EOFY Financial Reset: 5 Money Moves to Set Yourself Up for Success in the New Financial Year

As the End of Financial Year approaches, most people focus on tax returns, deductions and paperwork. While those are important, EOFY is also the perfect opportunity to take a step back and assess your overall financial position.

Whether your goal is to buy your first home, invest in property or simply improve your financial health, making a few small changes now can have a significant impact over the next 12 months.

Here are five simple money moves to help you start the new financial year on the right foot.

1. Review Your Subscriptions and Spending

Many of us sign up for subscriptions with good intentions, only to forget about them months later.

Streaming services, gym memberships, meal delivery apps and software subscriptions can quietly add up over time. While one or two subscriptions may not seem significant, multiple recurring expenses can have a noticeable impact on your monthly budget.

Take some time to review your bank statements and identify any subscriptions or services you're no longer using. Redirecting even $50 to $100 per month into a savings account could result in an additional $600 to $1,200 saved over the next year.

2. Reduce High Interest Debt

If you've received a tax refund, work bonus or any extra income recently, consider using a portion of it to reduce existing debt.

Credit cards, personal loans and Buy Now Pay Later facilities can often carry higher costs than people realise. Paying down these balances can improve your cash flow, reduce financial stress and potentially strengthen your position when applying for a home loan in the future.

3. Check Your Credit Profile

Many people only think about their credit report when they are ready to apply for finance. However, reviewing your credit profile regularly can help identify issues before they become a problem.

Look for:

• Incorrect personal information

• Accounts that should have been closed

• Unauthorised enquiries

• Missed repayments that may have been reported incorrectly

Maintaining a healthy credit profile can improve your options when it comes to borrowing and may help streamline the application process when you're ready to purchase a property.

4. Increase Your Savings Rate

One of the biggest misconceptions about saving is that you need to make dramatic changes to see results.

In reality, small and consistent improvements often have the greatest long-term impact.

For example, increasing your savings by 10%:

• Saving $200 per week could become $220 per week

• Saving $500 per fortnight could become $550 per fortnight

These modest increases may not feel significant today, but over the course of a year they can add thousands of dollars to your savings and help accelerate progress towards a deposit or other financial goals.

5. Understand Your Borrowing Power

One of the most valuable things you can do before entering the property market is understand your borrowing power.

Many buyers spend months looking at properties without knowing how much they may actually be able to borrow. Understanding your position early can help you:

• Set realistic expectations

• Establish a savings target

• Identify potential obstacles

• Create a clear plan moving forward

Even if you're not planning to buy immediately, having a clear understanding of your borrowing capacity can help you make more informed financial decisions.

Ready to Start Planning?

If property ownership is one of your goals for the coming financial year, now is the perfect time to understand where you stand.

If you'd like to explore your options and understand your borrowing power, get in touch with our team for a personalised assessment and a clear roadmap for the year ahead.