The start of a new financial year is a great time to take control of your money. Whether you’re earning a little from a part-time job or just starting to think about your future, these seven tips can help you build good financial habits.

1.  Create a Budget

A budget is a simple plan that shows how much money you have coming in and how much you have going out. Write down your income and all your regular expenses—like food, transport, and entertainment. This helps you see where your money goes and where you might be able to save.

2.  Start an Emergency Fund

An emergency fund is money saved for unexpected events, like a broken phone or a surprise bill. Try to save a small amount regularly, even if it’s just a few dollars a week. Over time, this can grow into a helpful safety net.

3.  Pay Off Expensive Debts

If you have any debts, especially ones with high interest (like credit cards), it’s smart to pay them off as soon as you can. Interest adds up quickly, so the faster you pay it off, the more money you’ll save in the long run.

4.  Think About Investing

Investing is a way to grow your money over time. You don’t need a lot to start—some platforms let you invest small amounts. Look into options like index funds or exchange-traded funds (ETFs), which are often lower risk. Always do your research or ask someone you trust before investing.

5.  Check Your Superannuation

Superannuation (or “super”) is money saved for your retirement. Even if retirement feels far away, it’s worth checking your super account now. Make sure your employer is paying into it and that your money is being invested in a way that suits your goals.

6.  Review Your Insurance Cover

Insurance helps protect you in the event of an unexpected occurrence. This includes things like car insurance, home contents insurance, and life insurance. At the start of the financial year, check that your cover is still right for your needs. If your life has changed, like moving out of home or getting a new job, you might need to update your policies.

7.  Set Clear Financial Goals

Having a goal makes it easier to stay motivated. Whether you’re saving for a car, a trip, or something else, break your goal into smaller steps. Track your progress and celebrate small wins along the way.

Final Thought: You don’t have to do everything at once. Pick one or two areas to focus on and build from there. A new financial year is a fresh start—use it to build habits that will help you now and in the future.

By Peter Kelly on 18 June 2025

About Us

Peter Kelly

PK believes people have the right to accurate, affordable and unbiased information that addresses all aspects of their preferred retirement lifestyle, thereby giving them the opportunity to make informed decisions that will empower them to live out their lives with dignity, certainty and security.