Fresh start, firm footing: How to step into the new financial year with confidence

You don’t need to run a business to feel the new financial year roll around. For many of us, it’s a natural moment to pause, take stock and make a few changes – especially when it comes to money.

Whether you’re saving up for a home, planning for the school holidays or just trying to feel less anxious about bills, setting yourself up for financial success can look different for everyone. And that’s the point – it’s your version of success that matters most.

This guide walks through some simple, no-fuss steps to help you understand where you’re at, make a plan and build money habits that support your everyday life – both now and into the future.

Take a proper look at your money

Before you start planning for the future, it helps to get clear on what’s happening right now.

What’s coming in each month? What’s going out? It might sound basic, but writing it all down – even the small things like weekly takeaways, digital subscriptions or sports fees – can be eye-opening.

Grab a pen and paper, a spreadsheet, or use a tool like mymo, our budgeting app that securely connects your accounts (even from other banks), automatically categorises your spending and helps you spot where your money’s going.

Make sure to include:

• Regular income (like your pay or government support)
• Ongoing expenses (like mortgage or rent, utilities, groceries, loan repayments, insurance and child care)
• Less obvious things like memberships, gifts, eating out and anything you often forget to budget for

Once you’ve got it all in one place, ask yourself:

• Did I manage to save anything this year?
• Are there expenses I could reduce or cut altogether?
• Am I spending in ways that reflect what’s important to me?

You don’t need to be perfect – just honest. That’s where change starts.

Set goals that feel right for you

Now that you’ve got the lay of the land, it’s time to figure out where you want to head next. What do you want your money to help you do – this year and in the long run?

Here are some examples of short- and long-term goals:

• Short-term (3-12 months): Save for a family trip, replace a big-ticket item (like a fridge or washing machine), or build a small emergency fund
• Long-term (1+ years): Save for a home deposit, plan for retirement, contribute to your kids’ education or pay off a personal loan

To help you stick with your goals, make them SMART:

• Specific – Know exactly what you want to achieve
• Measurable – Track progress as you go
• Achievable – Base it on your real situation
• Relevant – Make it meaningful to you
• Time-bound – Give yourself a clear timeframe

Write your goals down somewhere you’ll see them – in a notebook, on the fridge or using the mymo app’s dashboard, where you can tag transactions, track budgets and monitor your progress.

Build a budget that works with real life

You’ve got goals – now you need a plan to get there. That’s where your budget comes in.

A good budget doesn’t mean cutting out the things you enjoy. It just gives your money more direction and helps you feel more in control.

Start by organising your expenses into simple categories:

• Essentials – Rent or mortgage, bills, groceries, insurance
• Everyday extras – School excursions, transport, sport and hobbies
• Lifestyle – Takeaway dinners, entertainment, birthday presents

Don’t forget to leave room for the unexpected, because life happens. And to try to check in on your budget once a month so you can adjust if anything changes.

Tick off your financial life admin

There’s always a list of financial jobs we know we should do… but keep putting off. Consider this your friendly reminder:

• Log in to your super fund and check your balance. Are you making regular contributions? Does your retirement plan still feel right?
• Review your insurance policies. Is your cover still relevant to your life stage? Could increasing your excess lower your premiums?
• Sort your will. If you don’t have one, or haven’t looked at it in years, now’s a good time to get it done or updated.
• Get your tax paperwork in order. Even 10 minutes spent sorting receipts or logging deductions now can save you time and stress come tax season.

These are the kinds of small jobs that never take as long as we think – but leave us feeling much more organised once they’re done. 

Keep checking in (and go easy on yourself)

It’s easy to feel fired up at the start of the financial year – and then let things slide a few months later. That’s normal.

The key is consistency, not perfection. Set a monthly reminder to check your progress. Ask yourself:

• What worked this month?
• What surprised me?
• What needs tweaking?

And celebrate the wins – even the small ones. Maybe you cut back on takeaway, stuck to your weekly fuel budget or topped up your savings. It all adds up.

Want to stay motivated? Try setting 10 goals at the start of the year and seeing how many you tick off by 30 June. Even if you don’t cross them all off, you’ll still move forward.

Important information

Banking and Credit products issued by Police & Nurses Limited (P&N Bank).

Any advice does not take into account your objectives, financial situation or needs. Read the relevant terms and conditions, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available on our website or upon request.