Why we need to face the truth about our spending

Every year around this time, Australians start talking about goals.

We promise ourselves we'll get fitter, eat better, work smarter and spend less. But if there's one area where our good intentions tend to evaporate faster than a Boxing Day bargain, it's our finances.

I get it. I've spent years as a mortgage broker watching people squirm when the conversation turns to spending.

Not because they're irresponsible, but because they're human. We all are. We underestimate, we justify, we forget and sometimes (especially during the silly season) we simply look the other way.

In Australia, the spending spree doesn't start at Christmas. It kicks off at Melbourne Cup and doesn't slow down until after Australia Day.

That's nearly three months of long lunches, weekend getaways, gifts, celebrations and, "it's the holidays, why not?" purchases. It's fun. It's cultural. And it can absolutely derail your financial goals if you're not paying attention.

Whether you're saving for your first home, building an investment portfolio, or managing multiple properties, the truth is the same: you can't set meaningful financial goals until you know where your money is actually going.

Why most people avoid looking at their spending

Let's be honest. Tracking your spending during the holidays feels like stepping on the scales after Christmas lunch. You know it won't be pretty. You'd rather not know.

But here's the uncomfortable truth: avoiding the numbers doesn't change them.

A recent survey by Compare the Market found that half of Australians admit to lying about their salary, savings or spending.

Not to a bank. Not to a broker. To themselves and the people closest to them. That's not because people are deceitful, it's because money is emotional. It's tied directly to our identity, confidence and fear.

But if you want 2026 to be the year you finally get ahead, you need to lean into that fear.

Look at the last 12 months of your spending, especially the last three. Accept what you see without shame or excuses. That moment of honesty is where real financial change begins.

Why goals fail (and how to make them stick)

Most financial goals fail for one simple reason: they're built on guesswork.

People tell me all the time, "I think I spend about $3000 a month." Then we look at the data and discover it's actually $4500. Or $6000. Or more. Suddenly the deposit goal that should only take a year becomes a three-year plan.

This isn't about judgment. It's about accuracy.

When you understand your real spending habits (rather than the version you wish were true) you can set achievable goals. You can build a budget that reflects your actual life.

And most importantly, you can start making changes that stick.

Financial fitness is critical in 2026

Property markets move. Interest rates shift. Investment opportunities come and go. But the one thing you can control is your behaviour.

Think of it like getting a personal trainer. You don't hire one because you're already fit. You hire one because you need structure, accountability and expert guidance. Working with a mortgage broker or financial adviser is no different.

Professionals can help you understand your spending patterns, build habits that support your goals, stay accountable when motivation dips and adjust your strategy as your life changes.

As I've said publicly before, too many Australians underestimate the lifestyle changes required to take on a mortgage or build wealth.

Without clarity on where your money is going, you're flying blind. And that's when people end up in mortgage stress or abandoning their investment plans altogether.

Start now

If you're reading this in December or January, you're probably already deep in the silly season. That's perfect. There's no better time to start.

Track your spending for the next four weeks. Don't judge it. Don't justify it. Just observe it.

Then look back at the last 12 months. Notice the patterns. Notice the surprises. Notice the habits you didn't realise you had. That's your starting point.

From there, set one or two clear financial goals for 2026. Not ten. Not vague ones. Real, measurable goals grounded in real numbers.

Then get support. A broker, an adviser a coach - someone who can help you stay on track when life gets busy and old habits creep back in.

The bottom line

Most people think financial success starts with discipline. In my experience, it starts with the truth.

If you want 2026 to be the year you buy your first home, expand your portfolio, or finally start investing, you need to know yourself first. Your habits. Your blind spots. Your spending.

Lean into the fear. Look at the numbers. Accept what you see. Because once you know the truth, you can change it.

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