Start Fresh: What You Can Do Differently This Financial Year
The start of a new financial year often doesn’t feel particularly significant – aside from making sure your taxes are in order!
You might set some intentions, like increasing your spend on tax-deductibles such as donations or work-related equipment. But the opportunities to reset and refocus becomes much more meaningful when you ask yourself: “What can I really do differently this year?”
This doesn’t mean that you need to make drastic, life-changing decisions. It simply means that you can start building healthy habits so that by 1 July 2026, you’ll feel more in control and confident about where you are and where you’re heading.
Over the next 11 (and a bit) months, here are some actions you can start putting into place:
1. Prepare for the emergencies
We’re starting with a big one. An emergency fund isn’t often a priority - but it should be. Unfortunately, many people only realise this when it’s too late.
You can’t predict unexpected costs, but you can prepare for them. Whether it’s an injury that keeps you from working, an ambulance bills, pet surgeries, having an financial buffer allows you to focus on what matters most. Financial stress only adds to an already stressful situation.
If you don’t have an emergency fund, don’t worry – you are not alone. Over 30% of Australians don’t have one. But I guarantee you’ll be glad you started one this financial year!
Even less serious situations can benefit from an emergency fund. Car troubles are a common example. Just recently, my hot water system needed replacing (a terrible way to start winter!). Thankfully, I had emergency savings to cover the cost.
Start the habit of putting away some money for a rainy day - somewhere accessible, but not so accessible that you’re tempted to dip into it unnecessarily.
2. Think about super
In The Big Changes This Financial Year, we discussed the increase in the Super Guarantee to 12%! If you’re excited about this boost to your long-term savings - why stop there?
Making additional contributions to your superannuation can make a big difference to your long-term retirement savings, especially thanks to compounding returns.
If you receive a bonus or a tax refund, consider contributing a portion into your super. Future. Future you will thank you - and Present You can feel great knowing that you’re working towards a worthwhile goal!
It’s also a great time to review where your super is invested. Does it align with your risk appetite and long-term goals? Many Australians leave their super in default funds that may not be ideal for their circumstances.
Another positive change this year: if you are on or planning parental leave, super will now accrue for the first time under government-funded leave!
3. Refresh your budget
Use the new financial year as a reason to revisit your budget - or create one from scratch!
It’s simple: jot down what’s coming in, what’s going out, and what you’d like to change. A spreadsheet or budgeting app can help.
You’ll likely notice things you hadn’t before – like a streaming subscription you no longer use, or an opportunity to switch to a better deal on your internet or insurance.
Why does this matter? Because it gives you a realistic view of your finances and helps you use your money more intentionally. This makes it easier to stick to goals like building an emergency fund or boosting your super.
4. Check in with your pay and benefits
Alongside reviewing your budget, it’s a good habit to check that you’re paid correctly. When was the last time you looked at your payslip?
Now’s a good time to confirm you’re receiving the correct salary and the updated 12% super guarantee. If something doesn’t look right, speak with your employer to clarify.
It’s also worth reviewing your contract to see what benefits you might be missing out on - such as health and wellbeing programs, professional development opportunities, paid volunteer days, or discounts on insurance or gym memberships. If they are available, make the most of them!
5. Encouragement, not pressure
The start of a new financial year is not about pressure or perfection. It is a genuine opportunity to approach things differently - with more clarity and care.
If you're unsure where to begin, just start with creating one small habit at your own pace. The results might surprise you!
At White Rabbit Advisory, we’re here to guide you in the right direction and support you in making positive changes this financial year and beyond.
White Rabbit Advisory Pty Ltd is a registered tax (financial) adviser and any reference to tax advice contained in this document is incidental to the general financial advice it may contain. You should seek specialist advice from a tax professional to confirm the impact of this advice on your overall tax position. You should obtain financial advice relevant to your circumstances before making financial decisions. Whilst every care has been taken in the preparation of this information, it may not remain current after the date of publication and White Rabbit Advisory Pty Ltd and its related bodies make no representation as to its accuracy or completeness. Published: July 2025 © Copyright 2025