Quick Look
Focus: Stay on track financially by reviewing key areas once a year
Key Takeaways:
Just like your health, your finances benefit from regular check-ups. A quick review once a year can help you spot leaks, reset your goals, and make sure your money is working as hard as you are.
You don’t need a spreadsheet obsession or a finance degree. In most cases, a few smart questions and updates can help you feel more in control — and keep you on track for the bigger picture.
Life moves fast — new jobs, interest rate changes, growing families, or shifting goals. But many Australians forget to check if their finances are still aligned with where they’re headed.
Without a regular review, you might:
Think of it as an annual tune-up. A few hours once a year can save thousands down the track.
1. Your Goals
Start by checking in on what matters to you:
Update your goals if needed — then review everything else in light of that.
2. Your Spending and Saving
Tip: Review your bank and card statements — it often reveals sneaky expenses to cut.
3. Debts and Loans
Even shaving 0.5% off a home loan rate can save thousands. Use comparison tools like MoneySmart’s mortgage calculator to see if it’s worth switching. Or contact our Mortgage broking affiliate listed on moneyGPS for a complimentary discussion.
4. Superannuation
Bonus: Consider small top-ups. An extra $20/week could mean thousands more in retirement (ATO concessional cap: $30,000 per year — updated 1 July 2025).
5. Insurance Cover
Outdated or missing cover can leave a big gap. Review your product disclosure statements or talk to a financial adviser if unsure. Or contact our Life Insurance affiliate listed on moneyGPS for a complimentary discussion.
6. Tax and Investments
Even a basic investment account or ETF holding should be reviewed to check for rebalancing or performance drift.
7. Wills, POA and Nominations
These details are often forgotten — until it’s too late. Or contact our affiliated Legal advisers listed on moneyGPS for a complimentary discussion.
8. Big Life Changes
If you’ve experienced any of these, it’s worth reviewing all the above more deeply:
Leo and Tash’s Annual Reset Every March on Leo’s birthday, Leo and Tash sit down with a glass of wine to review their finances. They: Check their super balances and combine any stray accounts Review their budget, adjust for new costs and see what they can do without Increase Tash’s super contributions using salary sacrifice Compare insurance quotes and whether their Wills still meet their wishes The whole process takes 2–3 hours. They’ve avoided duplicate fees, boosted their retirement savings, and feel clearer about their shared goals each year.
“Isn’t this too hard without an adviser?”
Not at all. You can do most of it yourself using tools from MoneySmart, your super fund, or your bank. But if things are complex, a financial adviser can help you dig deeper and recommend the best way to get set up. Although an adviser can seem expensive, a once off review every five years or more spreads this expense and ensures you are optimizing your efforts. Usually, the fee is recouped many times over through a better outcome.
“I already have a budget — do I need a check-up too?”
Yes. Budgets are snapshots — but life changes. A yearly review keeps everything aligned.
“Do I need to change everything each year?”
No. You’re checking for drift — not redesigning your plan from scratch. Often, you’ll make just one or two small but powerful tweaks.
“When’s the best time to do this?”
Pick a time that works for you — end of financial year, your birthday, or early in the new year. Put a recurring reminder in your calendar.
A yearly financial check-up helps you stay in control, reduce stress, and move closer to your goals — without needing a full financial overhaul.
The key is consistency, not perfection. When you get into the habit of reviewing your finances each year, you’ll be in a much stronger position to handle life’s changes with confidence.
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Disclosure: General information only. Consider your objectives, financial situation and needs, and seek professional advice before acting.
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