Financially Well

When you work hard or run your own business there are small actions you can take to control your money.

Why it matters.

Money worries can impact your health and your relationships.

  • It’s common and it’s normal to feel low or stressed when you have money worries.

What should I do?

  • Know your numbers – keep good records.
  • Know your needs.
  • Know who to go to for advice and when you need to go.

How should I do it?

Know your numbers – keep good records.
  • Know how much you get paid and when, and how much you pay out and when.
    • Mark “Money In” and “Money Out” on a calendar. Keep the calendar close for quick reference on any particular day.
    • Some people use APPs such as Pocketbook that allows them to track all incomings and outgoings on the phone.
    • Tracking incomings and outgoings lets you make sure you have enough money in your account to cover bills when they come in.
  • Develop a system to quickly and easily file every invoice and receipt that flows into and out of your business.
    • A good basic system is to buy a pocket document file holder and store copies of all invoices and receipts in alphabetical order.
    • Keep copies of all bank statements. Do this for each financial year (1 July to 30 June).
  • A qualified accountant or certified book-keeper can help you design a record keeping system that suits you and your business.
Know your needs.
  • Make a list of what worries you have about running your business.
  • List business tasks you think you are good at, tasks you find easy and tasks you find difficult.
Know who to go to for advice and when.
  • Talk to a trusted Chartered Accountant (CA) or Certified Practising Accountant (CPA) and establish a good working relationship with them.
    • Discuss your needs: discuss the list of business tasks you think you are good at, tasks you find easy and tasks you find difficult.
    • Together, you will be able to plan the best way they can support you and the frequency of meetings they will have with you.
  • A qualified accountant (CA or CPA) will help you to fully understand:
    • your true tax position so there are no surprises, and make sure your tax obligations are kept up to date.
    • your business structure, reporting obligations, tax advantages and pitfalls, record keeping and book-keeping.
  • Talk to a qualified financial adviser to plan for your financial future, protect your current income, insure your life, and plan for your retirement.
  • If you are experiencing, or at risk of, financial hardship you can talk to a rural financial counsellor. It is a free, confidential service. They can give you individual support to meet your needs and help you to make the right decisions for your business.


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