Financial Check-Ups: What to Review Each Year

Quick Look

Focus: Stay on track financially by reviewing key areas once a year

Key Takeaways:

A yearly money review helps you catch issues early and keep your goals in focus
Reviewing debts, super, insurance, and investments takes less time than most people think
Even small changes — like increasing contributions or consolidating accounts — can have a big impact over time
Reading Time: ≈ 6 minutes

Introduction

Just like your health, your finances benefit from regular check-ups. A quick review once a year can help you spot leaks, reset your goals, and make sure your money is working as hard as you are.

You don’t need a spreadsheet obsession or a finance degree. In most cases, a few smart questions and updates can help you feel more in control — and keep you on track for the bigger picture.

Context & Problem

Life moves fast — new jobs, interest rate changes, growing families, or shifting goals. But many Australians forget to check if their finances are still aligned with where they’re headed.

Without a regular review, you might:

Pay more than needed on loans or insurance
Miss opportunities to grow your super or savings
Drift away from your goals without realising it

Think of it as an annual tune-up. A few hours once a year can save thousands down the track.

Strategy & How To

Here’s a checklist of what to review — and what to look for — during your yearly financial check-up.

1. Your Goals

Start by checking in on what matters to you:

Are your short-term and long-term goals still the same?
Are you saving for something specific — or has that changed?
Have your priorities shifted (e.g. from travel to buying a home)?

Update your goals if needed — then review everything else in light of that.

2. Your Spending and Saving

Are you living within your means — or has lifestyle creep set in?
Can you increase your emergency fund or regular savings?
Is your budget (formal or informal) still working?

Tip: Review your bank and card statements — it often reveals sneaky expenses to cut.

3. Debts and Loans

What’s your current balance, interest rate, and repayment schedule?
Can you refinance, consolidate, or pay extra?
Are your credit cards under control?

Even shaving 0.5% off a home loan rate can save thousands. Use comparison tools like MoneySmart’s mortgage calculator to see if it’s worth switching. Or contact our Mortgage broking affiliate listed on moneyGPS for a complimentary discussion.

4. Superannuation

Check your balance — is it growing steadily?
Are your fees reasonable?
Do you have multiple funds you could consolidate?
Is your investment option still right for your risk level and age?
Are your beneficiaries up to date?

Bonus: Consider small top-ups. An extra $20/week could mean thousands more in retirement (ATO concessional cap: $30,000 per year — updated 1 July 2025).

5. Insurance Cover

Do you have enough life, TPD or income protection insurance?
Have your needs changed — new mortgage, kids, or income?
Are you relying on super-based insurance without checking the fine print?

Outdated or missing cover can leave a big gap. Review your product disclosure statements or talk to a financial adviser if unsure. Or contact our Life Insurance affiliate listed on moneyGPS for a complimentary discussion.

6. Tax and Investments

Are you making use of tax deductions or offsets (e.g. work expenses, super contributions)?
Can you optimise your investments for tax or diversification?
Are you tracking capital gains and losses before June 30?

Even a basic investment account or ETF holding should be reviewed to check for rebalancing or performance drift.

7. Wills, POA and Nominations

Is your will current?
Do you have an enduring power of attorney?
Are your super and insurance beneficiaries correct?

These details are often forgotten — until it’s too late. Or contact our affiliated Legal advisers listed on moneyGPS for a complimentary discussion.

8. Big Life Changes

If you’ve experienced any of these, it’s worth reviewing all the above more deeply:

New job or income change
New child or dependant
Marriage, divorce, or separation
Buying or selling property
Health issues or time off work

Case Study

Leo and Tash’s Annual Reset Every March on Leo’s birthday, Leo and Tash sit down with a glass of wine to review their finances. They: Check their super balances and combine any stray accounts Review their budget, adjust for new costs and see what they can do without Increase Tash’s super contributions using salary sacrifice Compare insurance quotes and whether their Wills still meet their wishes The whole process takes 2–3 hours. They’ve avoided duplicate fees, boosted their retirement savings, and feel clearer about their shared goals each year.

Common Questions & Misconceptions

“Isn’t this too hard without an adviser?”

Not at all. You can do most of it yourself using tools from MoneySmart, your super fund, or your bank. But if things are complex, a financial adviser can help you dig deeper and recommend the best way to get set up. Although an adviser can seem expensive, a once off review every five years or more spreads this expense and ensures you are optimizing your efforts. Usually, the fee is recouped many times over through a better outcome.

“I already have a budget — do I need a check-up too?”

Yes. Budgets are snapshots — but life changes. A yearly review keeps everything aligned.

“Do I need to change everything each year?”

No. You’re checking for drift — not redesigning your plan from scratch. Often, you’ll make just one or two small but powerful tweaks.

“When’s the best time to do this?”

Pick a time that works for you — end of financial year, your birthday, or early in the new year. Put a recurring reminder in your calendar.

Conclusion

A yearly financial check-up helps you stay in control, reduce stress, and move closer to your goals — without needing a full financial overhaul.

The key is consistency, not perfection. When you get into the habit of reviewing your finances each year, you’ll be in a much stronger position to handle life’s changes with confidence.

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Disclosure: General information only. Consider your objectives, financial situation and needs, and seek professional advice before acting.

How We Keep It Trustworthy

Every article includes a Review & Fact Check section below — so you know exactly where our facts come from, what’s uncertain, and whether there’s any bias.

Review & Fact Check

1. Fact References

Super contribution caps and account consolidation – Australian Taxation Office (ato.gov.au)
Insurance and will recommendations – MoneySmart (moneysmart.gov.au)
Loan comparison and budgeting tools – MoneySmart and ASIC consumer resources

2. Unverified or Inconclusive Items

Case study of Leo and Tash is illustrative, based on common review habits
Estimated savings from refinancing or consolidation depend on individual circumstances

3. Time Sensitivity

Superannuation caps and tax thresholds may change after 1 July 2025
Budgeting, investment, and insurance products should be reviewed annually as terms can change

4. Bias Assessment

This article is neutral and designed to educate. It includes general guidance and aligns with ASIC and ATO messaging around financial wellbeing and planning.