Financial planning for the new year: Where to start and what to review

The start of a new year is a natural time to pause, take stock and reset our intentions, not only for our personal goals but for our financial goals too. After the busyness of end-of-year celebrations and spending, January offers the perfect opportunity for a review to ensure your financial plan is still on track.

Financial planning isn’t a “set and forget” exercise. It’s about aligning your finances with your values, goals and the changes life inevitably brings, whether that’s a career shift, growing family or a new lifestyle priority. By starting the year with a structured review, you can approach the months ahead with clarity and confidence.

Start with your goals

The new year is a great time to reflect on your progress and reassess your financial goals. What did you achieve last year and what might need to shift this year? Sometimes our goals change because life changes. A promotion, redundancy, relocation or change in family circumstances can all alter your financial priorities.

When you revisit your goals, think about what truly matters to you and why. Goals that connect to your personal values tend to be more motivating and easier to stick to.

It’s also helpful to break big financial goals into smaller, achievable steps. For example, if you want to make an extra $20,000 repayment on your mortgage, calculate how much that means per month or pay cycle. Incremental progress feels achievable and creates momentum throughout the year.

Revisit your budget and cash flow

After the festive season, most of us have spent a little more than usual. Reassessing your budget is a simple but powerful way to regain control. Start by reviewing where your money went last year, not to judge, but to understand your spending patterns. Many people avoid this step because they worry about what they’ll find, but awareness is key to creating change.

Look at where you can tighten up without feeling restricted. It’s not about being frugal. It’s about being intentional. Are there subscriptions you no longer use? Can you redirect some discretionary spending toward your long-term goals?

This is also the right time to review your mortgage and savings structure. With interest rates shifting, make sure your loan is still competitive and structured in a way that works for you. Depending on your circumstances, an offset account or a high-interest savings account for surplus cash might offer greater flexibility and return. 

You can also contact your insurance and utility companies to ensure you are paying the most competitive rates. Oftentimes, people accept rate increases instead of taking the time to review these expenses on an annual basis. 

Stay ahead of lifestyle creep

When your income increases, it’s tempting to let your lifestyle expand in line with it. This “lifestyle creep” is incredibly common, but it can quietly erode the financial benefits of higher earnings.

Instead, take a moment to ask: “Is my lifestyle comfortable as it is?” If so, consider directing that additional income toward your bigger goals, such as investing, extra super contributions or paying down debt faster. Consciously choosing where that extra money goes helps you make measurable progress rather than letting it disappear unnoticed.

Build good financial habits

Financial success often comes down to habits rather than big one-off decisions. Just as with health or fitness goals, consistency matters. Create a routine around reviewing your finances, whether it’s a monthly check-in to see if your savings are on track or a quarterly review of your budget and spending.

Set reminders in your calendar and treat those check-ins like any other important meeting. Over time, these small actions compound to create long-term financial wellbeing.

Don’t overlook your broader financial picture

Beyond your budget and day-to-day cash flow, it’s important to take a holistic look at your financial plan. This includes reviewing your investment portfolio to ensure it’s still appropriately diversified and aligned with your risk tolerance, checking your superannuation balance, contributions and the fees within your account, and reviewing your personal insurances.

If you haven’t revisited your will or estate planning documents in a while, this is also a good time to ensure they still reflect your current wishes. These reviews don’t have to be daunting, they’re about making sure your plan continues to support your life as it evolves.

Plan ahead for tax time

While June may feel a long way off, starting your tax planning early in the year can make a big difference. By identifying opportunities now – such as making additional super contributions, managing capital gains or maximising eligible deductions – you can smooth your cash flow and make more strategic decisions. 

Early planning helps you stay proactive rather than reactive when it comes to strengthening your financial position.

Partner with your adviser

If it’s been a while since you last reviewed your financial plan or if you don’t have one in place, now is the time to prioritise it. We all make time for the things that matter most and your financial wellbeing should be one of them.

Working with a financial adviser gives you a trusted partner to help you make informed decisions and stay accountable. At Apt Wealth Partners, our approach goes beyond the numbers. We conduct an annual review with each and every client to ensure your financial plan continues to align with your lifestyle and long-term aspirations.

Start the year with confidence

Now is the perfect time to take control and set the foundation for a strong year ahead. Speak with your Apt adviser today to ensure your financial plan is on track for 2026 and beyond.

General Advice Warning

The information provided in this blog does not constitute financial product advice or a recommendation to purchase a particular product. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners Pty Ltd is not a registered Tax Agent. You should consider your individual situation and seek tax advice from a registered tax agent before making any decision based on the content of this document. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.