Making financial New Year’s resolutions might not technically be a thing, but with a fresh financial year upon us, there’s no better time to give your money goals a reset.
Whether you're renting, saving for a home deposit, or just trying to keep up with rising costs, these tips are here to help you feel more in control of your finances in 2025–26.
Pick one (or a few) and give it a go!
Still carrying a balance on your credit card? You're not alone and you're not stuck. Make this the financial year you commit to change.
Start by getting a clear picture of what you owe and the interest rates attached. One popular method is the snowball approach—pay off your smallest debt first to get quick wins and build momentum.
Alternatively, the avalanche method targets debts with the highest interest rate, helping you save more long-term.
Top tip: Don’t forget about your 'Buy Now Pay Later' platforms! While they may not include interest—missed payments can still hit you with fees and impact your credit score.
An emergency fund is your financial year safety net, the buffer that gives you breathing space when life throws curveballs, like a car breakdown or a surprise vet bill.
If saving feels out of reach right now, that’s okay. Start small. Even $20 a week adds up over time.
Aim to build up enough to cover at least one to three months of essential expenses (e.g. rent, groceries, bills, transport), so you're covered if something unexpected comes up.
Thinking long-term? One of the smartest ways to grow your lifetime savings is by contributing extra to your super.
For 2025–26 financial year, the concessional (pre-tax) contributions cap is $30,000, and you may also have unused cap space from previous years that you can carry forward.
Check your contributions in the ATO section of your MyGov account.
If it’s doable, consider setting up regular salary sacrifice payments. Even a little each payday can compound over time and make a huge difference by retirement.
Your credit score plays a big role when applying for loans, credit cards, or even some rental properties. But many people don’t think about it until it’s too late.
Build your score by paying bills on time, repaying debts promptly, and avoiding unnecessary credit applications. Keeping your credit card balance low (or at zero) also helps.
Top tip: Did you know? RentPay’s Scorebuilder feature can help you build your credit score just by paying your rent. Each month you have Scorebuilder enabled, we report your payment history to one of Australia’s major credit bureaus—helping you build a stronger financial foundation.
This isn’t about budgeting (yet). It’s just about knowing where your money goes, because it’s more powerful than you think.
Track every dollar you earn and spend for a full month. Not just a week, give yourself a real snapshot.
You can download your transaction history from your banking app and sort it into categories like groceries, subscriptions, dining out, transport, etc.
Once you understand your spending patterns, you'll be in a much stronger position to make changes that actually stick.
We all want to save money, and one of the most effective ways to do that is to be more mindful about spending.
This doesn’t mean cutting everything you enjoy. It just means making small swaps and sticking to them.
Make a meal plan before you shop, take your lunch to work, brew coffee at home, or switch date night to a night-in with a food box delivery like Dinnerly or HelloFresh.
These changes might feel small, but over 12 months, they can make a noticeable difference.
If you already know you’ll need to replace your tyres, renew your rego, or book in a dental check-up, don’t wait for the bill to arrive before you act.
Create a separate savings goal for those one-off or annual expenses.
For example, your ‘car costs’ account might include $800 for rego, $150 for a licence renewal, and $400 for servicing.
Planning ahead reduces stress and means you won’t need to rely on credit cards when the time comes.
It doesn’t matter whether it’s July or January, now’s always a good time to check in with your budget.
Start by estimating your fixed and variable costs for the year ahead, including things like rent, utilities, groceries, transport and personal spending.
This'll give you a clearer picture of what you need to get by each month, and how much you can realistically allocate toward saving, debt, and goals.
Not only will it help you feel more in control, but you’ll also spot any gaps in your emergency fund or spending plan before they become problems.
You don’t have to tackle everything at once. Choose one area to focus on this month, then build from there.
Financial progress isn’t about perfection. It’s about consistent, confident steps in the right direction.
Happy new financial year!
You might also like:
> Creating a financial plan while renting
> Payday success checklist: Habits for effective money management
> How to get a month ahead of your bills
