Tax cuts were revealed in the Budget — here's how to make yours work for you

Many of us are going to have a little extra cash in our pockets this year. But beyond that, perhaps don't let it burn a hole in your pocket and impulse spend on something you don't really need, suggests Kate McCallum, a financial adviser from Multiforte. "If you're going to spend it, don't just let it drip away on more takeaway or online shopping, or something you don't really value," she said. "And be aware that any interest on savings you earn is taxable, so if there is a lower-income earner in the household, perhaps hold the savings in their name," Ms McCallum said. "Be aware that dividends and capital gains are taxable, so consider putting them in the lower-income earner's name," Ms McCallum said.