The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for your circumstances before acting, and you may wish to seek professional advice
Life gets busy, and when money feels tight, it’s easy to feel overwhelmed by everything you’re “supposed” to be doing such as budgeting, saving and planning for the future, but instead, it can often feel impossible to get ahead.
The reality is you don’t need to do everything to improve your financial situation, and a few simple, well-chosen actions can make a meaningful difference over the next year.
1. Check in on your spending
You don’t need a complicated budget or fancy spreadsheet to understand your money. Simply knowing where it’s going can help you feel more in control.
A quick monthly check-in can make a big difference:
- Look at your bank statements (or use your banking app) to see where your money went.
- Look for any surprises such as subscriptions you forgot about, fees you didn’t expect, or spending that crept up.
- Pick one area to adjust whether it’s takeaway meals, streaming services, or impulse buys.
Awareness of where your money is going is the first step. It takes 10 minutes to check each month and will help you to spot any spending patterns or unexpected fees and charges.
2. Build a small buffer
Life has a habit of surprising us with unexpected expenses. Car and home repairs, medical bills or school costs always seem to happen at the worst possible time and can add up quickly, especially when other bills are already being juggled.
Having just a small emergency fund can reduce both the financial and mental stress and can help you avoid having to dip into savings or reply on credit.
Here are some easy ways to consider building out your buffer:
- Set aside a small amount each week that can quickly add up over time.
- Automate the transfer into a separate savings account each payday.
- Boost your fund with things like tax refunds, bonuses, or even spare change.
Giving your savings a name such as ‘Emergencies only’ or ‘Peace of mind’ can be a good reminder to contribute to it regularly and avoid the temptation to dip into it.
3. Thinking ahead
It’s easy to focus on what’s right in front of you and put off those tedious tasks for another day, but a bit of forward planning can help protect you and the people you care about down the track.
- Update or create your will
A will ensures your wishes are clear and your loved ones are looked after. If you have one, check it’s up to date especially after major life changes like getting married, buying a home or having kids. If you don’t, start basic to make sure you at least have something in place.
Read our article ‘Do I really need a will?’ to learn more. - Protect yourself from scams
Scammers are getting smarter, so protecting your personal information is more important than ever!
Spend some time updating your passwords to something stronger and more complex, ensuring you have a unique password for each of your accounts. Where possible, turn on two-factor authentication to give your accounts another added layer of protection.
Read our article ‘What you need to know about updating your passwords’ for more helpful tips. - Think about super
Your superannuation is your future income, so a quick check now can make a big difference later. Many people don’t look at their super for years, but small issues like high fees or multiple accounts can quietly eat away at your balance.
Be sure to check that your employer contributions are going through, and if you have multiple accounts, you may want to review whether consolidating them is appropriate for you. Consolidation can reduce some fees, but may also affect things like insurance arrangements, so it’s important to consider your own circumstances or seek advice.
Starting the year by focusing on just a few important things can make a real difference down the track. Whether you tackle all three or simply tick off one or two, being aware and taking small steps can help you feel more prepared and more confident about your money.
