We all know how new year’s resolutions go - you start with big, ambitious goals but by February, you’re already hitting snooze on the 6am alarm, your gym membership is untouched and your meditation streak is at a big fat zero.

So If you’re feeling a little guilty about those failed resolutions, then the start of the new financial year is the time to hit the reset button on your finances.

The new financial year is your opportunity to regroup, recharge and revamp your financial game plan. Lesssgooo.

1. Keep consistent records

Is there anything worse than getting to the end of the financial year and realising you have NO idea where all your receipts are? In a drawer? In your glovebox? In your dog’s kennel? In the abyss of your email inbox?

But that won’t be you this financial year. Ohhhh no.

This time, you’ll avoid the hectic treasure hunt and get ahead of those documents with a simple hack.

One way you could do this is to create one physical folder and one digital folder in your email called FY25.

Every time you get an email or letter that would impact your taxes, chuck it in that folder. 

This could be anything from a work expense receipt to invoices for additional income.

Then once tax season rolls around, you’ve got all your documents in one spot, and filing your tax return will be a breeze. Thank us later.

2. Understand any policy changes and create a plan

Usually when the government introduces any new policy or funding changes, they come into effect in the new financial year.

This financial year, we’ve got some big changes in store. 

• There’s the stage three tax cuts which will see Aussies getting a little boost to their payslips. 
• There’s the superannuation guarantee, which will be going up to 11.5%. 
• The concessional contribution cap will also be jumping up to $30,000.

It’s important to be on top of policy changes so you can make the right decisions for your finances.

Maybe you’ll put the income boost from the stage-three tax cuts towards saving for your house deposit or paying off your debts.

Or maybe you’ll take advantage of the increase to the contribution cap to up your super balance.

3. Assess your assets

If you’re investing in property or shares, this is a good time to check on how they’re tracking. 

The end of the financial year craze is over, and we’re far from Christmas time chaos - it’s the perfect time to re-evaluate.Some questions you might want to ask yourself:

• Has anything changed in your personal circumstances that might impact your investing decisions?
• Are your investments giving you the return you were hoping for?
• Are you comfortable with the level of risk associated with your investments?
• How did different types of investments perform?
• Are there any changes you’d like to make?

If you’re not currently investing actively, you probably have other assets to check in on, like your savings balance or your superannuation.

These seemingly small changes can pack a punch when it comes to pushing us towards our financial goals.

4. Revisit your financial goals

Are the goals you set at the beginning of the year for your finances still relevant?

Maybe there’s some new goals that have entered the arena.

While you’re hitting refresh on your finances, take some time to see how you’re tracking against your goals. 

And if you need a little nudge to help you get back on track or set more aligned goals, we’ve got you sorted in our Starting The Year On A Financial High Academy.