6 steps to make your money work harder this EOFY

Step 1: Identify your goals

With today’s high cost of living, aiming for a goal – like buying a home or smashing your credit card debt - can seem challenging. Don’t be discouraged. Now may be a good time to work out what you want or to take stock of where you’re at.

Working towards a clear goal can help keep you motivated and accountable. Having a goal can also help make day-to-day budgeting easier, so you feel more in control moving ahead.

Step 2: Make a plan

Now that you’ve set your goals, draw up a roadmap to plan how you’ll get there.

Map out a detailed timeline of how much you want to save and by when. This will help you understand how much you need to put away and how often. And remember – every little bit counts and adds up over time.

Step 3: Try to set a budget

A plan for your personal finances is great but having a budget in place will help you track what you're spending and calculate how much you can save.

So, record your income, add up your expenses, and set a spending limit. EOFY may be a great time to tidy up your finances and make sure your budget is tracking along.

Step 4: See if you can manage your debt

Reducing your debt may seem out of reach but persistence and a plan might help.

First, work out how much money you owe. Take note of the interest rate(s) you’re being charged, repayment due dates, and what the minimum repayments are, if any. This will give you a clearer picture of how much income (and potential savings) you'll have left after you've covered your debt repayments.

Step 5: Every little bit saved counts

We understand that right now the high cost of living can make it hard to save. But every little bit really does count. And though it may take a bit longer to reach your goals, don’t be discouraged. Getting into the habit of saving can help it to become second nature.

Step 6: Get your super sorted

It’s getting close to EOFY 23/24, but you still have time to get your super into shape and see how it might also help you boost your balance.

You could start by rounding up any lost super and pulling it all into your super account. You can also check if you have multiple super funds. Combining multiple super accounts into one can help make it easier to manage. Plus, you’ll likely save on paying multiple fees.

Before combining your super, make sure you compare all your options and choose the fund that’s right for you. Check out the fees and costs of your current fund(s), what you would pay if you combine your super into one fund, plus any benefits that would be lost, such as insurance cover. Make sure your other fund knows about any contributions you intend to claim a tax deduction for, before combining. If you have any questions, speak to a licensed financial adviser or visit the ASIC MoneySmart website for more information.

Take a look at more important details about finding and combining super here.

Get some advice

If you’re worried about your financial situation, want to know about your EOFY options, or just need some direction to set you on the right track, our team at Rest Advice can help.

Book a call with a Rest Adviser, or use digital advice tools.

General

Government co-contributions

If your annual earnings are below $60,400 for the 2024-2025 financial year, and you make an after-tax contribution to your super, the government can add up to $500* to your super in a financial year.