Whether you have a specific savings goal in mind, or just want to get your finances in order, the start of a new year is the perfect time to get things sorted. 

While COVID has proven stubbornly persistent, 2022 offers a clean slate and an opportunity to look forward. That includes your finances. So, here’s how to get started, and how to stay motivated.  

Set your financial goals 

Whether it’s a home deposit, a future holiday, or a little something extra for rainy days, having a clear goal is a great motivator. It gives you something to work towards and helps you maintain good financial habits. 

Setting up a separate account is a great way to keep track of your savings and make sure they don’t get bundled up with your everyday expenses.  

Track your spending 

Saving money isn’t just about income. What you do with that income is equally important.   

If you’ve been working from home for the last year or two you may have noticed all the money you’re saving on coffee, lunch, and transport. Turns out those small, day-to-day purchases can really add up. Just think about all those coffees - three cups a week can easily run you $500 a year.  

With many people returning to work, it’s easy to fall back into pre-COVID spending habits. And while we all deserve our little treats and indulgences, it’s useful to keep track of your spending. 

There’s a range of tools available to help you keep on top of your finances, and the government’s MoneySmart website is a great place to start. It offers calculators and resources to better understand your finances and spending habits. There’s also plenty of apps that can help you balance your budget.  

Pay yourself first 

Budgets are great. But if you want to build long-term wealth you need to start putting yourself first. Rather than setting aside whatever you have left at the end of the month, set up a savings account and make regular deposits on pay day. 

One easy way to get started is salary sacrificing - which means you automatically pay some of your pre-tax income into your super. This can have considerable tax advantages and really boost your long-term balance. To get started just talk to your payroll person at work and let them know how much you’d like to set aside. 

But for more immediate savings goals, a separate bank and an automatic transfer on pay-day can work wonders. 

Consolidate your debts 

Before you start putting money aside or investing it, you should have a look at unnecessary debt. Credit cards are a notorious money pit and paying them off can save you thousands in annual fees.  

If you’re burdened by large debts and interest payments, consider rolling all your debts together or taking out a loan with a zero-interest period. That way you can focus on paying down the loan rather than meeting interest payments. 

Get your super sorted 

A few small tweaks to your super can make a real difference to your retirement balance.  Consolidating your super and tweaking your investment options can all be done in minutes on our website. 

Searching for lost super and consolidating it is as easy as logging into your account and selecting 'Find My Super' from the drop-down menu.  Meanwhile, our retirement calculator lets you see how much you could be retiring with, and what you can do to boost your future balance.  

See a financial planner 

A financial planner can help you better understand your financial options and how to build long-term wealth. 

If you’re approaching the end of your professional career, they can help you transition to retirement, but even someone in the middle of their career can benefit from professional advice about their super, taxes, insurance and how to get the most out of their finances. 

If you’re an Equip member an initial appointment with a financial planner is available at no additional cost.  

Get started today   

The new financial year is a great opportunity to find your savings motivation, have a realistic look at your financial situation, and take the first steps to achieving your goals. Get started today with the link below.