Six simple ways women can get EOFY ready

The end of the financial year (EOFY) is the perfect time to take stock of your financial situation.

Navigating finances and setting aside time to boost financial confidence can be tough for women, with the path often paved with systemic challenges.

Career breaks, as well as the implications of caregiving contribute to lower levels of financial confidence than our male counterparts. Investing time in ourselves can feel like a luxury, but it's essential for wellbeing.

The good news? EOFY offers the ideal opportunity to pause, reassess and reset.

Whether you're starting out, returning to work, or entering a new life stage, there are practical steps you can take to build financial confidence and long-term financial stability.

1. Assess your financial health and review spending

Think of EOFY as the time for your personal financial health check.

Review income, spending, savings, debt and superannuation.

Understanding where your money goes helps to feel in control of your finances. A stocktake can help pinpoint areas that need extra attention, or gaps that present opportunities to learn something new.

Use online tools like MLC's Money View to get a snapshot of your finances, track expenses, and measure progress toward your goals. Reflect on your spending patterns: What did you prioritise? What changes would you like to make?

Being conscious of how you're tracking towards your goals can make all the difference to how quickly you get there.

2. Review your retirement strategy

On average, women in Australia retire with 23% less super than men.

There are lots of ways to give your super a boost and your strategy can change along with your personal and financial circumstances.

EOFY is a great time to consider your options, as contribution limits and other benefits are generally reset each financial year.

Here are key options to consider:

• Make the most of concessional contributions: On top of employer contributions, you can make the most of your concessional cap by salary sacrificing, or if you're eligible, by making a personal contribution and claiming a tax deduction. A great way to save for retirement, while also reducing your tax bill.
• Catch-up on concessional contributions when you can: If you don't use up your concessional cap, you're able to 'carry forward' unused amounts for five years. If you meet certain rules, you can make 'catch-up' concessional contributions in the future, at a time that's right for you.
• Government co-contributions: If your income is below $60,400 this year, you could make a personal contribution and receive a Government co-contribution of up to $500.
• Spouse contributions: If you have a spouse who earns less than $40,000, consider making a spouse contribution which could provide you with a tax offset of up to $540.

3. Review your super investment options

Make sure the way that your super's invested aligns with your goals.

Women generally tend to be a little more conservative, which might not deliver the best returns possible over time, especially if retirement is decades away.

Consider seeking professional advice to ensure your investment choices match your circumstances.

4. Claim what you're entitled to

If you've worked from home or run a side hustle, tax time can be more complex, but also full of opportunities. Common deductions include:

• Work-related training
• Home office expenses
• Subscriptions
• Uniforms or protective clothing

Keep detailed records and consult an accountant. Claiming all eligible deductions can result in a larger refund- money you can reinvest in your future.

5. Build financial confidence

Only one in three Australians feel confident managing their money.

Women are less likely than men to feel financially secure. Building confidence is key to long-term success.

Things often get brushed aside until 'next week', or 'next month'. The EOFY is the perfect line in the sand to start the new year afresh:

• Make some notes: Write down three things you want to learn more about, and a couple of steps you can take towards each. Make ticking these off a priority. Listen to a podcast, register for a course, read an article. Even small steps count. You have to walk before you can run. The sooner you take that first step, the quicker you'll be on your way.
• Use financial tools and online resources: Budgeting apps like MLC's Money View help track spending and goal progress. Free online courses and resources can clarify financial concepts.
• Give yourself the budget that you want: Don't think of a budget as setting a limit. There's no shame in having financial dreams while also living a little today. It's not about deprivation - it's prioritisation. You set the goals and rules. The important part is being conscious where your money is coming from, and where it's going. This replaces fear of the unknown with confidence about the future.

Financial literacy doesn't mean mastering everything overnight, it's about taking small, consistent steps.

6. Seek professional advice - if you can

If it's within your means, consulting a financial adviser can be transformative. A professional can tailor advice to your goals and circumstances. This is particularly helpful for women who've experienced career breaks, separation, or major life changes.

If professional advice isn't accessible, online resources can offer valuable guidance and help build knowledge and confidence.

EOFY is an ideal time to take charge of your finances and to edge closer to financial wellbeing. Everyone's journey is different, but with the right tools, education, and mindset, financial freedom is within reach.

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