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2021 New Year financial tips

Superannuation  |  18/12/2020  |   6 min read

If a difficult 2020 has left your finances looking a little worse for wear, the new year is the perfect opportunity to get back on track. Whether you’re saving for a specific goal, or just looking for a safety net, here’s how to set yourself up for success in 2021.

Set your financial goals

Whether you want to save your money for a home deposit, future holiday or have 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 savings account is a great way to keep track of your savings and make sure they don’t get bundled up with your everyday expenses.

Visual prompts can also help. Consider switching your mobile background to that holiday destination you want to visit, or a property you have in mind. Alternatively, you can keep it old school and attach an image to your fridge – whatever works.

Track your spending

If you spent time working from home in 2020 you may have noticed all the money you’re saving on takeaway coffees, takeaway lunches, or shopping expeditions. Turns out those small, day-to-day purchases can really add up. Just think about all those takeaway coffees - three cups a week can easily run you $500 a year.

With many people returning to offices in 2021 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 (free) apps that can help you balance your budget. And if all else fails a simple pad and pen to balance income and expenses can work wonders. 

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 an account and make regular deposits on pay day.

An easy way to get started is salary sacrificing - which means you automatically pay some of your pre-tax income into your super. Simply talk to your payroll person at work and let them know how much you’d like to salary sacrifice, they can take care of the rest. Salary sacrificing is a great way to build up your super, and it can have significant tax advantages.

Consolidate your debts

Before you start putting money aside or investing it, you should get rid of unnecessary debt. Credit cards are a notorious money pit, and paying them off can save you thousands in annual interest payments.

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 potentially add tens of thousands (if not more) to your long-term balance. Consolidating your super and tweaking your investment options can all be done in minutes on our website.

Find out more about the quick and easy ways to personalise your super here.

And to see what a difference they can make to your balance check out our retirement calculator

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.

Find out more about our financial planning services.


This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr") is the trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017 ("Equip" or "The Fund"). Past performance is not an indication of future performance.

Togethr Financial Planning Pty Ltd (“TFP”) (ABN 84 124 491 078, AFSL 455010), trading as Equip Financial Planning, is licensed to provide financial planning services to retail and wholesale clients. TFP is owned by Togethr Holdings Pty Ltd (ABN 11 604 515 791). You can obtain the TFP Financial Services Guide and/or Privacy Statement by contacting our Helpline on 1800 682 626. This is general information only and does not take into account your personal objectives, financial situation or needs and therefore should not be taken as personal advice.

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