6 steps to make your money work harder this EOFY

Step 1: Decide what your goals are

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 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 6: Do an EOFY Super Tidy Up  

It’s getting close to EOFY24/25, which means it’s a great time to think about getting your super in shape.

If you’re wondering how to boost your super savings this EOFY, there are lots of ways to do it through contributions before and after tax. Read more about voluntary contributions, the government co-contribution (up to $500* bonus super from the government if you’re eligible), and salary sacrifice.

*The maximum $500 co-contribution per financial year applies when your total income is equal to or less than the lower income threshold ($45,400 for the 2024-25 financial year) and you make an after-tax contribution of $1000. The amount of the government co-contribution reduces by 3.333 cents for every dollar you earn above the lower income threshold, until you reach the higher income threshold ($60,400 for the 2024-25 financial year). You will not receive any government co-contribution if your total income is equal to or greater than the higher income threshold.