A new financial year presents the perfect opportunity to take stock, reset, and plan with purpose. Much like a new calendar year inspires resolutions, July 1 offers a financial “fresh start” to review your goals, refine your spending, and make sure your finances are working for you.
For individuals and families, starting the financial year with intent can lead to greater clarity, control, and confidence in the months ahead.
- Review the Past Year
Begin by reflecting on the financial year just ended. What went well? Where did you overspend or fall short of your savings targets? Reviewing your income, expenses, and investment performance can reveal important insights and help you set realistic goals for the year ahead. This is also the time to gather receipts, assess deductible expenses, and finalise documentation for your tax return. - Set Clear Financial Goals
Whether you’re aiming to save for a holiday, pay off debt, increase your super contributions, or build an emergency fund, setting specific, measurable, and time-bound goals can help you stay on track. Consider breaking your goals down into monthly or quarterly milestones to maintain momentum and accountability. - Refresh Your Budget
Your financial goals should be supported by a realistic budget that reflects your current income, expenses, and lifestyle changes. With rising living costs, now is a great time to reassess your spending categories, identify areas to cut back, and redirect funds to your priorities. A budget isn’t about restriction – it’s about intention and making your money work harder for you. - Organise and Automate
Reduce financial stress by simplifying and automating what you can. Set up automatic transfers to savings accounts or superannuation, schedule regular bill payments, and use apps or tools to track your spending. The less mental energy you spend managing your day-to-day finances, the more bandwidth you’ll have to focus on long-term planning. - Get the Right Advice
Starting the financial year with a visit to your accountant and financial adviser can make a significant difference. Your accountant can help ensure you meet tax obligations, maximise deductions, and structure your finances efficiently. A financial adviser can assist with holistic planning – from cash flow management and debt strategies to investment planning, insurance, and retirement goals.The value of professional advice isn’t just about compliance or returns – it’s about gaining peace of mind and a clear pathway forward. These professionals can also help you navigate changes in tax laws, superannuation rules, and economic conditions that may affect your financial outcomes.
In Summary
Approaching the new financial year with intent sets the tone for smart, proactive money management. By reviewing your financial past, setting clear goals, refining your budget, and seeking professional guidance, you can create a solid foundation for a more secure and fulfilling future. Don’t let the year unfold by chance – plan with purpose and take control of your financial wellbeing.
If this article has inspired you to think about your unique situation and, more importantly, what you and your family are going through right now, please get in touch with your advice professional.
This information does not consider any person’s objectives, financial situation, or needs. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation, or needs.
(Feedsy Exclusive)