Tax time and the beginning of a new financial year are obvious points to review your finances, but you do not have to wait. Any time you feel ready for a reset, a structured audit can help you see what is working well, what needs attention and where to focus next.
Use our 10 step checklist as a guide.
1. Gather last year’s income and spending
Start with the basics. Pull together your income information for the last year, including salary or wages, business income and any investment income such as rent, dividends or interest. Your PAYG income statement, pay slips and year end statements from banks and investment platforms are a good starting point.
Then look at where the money went. Use your bank and credit card transactions to group expenses into broad categories such as housing, utilities, groceries, transport, insurance, debt repayments and discretionary spending like holidays, eating out and entertainment. Many banking apps now offer simple categorisation tools that can speed this up.
2. Review last year’s results
Once you can see income and expenses side by side, check whether your total spending came in below your total income for the year. If not, consider what drove the gap and whether it was a one off or a pattern.
Look for any categories that grew more than expected, such as subscriptions you no longer use or discretionary spending that crept up quietly. Use what you learn to set realistic ranges for key spending categories for the coming 12 months, rather than fixed numbers that are impossible to live with.
3. Inspect your debts and credit use
Next, turn to your debts. List all credit cards, personal loans, buy now pay later balances, car loans and your mortgage. Note the interest rate, limit and current balance for each.
If you are carrying credit card or buy now pay later debt from month to month, create a plan to clear it as a priority. These forms of credit are usually among the most expensive and can quickly erode progress elsewhere in your budget. Check whether there are lower rate alternatives or consolidation options that genuinely improve your position.
For your mortgage and other longer term loans, review the interest rate, any package fees and whether the structure still suits your situation. It may be worth negotiating with your current lender or comparing offers from other providers to see if there is scope to reduce interest costs while keeping flexibility.
4. Check your savings and buffers
An emergency buffer makes it easier to absorb unexpected costs without relying on high interest debt. As a guide, aim for at least 3 to 6 months of essential expenses in a readily accessible account, and more if your income is variable or you are self employed.
Check where these savings sit. Emergency funds and near term savings goals usually belong in a high interest savings account, a mortgage offset account or a short dated term deposit, not in a low interest transaction account. Make a note to review interest rates a few times a year so your savings work as hard as they reasonably can.
5. Review your superannuation
Superannuation is one of the largest assets many people will ever own, so it deserves a regular check in. Look at:
- Whether your investment option still matches your age, time to retirement and comfort with risk.
- How your fund’s long term performance and fees compare with similar options, using tools such as the ATO’s YourSuper comparison service.
- Whether your employer contributions have been paid correctly over the year.
If you have capacity, consider whether additional concessional or non concessional contributions fit your broader plan, and check your eligibility for government co contributions or spouse contribution tax offsets before contributing. Super rules are detailed, so personal advice is useful before making sizeable changes.
6. Examine your other investments
If you have investments outside super, review how they are allocated between growth assets (like shares and property) and defensive assets (like cash and bonds). Ask whether this mix still aligns with your goals and time frames.
Look back at performance over the last few years in context, rather than reacting to short term market moves. While doing this, check brokerage and management fees to ensure you are not paying more than necessary for the style of investing you use. Also make sure your records for capital gains tax purposes are complete and up to date, as this will matter if you sell investments in future.
7. Reassess your insurance
Insurance is about protecting your capacity to achieve your goals. Review your cover for:
- Life insurance, total and permanent disability and income protection, whether held through super or personally.
- Home and contents, car and other property cover.
- Health insurance, including whether your current level of hospital and extras cover fits your stage of life.
Consider whether any major changes over the last year, such as children, a new home or a change in income, mean you need more or less cover. Updated valuations for your home and contents can help avoid being under insured or over insured.
8. Scrutinise your tax deductions
Take some time to review whether you are claiming all legitimate deductions available to you. These might include work related expenses, certain investment related costs, rental property expenses, eligible super contributions and charitable donations.
Check that your private health fund statements and any investment tax statements are correct. For the year ahead, consider using tools such as the ATO’s myDeductions in the ATO app to capture receipts and log information as you go, rather than rushing at year end.
9. Revisit your goals
Money is a tool to support the life you want, so your goals matter. Think about any significant changes over the last year: a new role, a change in relationship, welcoming children or grandchildren, buying or selling a property, health shifts or thoughts about retirement timing.
Ask whether your current savings, investment and debt plans still line up with what you want over the next few years and longer term. You may decide to adjust priorities, such as focusing more on debt reduction, building up a deposit, boosting super or setting clearer education or retirement targets.
10. Turn insights into an action plan
The final step is to turn what you have found into a simple action list. This might include:
- Reducing or cancelling specific expenses.
- Setting or increasing regular transfers into savings or investment accounts.
- Refinancing a loan or consolidating expensive debt.
- Adjusting super contributions or investment settings.
- Updating insurance cover or your will and estate planning documents.
Keep the list realistic and time bound, focusing on what you can commit to over the next 12 months, and schedule a reminder to review progress.
If this feels like a lot to manage alone, a financial adviser can act as a sounding board and help you prioritise. If you would like support to work through a personal financial audit and shape a plan that suits your situation, please reach out to the friendly team at Stream Financial.
Sources
ATO YourSuper Comparison Tool: https://www.ato.gov.au/calculators-and-tools/super-yoursuper-comparison-tool.
ATO myDeductions Tool: https://www.ato.gov.au/online-services/online-services-for-individuals-and-sole-traders/ato-app/using-mydeductions/mydeductions#ato-AccesstomyDeductions Retrieved 28th November 2025
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.