How To Set Financial Goals For The New Financial Year

As Queenslanders edge closer to the new financial year, it’s the perfect time to take stock of money matters and map out a clearer financial direction for the months ahead.

Whether the aim is to pay off debt, grow savings, or plan for a significant purchase, financial advisers say even small, consistent changes can lead to stronger financial health.

Here are a few practical steps to get started:

Reflect on the past year
Take a close look at where your money went — which habits helped, and which ones hurt. Understanding past spending patterns is key to setting realistic goals.

Set SMART goals
Make them Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of “save more,” aim to “save $5,000 by next June for a home deposit or holiday.”

Break down big goals
Large amounts can feel daunting. Convert them into weekly or monthly targets — such as $100 per week — to make progress feel more achievable.

Prioritise what matters
Decide which goals are most urgent. Clearing high-interest debt often takes priority over discretionary spending or long-term investments.

Track progress regularly
Whether through apps, spreadsheets, or pen and paper, keeping tabs on your goals helps you stay accountable and adjust when needed.

Build an emergency buffer
Life is unpredictable. Even saving $10–$20 a week into an emergency fund can safeguard your broader goals.

Celebrate milestones
Progress — even small wins — deserves recognition. Hitting savings targets or paying off a credit card can be a powerful motivator to keep going.

Financial planning experts say the EOFY is more than a tax deadline — it’s an ideal opportunity to reset, refocus, and build toward a more confident financial future.

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