The Money Glow

As the end of the financial year (EOFY) approaches in Australia, it’s the perfect time to reset, refocus, and get financially organised. With a few simple steps, you can set yourself up for success, reduce money stress, and take control of your finances with confidence for the new financial year.

1. Reflect on the Past Year

Before jumping into planning, take a moment to look back. Review your spending, saving, and income from the past 12 months. What worked well? What were the challenges? Did you meet your financial goals—or did unexpected expenses derail your plans?

You can use tools like your bank’s spending tracker, budgeting apps, or even a simple spreadsheet to get a clear picture of where your money went.

Tip: Categorise your spending into essentials (like rent, bills, groceries) and non-essentials (like dining out, subscriptions) to spot patterns and areas for improvement.

2. Organise Your Tax Documents

If you haven’t already, gather all the paperwork you’ll need for tax time. This includes:

• PAYG summaries or income statements (via myGov)
• Receipts for work-related expenses
• Bank interest statements
• Health insurance details
• Investment income reports
• Records of any super contributions, especially personal ones

If you’re planning to claim a tax deduction for personal super contributions, make sure you’ve submitted a Notice of Intent to Claim form to your super fund and received an acknowledgment before lodging your tax return.

3. Set New Financial Goals

The new financial year is a fresh start. Think about what you want to achieve financially:

• Do you want to build up an emergency fund?
• Pay off credit card debt?
• Start investing?
• Save for a home or holiday?

Set clear, measurable goals. Instead of saying “I want to save more,” try “I want to save $5,000 by next June.” Then break it down—how much would you need to put away each week or month?

4. Review Your Budget

With the rising cost of living in Australia, it’s more important than ever to have a realistic budget. Use your insights from last year to update your budget for the year ahead.

Include upcoming changes like school fees, rent increases, or new income streams. And don’t forget to budget for seasonal expenses like birthdays, Christmas, or insurance renewals.

If you’re not already using one, consider a budgeting tool like the Australian Government’s Moneysmart Budget Planner—it’s free and easy to use.

5. Maximise Your Super and Tax Benefits

Superannuation is one of the most powerful tools for growing long-term wealth. Consider if you can:

• Make voluntary contributions (and possibly claim a tax deduction)
• Take advantage of the co-contribution scheme if you’re a low-to-middle income earner
• Consolidate multiple super accounts to avoid unnecessary fees

Also, think ahead to what deductions you might be able to claim next EOFY—whether for working from home, investing, or self-education. Staying organised throughout the year can make tax time much easier.

6. Get Professional Advice if Needed

If your financial situation is complex or changing (e.g., you’ve started freelancing, investing, or running a side hustle), it’s a good idea to speak to an accountant or financial adviser. A good tax agent can help you get the best return possible and make sure you’re complying with all the ATO rules.

7. Automate and Simplify

Set up automatic transfers for savings or bills so you don’t have to think about it each month. Automation is one of the easiest ways to stay on track with your financial goals—and avoid late fees or impulse spending.

Final Thoughts

Preparing for the new financial year doesn’t need to be overwhelming. It’s about getting organised, setting clear goals, and making small changes that add up over time. By taking action now, you’ll not only feel more in control—you’ll also be in a stronger financial position this time next year.

Here’s to a more confident, intentional, and empowered financial year ahead!