A new financial year is the perfect prompt to stop, take a breath, and get intentional about where your money is going. Whether it's the clean slate feeling of July or the pile of receipts reminding you that last year got away from you, now is the time to build a plan. This guide walks you through six practical steps to help you take control of your finances this financial year.
Key takeaways
- Most people don't have a money problem, they have a clarity problem
- Automating your savings removes the reliance on willpower
- Superannuation is one of the most powerful wealth-building tools available to Australians
- Reviewing your insurance annually ensures your family is protected as life changes
- A financial adviser can help you build a strategy that actually fits your life
The truth about money problems
Most people don't have a money problem. They have a clarity problem. Income comes in, bills go out, and whatever is left gets absorbed into the everyday. Sound familiar? You're not alone.
The difference between those who build wealth over time and those who tread water often comes down to one thing: a plan.
Once you have clarity over your numbers, you can make deliberate choices about where your money works hardest.
Step 1: Know your numbers
Start by understanding what you earn, what you spend, and what's left. Sit down, open your banking app, and look at the last three months. You might be surprised where the money is going, subscriptions you forgot about, dining out more than you realised, or insurance policies you haven't reviewed in years.
This isn't about cutting out your morning coffee. It's about awareness. Knowledge is the foundation of every good financial decision.
Step 2: Set a savings rhythm
The most effective savers don't rely on willpower. They automate. Set up a regular transfer into a separate account the day after payday, even if the amount is modest. Treat it like a bill that has to be paid. Over twelve months, even small amounts compound into something meaningful.
For business owners, this discipline matters even more. Separating personal and business finances, setting aside money for tax obligations, and paying yourself consistently are foundations that too many people skip. A new financial year is the ideal time to reset those habits.
Step 3: Get your super on track
Superannuation is easy to ignore when retirement feels like a lifetime away. But it remains one of the most powerful wealth-building tools available to everyday Australians. Take time now to:
- Check your balance and review your investment option
- Make sure you're not paying for duplicate insurance policies across old funds you forgot to consolidate
- If you're self-employed, consider whether you're contributing regularly, nobody else is doing it for you, and the tax benefits of personal deductible contributions can be significant
A small contribution each quarter is far easier to manage than scrambling to find a lump sum at the end of the financial year.
Step 4: Protect what you've built
Insurance isn't exciting, but it matters. If your income stopped tomorrow, how long could your household keep going?
Income protection, life cover, trauma insurance and TPD cover exist to protect your family when things go sideways. Review your policies annually to make sure they still reflect your life, your mortgage, your dependants, and your lifestyle.
For business owners, key person insurance and business expense cover are equally important. If you're the engine of your business, what happens when the engine stops?
Step 5: Talk to someone who knows
There's no shortage of financial content online, but generic advice only goes so far. A good adviser will look at your full picture, your income, your debts, your goals, your family situation, .and help you build a strategy that actually fits.
The start of a new financial year is the best time to have that conversation, because you've got twelve months of runway ahead of you.
Families and business owners who do well financially aren't the ones who make perfect decisions. They're the ones who make consistent ones.
Step 6: Progress, not perfection
You don't need to overhaul everything overnight. Pick one or two areas to focus on this quarter and build from there. One automated savings transfer. One superannuation review. One insurance check. Small steps, consistently taken, create real change.
A new financial year. A fresh start. The only question is what you do with it.
Read the full article in the winter edition of On the Coast Families
Simon's article, Your money playbook for the year ahead, is featured in the June/July 2026 edition (Issue 142) of On the Coast - Families, available now.
It covers all six steps in detail, with practical guidance tailored to everyday Australians looking to take control of their finances this financial year.
Talk to Simon Tarrant at Morgans Erina
If you'd like to discuss your family's financial strategy, Simon is available for a confidential conversation at no obligation.
Simon Tarrant is a Private Client Adviser at Morgans Financial Limited, based on the Central Coast. He specialises in creating tailored financial strategies that align with clients' lifestyle, financial goals, and risk profile.
Call: (02) 4325 0884. Email: [email protected]. Visit: 4/168 Central Coast Hwy, Erina (by appointment)
The information in this article is provided by Morgans Financial Limited as general advice only and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726 | AFSL 235410, a participant of ASX Group. Before making any decisions, you should consider the appropriateness of this information for your personal investment objectives, financial situation, or individual needs. We recommend you see a financial adviser, registered tax agent, or legal adviser before acting on this information.
Frequently asked questions
What is the best way to start managing my finances at the start of the financial year?
Start by reviewing the last three months of spending in your banking app. From there, set up an automated savings transfer and review your superannuation and insurance. Small, consistent steps are more effective than trying to change everything at once.
How much should I be contributing to superannuation as a self-employed person?
The amount varies depending on your income and goals, but even a small regular contribution each quarter makes a meaningful difference over time. Personal deductible contributions may also reduce your taxable income. A financial adviser can help you find the right amount for your situation.
What types of insurance should I review at the start of the financial year?
At a minimum, review income protection, life cover, trauma insurance and TPD cover. Make sure your coverage reflects your current mortgage, dependants, and lifestyle. Business owners should also consider key person insurance and business expense cover.
Why should I consolidate my superannuation funds?
Having multiple super funds often means paying duplicate fees and insurance premiums unnecessarily. Consolidating into one fund can reduce costs and make it easier to manage your retirement savings in one place.
How do I know if I need a financial adviser?
If you have income, assets, debts, or dependants, and you don't have a clear plan for how they all fit together, a financial adviser can help. Generic online content can't account for your individual circumstances. An adviser looks at your full picture and helps you make decisions that align with your goals.
What is the difference between a financial plan and just having a budget?
A budget tracks your income and expenses. A financial plan looks at where you want to be in 5, 10, or 20 years and works backwards to figure out how to get there, accounting for tax, super, insurance, investment, debt, and estate planning. A budget is one tool inside a broader plan.
