The July money checklist that could save you thousands

A new financial year has arrived, and it could already be costing you money.

From forgotten subscriptions and low savings rates to uncompetitive home loans and missed tax deductions, many Australians are paying more than they need to without realising it.

The good news is that a few simple money check-ups in July could leave you hundreds, or even thousands, of dollars better off over the next 12 months. Here's a seven-step financial checklist to help you start the year ahead.

1. Review your household budget

If you already have a budget then it's always worth regularly checking in to see if your spending and income still line up with your existing assumptions and, if there's any discrepancy, updating them.

However, if you don't already have a budget there's no time like the present to create one. ASIC Moneysmart's budget planner could be a handy place to get started, while anyone wanting help keeping track of their new budget may be interested in one of the many budgeting apps available.

A budget can also give you confidence to spend on the things you enjoy, because you'll have a clearer picture of what you can actually afford.

Tip: Treat your budget like a financial calendar. By noting upcoming expenses such as birthdays, school fees, insurance renewals and holidays in advance, you can avoid last-minute scrambles and better plan your cash flow throughout the year.

2. Set financial goals for the year ahead

The start of the financial year could also prove a great time to create some new financial goals, like starting an emergency account, building a home deposit or saving for Christmas. But why is now any different to any other point in the year?

It comes down to a psychological phenomenon called the Fresh Start Effect. This is based on findings that people tend to feel more motivated to change their behaviour and attack a new goal from the start of a week, month or year, or another significant date to them.

Of course, successful goal setting requires more than a meaningful start date though, as narrowing your focus, monitoring your progress and automating parts of the process can also be crucial.

3. Prepare for tax time

The beginning of July means that tax season is upon us. Before rushing to lodge your tax return though, it's worth noting that the Australian Taxation Office recommends that taxpayers take it easy for a few weeks to give their income statements and other information time to be finalised.

In the meantime, organising receipts or proof of any expenses you're planning to claim as deductions might make your life (or your tax agents') easier come lodgement time. That might include work-related expenses, charitable donations, investment property expenses and more.

Tip: If you're worried about paperwork piling up, take photos of receipts and store them in a dedicated folder on your phone or computer. Keeping records throughout the year can make preparing your tax return much easier.

4. Check your superannuation balance and employer contributions

When was the last time you logged in to your superannuation account to check on your balance and see if your investment allocation and insurance mix is still what you want it to be?

Checking in more regularly could be a habit worth starting in the new financial year to ensure your employer contributions are being paid correctly, particularly as payday super begins from July 1, 2026 and contributions are now required to be paid much more frequently.

Australians looking to boost their retirement savings may want to consider options such as salary sacrificing or making voluntary contributions, subject to contribution caps and eligibility rules.

5. Review home loan rates, credit cards and other debts

With interest rates as high as they are, it's certainly a good time to compare the competitiveness of the interest rate and fees you're paying on your home loan, personal loan or any other loan you may have.

That's particularly true if it's been a while since you last checked in, because there's a chance that you're paying more than you need to - a situation that could be remedied by negotiating a better deal with your current lender or refinancing somewhere else.

The reality is that many Australians are really struggling with their debt though, meaning that negotiating or refinancing may not be an option. In that case, seeking professional help from a free service like Financial Counselling Australia may be an option worth pursuing.

Tip: Struggling with bill payments? Setting up reminders, calendar alerts or automatic payments can also help avoid unnecessary late fees and penalty charges.

6. Compare high-interest savings accounts and boost your savings rate

If one of your goals for the new financial year is to save up for a new car, or perhaps a trip overseas, one of the more effective ways to increase the money you're putting towards these goals is obviously finding a new income stream or reducing your spending.

Beyond that, it's important to make sure that whatever money you do have in savings is working as hard as it can. So in order to give your savings a boost, it may be time to see how the interest rate you're earning with your savings account or term deposit stacks up.

While there are still savings options with rates above the 5% mark at present, making sure the account is suited to your needs so you're actually earning the highest rate possible while being able to manage your money in the way that suits you best is also an important point to consider.

Tip: Stash your savings in a separate account. Keeping savings out of sight can reduce the temptation to dip into them for non-essential purchases.

7. Audit household bills, subscriptions and direct debits

With some electricity plans changing from July 1, now is the time to audit your regular bills and services to work out if you still need them and whether the deals you're getting are still competitive.

Aside from internet and energy, insurance policies, phone plans, streaming services, subscriptions and any other regular bills can be added to the list. After all, chances are that you could either save money by finding a better deal or entirely cutting out something unnecessary.

Tip: When comparing providers, don't be afraid to negotiate. In some cases, simply mentioning a competitor's offer may be enough to secure a better price or improved service from your existing provider.

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