New Financial Year, New Budget

Personally, I think July is a great time to review your personal finances and recast your budget for the next 12 months.

I am an accountant and work for a company that operates on the financial year 1 July - 30 June, so for me next Thursday represents the beginning 2010/2011 financial year. As such, I can't help but think a new personal financial year is also beginning on Thursday.

When I think about, July represents the time when salaries are hopefully reviewed upwards, which means adjusting income in the budget. It's also the time that you find out whether you've achieved the targets required to be paid a bonus and if so, budget can be updated.

During July, you'll receive your group certificate(s) declaring the amount you earned and tax paid during the past twelve months. Once received, you can start thinking about preparing your tax return.

Take the time to sit down and update your budget for any new data due to the start of a new financial year.

Good luck budgeting.