As the new year approaches, you may start to think about your 2026 goals such as your health, career, and travel.
However, the best way to impact all these areas and more is to set goals around your money. Getting your money in good shape as you enter 2026 will set you on the road to a positive financial future.
Here are 5 tips from the team at Finwell Group to be prepared for the next year ahead:
1.Review Your Spending and Budget
Start by taking a close look at where your money went this year. Go through your bank and credit card statements and group your spending into categories — essentials, lifestyle, and discretionary. Once you see where your money’s going, set a realistic budget that includes some savings each month.
2. Tackle Debt Early
Interest rates may have stabilised, but debt still eats into your future wealth. Make it a priority to pay off high-interest credit cards or personal loans. Consider consolidating smaller debts into one lower-interest loan if it helps you stay on top of repayments.
3. Build (or Rebuild) an Emergency Fund
A good rule of thumb to follow is to have three to six months’ worth of living expenses in a reserve that you can’t access easily. This safety net can help you cope with unexpected costs like medical bills, car repairs, or job changes without relying on credit. If you’ve had to use your emergency fund recently, make a plan to rebuild it this year.
4. Review Your Super and Investments
Your superannuation is likely one of your biggest assets, yet many Australians rarely check how their Super has performed. Review your super balance, fees, and investment mix.
Make sure it aligns with your risk tolerance and retirement goals. For investors, the start of a new year is a great time to rebalance portfolios and take advantage of tax-effective investment opportunities.
This could include asking the question of your financial advisor if an SMSF is right for you. See our recent article on this topic (READ ARTICLE)
5. Set Financial Goals — and Get Professional Advice
Clear goals help turn intentions into action. Whether it is saving for a home, paying down a mortgage faster, or planning for retirement, writing down your goals makes them real. Research shows a clear message. Getting advice can put you in a better position than someone who hasn’t engaged a professional.
Here are some powerful statistics on the value of advice from the FAAA (Financial Advice Association Australia) Value of Advice Index (2024).
- Approximately 9 in 10 advised Australians say that the benefits of advice outweigh the costs.
- Over 80% of those who use a financial adviser are less worried about money since receiving advice.
- Advised clients score significantly higher on financial confidence, satisfaction and quality of life measures, compared to those without an adviser.
If you’re unsure where to start or want to be sure your money is working hard for you, now might be the right time to speak with one of the Finwell Group team.
Finwell Group’s professional advisors can help you map out a personalised strategy, maximise tax benefits, protect your assets, and stay accountable throughout the year.
