Your new financial year money checklist

For most people, the thought of upturning their finances for careful consideration can be a confronting prospect – particularly as we enter a new financial year. It can seem like another layer of stress at a time when things are already busy. But, in fact, it can be a great opportunity to take stock of where you’re at and get your ducks in a row for the year ahead.

We’ve pulled together a checklist to help get yourself organised this new financial year.

Take this opportunity to identify unused or forgotten subscriptions you’re still paying for. A great way to do this is by auditing your emails for receipts or contacting your bank to understand where your direct debits are going every month.

By compiling a list, you’ll be able to evaluate what you’re using and what you can cut, saving money in the process.

The new financial year is a great time to review your health insurance. Consider whether your current policy still matches your lifestyle. 

Do your research on the options that fit you best. If you’re looking for more value from your private health insurance, have you considered AIA Health? AIA Health combined hospital and extras policies with AIA Vitality offer an industry-first benefit – Extras Value Protect – that allows you to get up to 100 per cent back on your extras premium. Policies also come with access to AIA Vitality, the science-backed health and wellbeing program that rewards you for knowing more about your health and taking small steps to improve it.

‘Superannuation’ isn’t something we think about often. Mostly, we’re aware it’s there and that a certain amount of our salary is deposited into it every month – but otherwise it’s largely forgotten about.

Use the new financial year as a prompt to do some superannuation housekeeping. If you’ve worked for multiple companies in the past, there’s a chance you have multiple superannuation accounts in your name. And with more accounts come more fees.

Fortunately, the Australian government make it easy to consolidate your super in a central account. It’s well worth the time to do so. If you do make a change, be sure to update your details with your employer’s finance department as well.

A new financial year represents a good opportunity to examine your broader relationship with money. Taking an honest account of any debt that you hold is the first step towards formulating a plan to tackle it.

The end of a financial year is also a great chance to set some goals for the coming 12 months – whether that’s saving for a house deposit, a renovation, a holiday, or paying down debt.

Physically writing down your goals has been demonstrated to increase your likelihood of achieving them. So, take some time to think about what you want financially from the year to come and commit it to paper.

Article 1: Tim Jarvis: How to use your money for good
Article 2: Why is my premium increasing, and how can I keep costs down?
Article 3: 7 ways to get more from your health insurance (even when you’re well)

Staff writers come from a range of backgrounds including health, wellbeing, music, tech, culture and the arts. They spend their time researching the latest data and trends in the health market to deliver up-to-date information, helping everyday Australians live healthier lives. This is general information only and is not intended as medical, health, nutritional or other advice. You should obtain professional advice from a medical or health practitioner in relation to your own personal circumstances. The information in this article is general information only and is not intended as medical, health, nutritional or other advice. You should obtain professional advice from a medical or health practitioner in relation to your own personal circumstances.

Disclaimer:
This is general information only and is not intended as financial, medical, health, nutritional or other advice. You should obtain professional advice from a financial adviser, or medical or health practitioner in relation to your own personal circumstances.