Last updated:
No matter what your stage of life, here are 10 practical steps to help get your finances organised and build a stronger financial future.
Do a budget
A budget helps you see where your money is coming from, where it’s going and what you could do differently.
Start by listing your income, regular bills and everyday spending. Once you know what you're spending, it's easier to decide where you can save, cut back or put money towards your goals.
You can check our detailed tips on how to do a budget if you need them.
Even if your income changes from week to week, having a basic budget helps you stay in control.
Why it matters: Knowing where your money goes is the first step to making it work harder for you.
Check your credit score
Your credit score can affect whether lenders will give you credit or lend you money.
It's a good idea to check your credit report regularly to make sure the information is correct and to spot any signs of identity theft or fraud. You can get your credit report for free once every three months.
If something’s not right, you can also ask for mistakes in your credit report to be fixed for free. Learn more about credit repair.
Why it matters: Knowing what’s in your credit report can help you fix mistakes and understand how lenders may assess you.
Sort your debt
Not all debt is the same. Some debts cost more than others because of higher interest rates and fees.
If you have multiple debts, such as credit cards and personal loans, look for ways to make them easier to manage. This could include paying off higher-interest debt first, comparing interest rates, or considering debt consolidation.
Learn more about debt consolidation, about credit card balance transfers, and ways to pay off your credit card faster.
Why it matters: Paying less interest means you can put more money towards your future goals.
Use our credit card calculator to work out the fastest way to pay off your credit card.
Set up your super
Depending on your age, superannuation might seem like something to worry about later, but a few simple checks now can make a big difference over time.
Make sure you know where your super is, check whether you have multiple accounts, and review any fees and insurance you're paying for.
Do an online search to see if you have any lost super, learn what to think about when choosing a super fund, and check what investment options your super fund offers.
When you look at your super account, here’s a short list of things to check.
Why it matters: Small actions now can help you avoid unnecessary fees and keep your retirement savings on track.
High-pressure sales tactics are putting your super savings at risk. Be on red alert for phone calls, click bait advertising and promises of unrealistic returns.
Read the investor alert and our tips on how to protect your money.
Insure your stuff
Replacing a damaged car, stolen laptop or belongings lost in a fire can be expensive. Insurance can help protect you from unexpected costs when something goes wrong.
The type of insurance you need depends on what you own:
- Car insurance can help cover repair or replacement costs if your car is damaged, stolen or involved in an accident.
- Contents insurance can help cover the cost of replacing your belongings, such as furniture, clothes, electronics and other personal items.
- Home insurance can help protect the building itself if it's damaged by events such as storms, fire or other insured events.
Before buying insurance, compare policies carefully, check what's covered and understand any exclusions and excesses.
Why it matters: Insurance can help you recover financially when unexpected events damage or destroy the things you've worked hard to pay for.
Insure yourself
Most people insure their car or belongings, but it's also worth thinking about how you'd cope financially if you became sick, injured or unable to work.
Consider whether you should have health insurance (including how the government surcharges and incentives work).
Understand how life insurance works, including income protection, TPD cover and life cover. If you have a super account, check whether you already have any of these types of insurance through your fund.
Why it matters: Insurance can help protect your health, income and financial future when the unexpected happens.
Cut your costs
You might be paying more than you need to for everyday expenses.
Look for ways to reduce the cost of things you already buy, such as groceries, fuel and energy bills. You can also review subscriptions, memberships and other regular expenses to see if you're still getting value from them.
For ideas, see:
Small savings can add up over time!
Why it matters: Spending less on everyday costs can free up money for savings, debt repayments or future goals.
Build an emergency fund
Life is full of surprises. Cars break down, appliances stop working and unexpected bills arrive.
An emergency fund is money set aside for these situations. Start with whatever amount you can manage and build it gradually over time.
Why it matters: Having a financial buffer can reduce stress and help you avoid relying on credit when unexpected expenses arise.
Set future goals
Think about what you want your money to help you achieve.
Your goals might include buying a car, travel, saving a house deposit, starting a business, building financial independence or retiring comfortably one day.
Write your goals down and break them into smaller steps to make them feel more achievable.
Why it matters: Having a clear goal can help you stay motivated and make better financial decisions.
Learn some investment basics
Before investing your money, take time to learn the basics. Understand how different investments work, why it's important to diversify, and how to spot investment hype and products that may be riskier than they seem.
You can start by learning about:
- Investment hype and how to avoid getting caught up in trends you don't understand.
- Diversification and why spreading your money across different investments can help manage risk.
- Complex investment products and the extra risks they may involve.
Why it matters: Understanding the basics can help you make informed decisions and avoid costly mistakes.
Bonus tip: Consider estate planning
Estate planning isn't just for older people.
If you're over 18, it may be worth thinking about who would make decisions on your behalf if you couldn't make them yourself, and who would receive your assets if you died.
Depending on your circumstances, this could include making a will or appointing someone you trust to make financial or medical decisions.
Also, check in on your superannuation and find out who would get your super if you passed away.
Why it matters: Having a plan in place can make things easier for the people who matter most to you.
You don’t need to do everything at once. Pick one step that would make the biggest difference to you and start there. Once that’s sorted, move on to the next one.
Getting organised now can give you more confidence and more options in the future.
Join thousands of Australians and get tools, tips and calculators to help with your money - straight to your inbox each month.
Sign up