Another year over and a new one underway. December is always a mad rush, then there’s some well-deserved downtime, and for many the back-to-school rush. But the new year is now well underway and there’s 9 months ahead before it all goes round again.

Now is the time to take stock and ensure your financial house is in order. To make it easier here is a quick todo list.

This isn’t about drastic cutbacks or making major sacrifices. Instead, it’s about efficiency—making sure you’re not losing money unnecessarily and that your hard-earned dollars are working for you.
With June 30 not too far off, it’s also an important time to ensure that you’re well organised from a tax and superannuation point of view.

So here is the todo list.

Step One: Review Your Budget and Cash Flow

If you don’t have a budget, now’s the time to put one together. If you already have one, it’s worth revisiting. Where is your money going each month? Are there subscriptions or expenses that have crept up without you realising it?

Streaming services are a perfect example. Many of us sign up for a free trial and forget about it, only to find ourselves paying for multiple services we rarely use. That $10 a month turns into $20, then $30, and before you know it, you’re spending hundreds a year on things you don’t even watch.

The same applies to insurance. If you’ve got multiple policies scattered across different accounts, especially old super funds, you might be paying for coverage you don’t need or duplicate policies you forgot about. Consolidating these can make a significant difference to your cash flow.

Step Two: Check Your Superannuation

Superannuation is one of the most effective long-term wealth-building tools, yet many people don’t pay enough attention to it. Now is a great time to check your balance, ensure your investment strategy aligns with your retirement goals, and see if you have any old super accounts that should be consolidated.

If you’re in your 40s or 50s, it’s particularly important to assess whether you’re on track for the retirement you envision. Contribution caps are worth considering too—if you have the ability to make extra contributions before June 30, it could be a tax-effective way to boost your retirement savings.

Step Three: Review Your Insurance Needs

One area people often overlook is their personal insurance. Over the last few years, insurance premiums have skyrocketed, particularly for life and income protection policies. Insurers have increased premiums due to rising claims, especially in the wake of COVID-19.

This raises an important question: do you still need the level of cover you had five or ten years ago? Many people in their 50s are still paying high premiums on policies they took out when their kids were younger and their financial obligations were greater. If your mortgage is mostly paid off and your children are financially independent, it may make sense to adjust your coverage and redirect those savings into investments.

On the flip side, if you don’t have enough capital to “self-insure,” meaning you don’t yet have enough assets to cover major financial shocks, then ensuring you have the right level of protection is crucial. The key is to strike a balance—enough coverage to protect your family without overpaying for policies that may no longer be necessary.

Step Four: Make a Plan Before June 30

If you wait until mid-June to think about tax planning or financial adjustments, it’s often too late to take meaningful action. That’s why now—around late February to early March—is the perfect time to sit down, do a quick “back of the envelope” calculation, and ask:

• How is my cash flow looking for the year?
• Am I on track with my super contributions?
• Do I have any major expenses or financial changes coming up?
• Is my insurance still appropriate for my circumstances?

The answers to these questions will help you take proactive steps to improve your financial position well before the end of the financial year rush.

The Painless Way to Build Wealth

A common misconception is that building wealth requires major sacrifices. In reality, the best financial strategies are often about efficiency rather than restriction. If you can free up an extra $5,000 a year without impacting your lifestyle—by consolidating insurance, reducing unnecessary expenses, or making smarter super contributions—that money, when invested wisely, can make a substantial difference over time.

And this isn’t just about this year. It’s about setting yourself up for the long run. Small changes today can compound into significant financial benefits down the track.

Time to Take Action

If you’re well-organised and have already reviewed your finances, great—keep up the good work. But if you’ve been putting it off because it feels overwhelming, now is the time to take a step forward. You don’t have to tackle everything at once, but starting with a conversation—whether with your financial advisor or even just reviewing your accounts—can set you on the right path.

The new year presents an opportunity to reset and refocus. With the right approach, you can optimise your finances, reduce waste, and ensure that your money is working for you—not the other way around.

Disclaimer

People & Partners Wealth Management Pty Ltd ABN 67 127 250 613 is a corporate authorised representative of Fortnum Private Wealth Ltd ABN 54 139 889 535, holder of Australian Financial Services Licence (AFSL) No. 357 306. The content of this article is for general informational purposes only and does not constitute personal financial advice. It does not take into account your individual objectives, financial situation, or needs. Any advice we provide will be detailed in a formal advice document. The opinions expressed in this article are those of the authors at the time of writing and should not be taken as a recommendation to act. To the extent permitted by law, Fortnum Private Wealth Ltd and its associates accept no liability for any loss or damage incurred as a result of reliance on this communication.