4 Key Things I Do Every New Financial Year

The start of a new financial year is a great time to take stock of your finances and make any changes to set yourself up for success. Here are four things I do every new financial year:

1. Re-do my budget.

This is especially important if your income or expenses have changed since the last financial year.

Take some time to set a realistic budget based on what your current reality is.

This year, we can feel the price rises across the board when it comes to our weekly shop, take away, filling up our cars and more. Lastly, not forgetting the recent interest rate hikes, you may need to adjust your budget to account for higher mortgage or rent payments. Last year’s budget is going to look significantly different.

2. Prepare what I can for my tax return.

Gather all of your tax documents. Not saying you need to lodge immediately. You might be missing a few key parts (rental property statements and investment portfolios – so keep an eye out for these over the coming weeks).

This is a good time to start organising your tax documents so you know whether to expect a refund or a tax bill and so you can review your lending.

3. Set my financial goals for the next financial year.

What do you want to achieve financially in the next 12 months?

Do you want to save for a down payment on a house, pay off debt, or start investing more tax effectively? Once you know what you want to achieve, you can create a plan to make it happen or speak to people that can help you get there.

4.Review my insurance coverage.

For me, this refers to my income protection insurance.

If I have a significant jump in salary, I review for a top up of my income protection insurance to reflect the new numbers. If you don’t already have a well rounded personal/life insurance plan make sure your insurance coverage is still adequate to protect your assets and your family.

If you’ve had any major life changes since the last time you reviewed your coverage, you may need to make some adjustments. Eg new debt, house purchase, starting a family are just a few that come to mind.


These are just a few of the key things I do every new financial year.

By taking some time to review your finances and make some changes, you can set yourself up for a successful financial year ahead.

It means you are organised and in the best position to make it your best yet.