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Taking time to pause and reflect isn’t something that needs to wait for a particular moment in the calendar. Whether you’re thinking about making changes, working towards new goals, or simply wanting to feel more in control, checking in on your finances can be a powerful step forward at any stage of life.
At IMB Bank, we believe that your finances deserve the same attention as your career, health and personal goals. It’s an area of life where changes happen quickly, and it is important to be as financially prepared as possible for everything that comes your way.
A financial health check isn’t about perfection. It’s about understanding where you’re at now, identifying what’s working, and setting yourself up for a more confident and less stressful year ahead.
1. Check In on Your Financial Goals
Before looking at the numbers, take a step back and ask: What am I actually working towards?
Your goals might include:
- Building an emergency fund
- Saving for a home deposit
- Paying off credit card or personal loan debt
- Growing long-term wealth
- Feeling more in control of day-to-day spending
Writing your goals down can make them feel more achievable. It also helps you prioritise how you use your money. If your spending doesn’t align with what matters most to you, this is the perfect time to reset and refocus. Developing this habit while in your twenties and thirties can also create a strong foundation for long-term financial wellbeing.
2. Review Your Income, Spending and Budget
Understanding where your money goes is a great way to understand your financial health. Spending time reviewing your bank statements from the past few months can help you look for patterns:
- Are there subscriptions you no longer use?
- Did everyday spending creep up without you noticing?
- Were there months where money felt tighter than expected?
If you don’t already have a budget, consider creating one that works with your lifestyle, and not against it. A simple weekly or monthly budget can help you manage essentials, plan for upcoming expenses, and still allow room for enjoyment.
The goal isn’t restriction, but clarity.
Even small changes, like setting spending limits or tracking categories, can make a noticeable difference over time.
3. Strengthen Your Savings Habits
Saving consistently is one of the most important financial habits you can build in your 20s and 30s. One of the ways to do this effectively and quickly is simply by moving money into savings as soon as you get paid. This can help you grow savings without relying on willpower alone.
Consider:
- Do you have an emergency fund to cover unexpected costs?
- Are your savings accounts working hard for you?
- Could automating transfers make saving easier?
Even modest, regular contributions can add up quickly. The end of the year can be a great time to review your savings progress and adjust your targets for the year ahead.
4. Take Control of Your Debts
Debt can feel overwhelming, especially when it’s spread across multiple accounts with different interest rates and repayment dates. If you’re managing multiple debts, now could be the time to review them carefully.
Debt consolidation may be an option worth considering. Combining multiple debts into a single repayment can make things simpler and, in some cases, reduce the overall interest you’re paying.
It can also provide clarity: one repayment, one end date, and a clearer path forward.
Alongside repayment strategies, consider how future spending habits can support your goals, such as using debit cards for everyday purchases to avoid accumulating high-interest debt.
5. Don’t Overlook Superannuation
Superannuation is often easy to ignore early in life but reviewing it now can have a big impact later. Take time to:
- Check how many super accounts you have
- Consider whether you should consolidate them where appropriate
- Review investment options and fees
Making additional contributions, even small ones, can boost your retirement savings over time thanks to compound growth. A quick check now could really benefit you come retirement time.
Renew your Financial Confidence
Taking time to check in on your finances now can make a real difference to how confident and in control you feel in the year ahead. Whether you’re just starting out, working towards a major milestone, or trying to simplify your finances, small steps taken today can have a lasting impact.
If you’re ready to take the next step, IMB is here to help. Explore IMB’s financial wellbeing resources, or discover tools and products designed to support your goals. With the right guidance and support, you can move into the new year feeling empowered to make financial decisions that work for you.
