New financial year, new financial plan: Four steps to start this financial year strong
- John Bartle
- Jun 27
- 3 min read
Start the year with a plan
The new financial year is more than tax returns and receipts. It’s an opportunity to realign your goals, reassess your financial strategy, and start fresh.
Financial year 2026 is already delivering changes - from super increases to Centrelink adjustments - and the right plan can help you respond with confidence.
Let’s explore four practical actions to build financial momentum this year.
1. Reset your goals and budget with intent
Starting fresh means being clear about what matters now — and what’s changed.
Some tactics to consider:
create or refresh your budget using ASIC’s MoneySmart Budget Planner
set savings targets tied to real needs: a holiday, home deposit, school costs, or a buffer fund
review direct debits and subscriptions to identify waste
automate savings transfers into dedicated accounts each pay cycle
use a “pay yourself first” rule by prioritising savings before spending.
2. Optimise your superannuation strategy
Super isn’t just a retirement tool - it’s a tax-effective way to grow your wealth now.
Some key actions to consider from 1 July 2025:
contribute up to your concessional limit ($30,000 in FY26 for most people) via salary sacrifice or personal deductible contributions
use carry-forward rules if your super balance is under $500,000 and you have unused concessional caps from the past five years
review super fund performance and compare fees at ATO YourSuper
consider spousal contribution splitting if one partner has a much lower balance
check your insurance inside super to ensure it aligns with your needs.
3. Understand changes from 1 July 2025
This year brings several updates that may impact your take-home pay, super contributions, or retirement income.
Here’s what’s changed:
Minimum wage increased to $24.95 per hour, or $948 per week for a 38-hour week.
Superannuation Guarantee (SG) increased to 12% for employers.
Centrelink indexation took place in March 2025 with expected reviews again in September for the Age Pension and JobSeeker recipients, who received modest increases.
The Work Bonus scheme remains in place, allowing age pensioners to earn up to $11,800 annually from work without affecting their payment.Go to Services Australia to read more about the Work Bonus Scheme
Tactics to stay informed:
check your payslip from July to confirm the correct SG contribution
review your eligibility for government entitlements and tax offsets
use Services Australia’s Payment Finder to track current rates
4. Mid-year check-in: cash flow and financial health
Midway through the calendar year is an ideal time to assess how FY26 is shaping up. Are you staying on track?
You can review the following:
compare actual spending vs budget over the past three months
plan for lump sum expenses like insurance premiums, school term fees or holidays
revisit offset account strategy — are you keeping your cash flow structured to minimise interest?
adjust your plan if needed — real life often deviates from projections, and that’s okay.
Use the following tactics for better tracking:
use a spreadsheet or app (e.g. Pocketbook or Frollo) for visibility.
Set a calendar reminder for a 15-minute monthly finance review.
consider sharing financial goals with your partner to stay aligned.
The Aspire2Wealth advantage
Whether you're building wealth, preparing for retirement, or adjusting to cost-of-living pressures, Aspire2Wealth advisers help you plan with clarity, not guesswork.
Sources
Disclaimer
Aspire2 Wealth Advisers Pty Ltd ABN 42 125 897 903 is an authorised representative and credit representative of Charter Financial Planning Limited ABN 35 002 976 294, AFSL and Australian Credit Licence No. 234665.
This website contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
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