in various financial aspects: 

  • Ensure timely payment of all bills to maintain a positive payment history, the largest contributor to your credit score. 

  • Periodically check credit reports from major agencies (Equifax, Illion, Experian) for errors, disputing any discrepancies. 

  • Limit new credit applications to avoid temporary score decreases and patiently build a good credit history. 


3. Optimize Your Side Hustle for Tax Efficiency 

For those considering or already engaged in a side hustle, proper financial management is crucial. Here’s how to make it tax-efficient: 

  • Register as a sole trader with the Australian Taxation Office (ATO) to claim deductions for work-related expenses. 

  • Keep meticulous records and receipts for all business expenses to substantiate deduction claims. 

  • Consult with an accountant to determine the best business structure for maximum deductions and tax efficiency. 

  • Consider salary sacrificing to superannuation for potential tax benefits. 

4. Understand Personal Services Income (PSI) 

If your income relies heavily on personal skills, it’s essential to determine if it qualifies as PSI. This resolution involves understanding and correctly classifying your income to comply with tax regulations. 

5. Plan Strategically to Reduce Your Tax Bill 

Paying less tax requires proactive planning throughout the year. Consider these strategies: 

  • Maximize your concessional superannuation contributions (such as employer super payments, salary sacrifice and personal contributions) up to the annual cap of $27,500. Personal Superannuation Contributions will be part of tax deductions. If you intend to claim it as a deduction, you need to notify your super fund to ensure that the contribution is within the concessional contribution cap.   

  • Keep detailed records of eligible deductions and explore available offsets to reduce your taxable income. 

  • Salary sacrifice certain benefits to directly impact taxable income. 

  • Invest for the long term to benefit from discounted capital gains taxes. 

6. Stick to Your Resolutions 

Turning resolutions into concrete achievements requires commitment and planning: 

  • Set specific, measurable goals, such as saving a certain amount per month or paying off a credit card by a specific date. 

  • Create a detailed monthly budget to track income, expenses, and saving goals. 

  • Automate savings to ensure consistent progress towards your financial objectives. 

  • Track spending habits regularly and make adjustments as needed. 

  • Celebrate small wins to stay motivated. 

  • Consider having an accountability partner for mutual support and guidance. 

In the face of life changes, adjust your goals rather than abandoning them entirely. Patience and consistency are key to achieving lasting financial changes. Remember, a well-crafted financial plan monitored throughout the year offers greater potential for success than a singular New Year’s resolution. If you ever need assistance, Lynden Group is here to help you turn your 2024 financial resolutions into a reality. 



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