Before diving into solutions, it’s important to take a moment to reflect, honestly, on your financial habits over the past year.
Are you feeling confident about your current financial situation, or did finalising paperwork make you realise things aren’t quite where you thought they’d be? Maybe your everyday expenses like food, tolls, outings, or unplanned costs have crept up without you noticing.
This isn’t about blame, it’s about clarity. Gaining insight into your spending patterns is the first step toward meaningful change.
1. Reflect on Your FY24/25 Spending
Ask yourself: were your expenses aligned with your values and goals, or did impulse spending (Uber Eats, Items you didn’t really need) take over? Were your mental health and lifestyle expenses reasonable, or could there be areas to improve?
Now is the time to pause and evaluate: were you satisfied with your financial decisions, or could tightening up slightly improve your future wealth?
2. Reassess for a Smarter FY25/26
Categorising your expenses can make a big difference. Essentials like insurance and groceries should be separated from entertainment and discretionary spending. With so many services on direct debit such as Netflix, Prime, Kayo, cloud storage and more, it’s easy to lose track of what you’re actually using.
Take 30 minutes to comb through your bank statements. You might be surprised by what’s quietly draining your budget each month.
Simple ways to get started:
- Set up automated savings
- Cancel unused subscriptions or apps
- Reassess recurring expenses that no longer serve you
3. Understand Your Current Savings & Investment Position
Do you have investments? When’s the last time you reviewed them? Are they still meeting your original objectives?
If you like the security of keeping $10,000 or more in the bank “just in case”, could that money be working harder for you in a low-risk, flexible investment?
Understanding your current position gives you the power to make informed decisions. If you haven’t had a conversation with a financial adviser in a while (or ever), now might be the right time. Our team is here to guide you based on your personal goals and lifestyle.
4. Set SMART Goals
That means Specific, Measurable, Achievable, Relevant, and Time-bound.
It’s easy to say “I want to save money,” but what does that really mean? A goal like “Save $5,000 by June 2026 for a family holiday” gives you a clear target to work towards.
Your goals should challenge you without adding unnecessary pressure. Think of it like setting a fitness goal, progress is better than perfection. We’ll work with you to create a financial plan that’s realistic, not restrictive, and introduce strategies or investments you may not have considered.
5. Reduce Debts Strategically
When’s the last time you completed a full cash flow analysis?
This financial year might be the right moment to sit down and assess if your lifestyle is sustainable. You may benefit more from reducing debt before investing further.
Some options to explore:
- Consolidating debts to simplify payments and reduce interest
- Prioritising high-interest debts
- Creating a step-by-step repayment plan
6. Track Progress & Celebrate Small Wins
Progress doesn’t always happen in a straight line and that’s okay.
Set monthly or quarterly check-ins to track your progress and adjust your plan if needed. Celebrate small milestones because they’re stepping stones to bigger goals. And if you do fall behind one month, don’t panic. The important thing is knowing how to get back on track.
Working closely with a trusted financial planner can make this process easier and more effective.
Let’s Make FY2026 Your Most Empowered Year Yet
Our team at Locumsgroup is here to help your family build financial confidence and wealth no matter your starting point.
Get in touch today for a complimentary consultation. We’ll help you create a strategy that fits your life and grows with it.
Because it’s not about being perfect. It’s about being better than you were yesterday.
