End of financial year financial health check: tips for the financial year ahead
At the end of financial year (EOFY) your focus may turn to your tax return. It is also a great time to review your overall financial position and set yourself up for the financial year ahead.
With household budgets still feeling the impact of higher living costs, taking stock of your income, spending, savings and debt can help you identify opportunities to make your money work harder and smarter.
Why EOFY is a good time to review your finances
The end of financial year brings together much of the information needed to understand your financial situation.
As you gather documents for your tax return, it's also the ideal opportunity to look at:
- Your income and expenses
- Progress towards savings goals
- Outstanding debts
- Superannuation contributions
- Upcoming financial priorities.
A simple annual check-in can help ensure your money is aligned with your goals.
Review your spending
Many everyday expenses have increased over recent years, making it more important than ever to understand where your money is going.
As you review the past 12 months, consider:
- Has your spending habits changed?
- Are there subscriptions or memberships you no longer use?
- Could you compare providers for utilities, insurance or other household expenses?
- Are you taking advantage of available discounts, rewards programs or fuel-saving apps?
Small savings across multiple areas can add up over time, so take stock now and cancel anything you no longer use (or forgot you’re still paying for).
Revisit your budget
Start by prioritising essential expenses such as housing, food, utilities, transport and loan repayments. Then review discretionary spending and identify areas where you may be able to redirect money towards savings or other financial goals.
Budgeting isn't about restricting yourself. It's about making informed decisions about where your money goes.
Make the most of a tax refund
If you're expecting a tax refund, consider how it could support your future goals.
Some options include:
- Building an emergency fund
- Paying down high-interest debt
- Boosting your savings
- Making an additional super contribution
- Even a portion of your refund can help strengthen your financial position.
Questions to ask yourself at EOFY
As part of your financial health check, consider:
- Do I have enough savings for unexpected expenses?
- Am I comfortable with my current level of debt?
- Have I reviewed my insurance cover recently?
- Are my banking products still meeting my needs?
- What financial goals do I want to focus on over the next 12 months?
A simple annual financial health check
The end of financial year is more than a tax deadline. It's a natural opportunity to pause, reflect and plan. Small actions today can help create greater financial security and confidence for the future.
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