As 2026 rolls in, there’s no better time to get a grip on your financial wellbeing. The start of the year brings fresh enthusiasm, and a personal financial audit is just the thing to kickstart your financial health. Whether you’re a Hunter region family juggling a mortgage, a working pro building wealth, or someone ticking off the boxes towards retirement, this 10-step checklist will help you take stock of where you are and get yourself in the right shape for the year ahead.
1. Get Your 2025 Finances in Order
Start by scraping together all your income data from the past year – that’s your PAYG statement, any business income, and investment returns. Then dig out all your spending receipts. Go through your bank and credit card statements and sort your expenses under headings like living costs, rent or mortgage payments, interest payments, and anything else that’s a discretionary splurge. This year-end snapshot becomes the starting point for making next year better.
2. Take a Long, Hard Look at Last Year’s Numbers
Now you’ve got all your numbers in front of you, start asking the tough questions. Were there any unexpected increases in certain expense categories? Were your total expenses lower than your income? Find out where you can cut back – maybe it’s those unused gym memberships or services you’re still paying for, but that don’t get much use. Use these insights to set some realistic budget limits for 2026.
3. Take a Good Hard Look at Your Debts
Check the interest rates on all your debts – that’s your credit cards, personal loans, and your mortgage. With interest rates having bounced around a lot in recent years, you may find you can get a better deal by switching cards or refinancing. And if you’re carrying balances on credit cards or Buy Now Pay Later services beyond their interest-free periods, write yourself a payment plan to tackle these high-cost debts first.
4. Give Your Savings Some Love
You want a healthy emergency fund that’ll cover three to six months of living expenses – and that brings a peace of mind you just can’t buy. But don’t let your savings sit in a low-interest account earning nothing. Have a look around to see if there’s a high-interest savings account, a mortgage offset account or a term deposit that’ll give you better returns while still keeping your money handy when you need it. A solid wealth creation strategy can help you make the most of your savings.
5. Get Your Superannuation in Order
Your super is probably one of your biggest assets, so it deserves some attention. Check whether your investment options suit your age and willingness to take on risk. Compare how your fund is performing with the ATO’s YourSuper Comparison Tool. Just make sure your employer has made all the contributions they’re supposed to, and think about whether adding a bit of extra money (concessional or non-concessional) to your retirement savings would give you a boost. Don’t forget to check if you’ve got a crack at government co-contributions or some kind of spouse contribution offset. If you’re getting closer to winding down, have a read of our guide to transitioning to retirement.
6. Review Your Investment Portfolio
Take a closer look at how your investments are split across shares, property, cash, and bonds – does this still match what you’re aiming for? Review your brokerage fees and fund management costs to make sure you’re not getting stung too badly. This is a good time to check that your capital gains tax records are up to date too.
7. Check Your Insurance – Has Anything Changed?
Life changes, and your insurance needs to keep up. Review your life insurance, income protection, disability cover, and property and health insurance. Have you got kids, bought a new house, or had some other significant life change? You may need to get your valuations updated to make sure you’re neither under-insured nor paying for more cover than you need. Not sure where to start? Our personal insurance page has more information.
8. Make the Most of Your Tax Deductions
Don’t leave any cash on the table. Go through all the legitimate deductions you can claim – that’s work expenses, investment costs, rental property, super contributions, and even charitable donations. Check your private health insurance tax statements are all correct, and consider using the ATO’s myDeductions tool in 2026 to keep on top of things.
9. Reassess Your Financial Goals
Life is full of big events that shift your priorities. If you’ve changed jobs, married, had kids, bought or sold a property, had some health issues, or started thinking more seriously about retirement, your savings and investment strategies may need to change. Take a bit of time to see if your financial plan is still on track for where you’re headed. Our financial planning services can help you map out the road ahead.
10. Make a Plan for 2026
Get your audit into high gear. Set some specific, measurable financial goals for the next 12 months. Maybe that means cutting back in certain areas, building up that emergency fund, or boosting your super contributions. Review your progress on your long-term goals like buying a home or saving for a comfortable retirement. If retirement is on the horizon, check out our retirement planning services.
Got a Question? We’re Here to Help
That’s quite a list, and we get that it can feel a bit overwhelming. The good news is that making a personal financial audit part of your annual routine will really pay off – and you don’t have to go it alone.
Our Newcastle team has the expertise to help Hunter region residents get on top of their finances – from sorting budgets and debt management to superannuation, investments, and long-term financial planning. If you need some help with your personal financial audit, or any part of your financial journey, get in touch with us today.
Here’s to a financially happy 2026!
Some Handy Links:
ATO YourSuper Comparison Tool: head on over to ato.gov.au and have a look at their YourSuper Comparison tool
ATO myDeductions Tool: download the ATO app or have a look through ato.gov.au to learn more about the myDeductions tool – it could be handy for you
General Advice Disclaimer: This article provides general information only and does not constitute personal financial advice. Your personal circumstances, objectives, and financial situation have not been taken into account. Before making any financial decisions, we recommend consulting with a qualified financial adviser who can assess your individual needs.
