New Financial Year, New You

Zoe Kennedy – Financial Adviser

The calendar has flipped and the new financial year has officially begun. But while many people are looking backward as they finalise their tax returns, the new financial year presents the perfect opportunity to reset, refocus, and take control of your financial future.

Whether you’re starting from scratch or simply refining your finances, here are some powerful money moves you can make this July to set yourself up for a stronger, wealthier year ahead.

Review and Reset Your Budget

Your income, expenses, and goals may have shifted over the past year, and your budget should reflect that. Understanding what you earn and how much you spend is the cornerstone of any good financial plan. Without this clarity, it’s easy to feel like your money disappears without knowing where it went, or to wonder why you’re not making progress despite earning a decent income.

The start of the financial year is the perfect time to sit down and create or revisit your budget.

Budgets aren’t about restriction; they’re about intention. Done right, a budget helps you spend without guilt, save with purpose, and build the future you want. Use this time to realign your money with your goals and objectives.

Set or Revisit Your Goals

The start of a new financial year is also the halfway point of the calendar year, making it the perfect time to check in with your goals. Are you on track? Have your priorities changed?

If you haven’t set any yet, now’s the time. Vague goals like “save more money” are a great intention, but they don’t give you a roadmap. Instead, make your goals specific and actionable.

Write them down and track your progress regularly. You don’t need to be perfect; you just need to be consistent. Remember, progress builds momentum — and momentum builds motivation.

Check Your Superannuation

From 1 July 2025, the compulsory superannuation guarantee (SG) rate increased from 11.5% to 12%. While this is a win for retirement savings, it could impact individuals in different ways.

If your total super contributions are nearing the annual concessional cap of $30,000, this increase could push you over the limit, potentially resulting in extra tax.

If you're on a total remuneration package, the SG increase may mean less take-home pay, as your employer adjusts the super component within your overall salary.

Super contributions are calculated across the entire financial year, so now is the perfect time to review your contribution strategy, take advantage of any available incentives, and ensure your structure still aligns with your goals and tax position.

Review Your Insurances and Estate Planning

While the new financial year is a great time to reset your budget and goals, it’s equally important to review your personal protection. True financial wellbeing isn’t only about growing wealth but also safeguarding it.

Take the time to review your insurance policies, both inside and outside of super. Are your policies still relevant to your current stage of life, income, and family needs?

If you’ve had any major life changes — like a new job, new house, partner, or child — your insurance needs have likely changed too.

Also, check your estate planning documents. Ensure your will, power of attorney, and superannuation beneficiaries are up to date and clearly reflect your wishes. It’s not the most exciting task, but it’s one of the most important gifts you can leave for your loved ones.

Protecting your future isn’t about expecting the worst but being prepared, so that you and your loved ones can move forward with confidence — no matter what life brings.

Financial years, like calendar years, give us a fresh page — but instead of resolutions, they offer real opportunities for growth. If you’re not sure where to start, a financial health check with a trusted adviser can help.

‍