Article Reflect, Reset, Rebalance: A Financial Health Check for the New (Financial) Year. 18 August 2025 Read time: 2 min Author Annie Lillico Lewis Expert Reviewer Rae Stagbouer As the financial year rolls over, many of us feel the quiet pull to take stock. Whether you’re a small business owner navigating growth and complexity, or a busy professional balancing career and home life, now is the perfect time for a financial health check. The new financial year offers a natural circuit breaker — an opportunity to reflect on what’s working, what’s not, and where you’d like to go next. This isn’t about perfection or pressure — it’s about creating space to make more informed, intentional financial decisions. For Business Owners: Your Financial Health Check is a Step Back to Leap Forward When you’re running a business, it’s easy to get swept up in the day-to-day. But a proper financial health check at the dawn of a new financial year gives you the chance to zoom out and take a look at the bigger picture — not just your compliance obligations, but your strategy, structure, and systems. 1) Reflect on the year that was. First, take a moment to pause, get curious, and reset with purpose. A financial health check now can help you build a more resilient and rewarding business year ahead. Resist the urge to immediately dive into action. And instead, start with these important reflections: How did the business perform against expectations? Review revenue, profit, and key expenses. Were there surprises, wins, or warning signs? How’s your cash flow looking? Are you carrying a buffer, or have things felt tight? If you’re regularly kicking in cash to the business, this should be a good indicator that something might need a tweak. Are your systems and processes working for you — or holding you back? If things like invoicing, payroll or reporting are still clunky, consider engaging a bookkeeper, accountant or business adviser to give you some fresh eyes. You can also ask them about automating processes and using technology to streamline operations. Has the business outgrown its current structure? Changes in income, team size or service offering may prompt a review of your tax or business structures. You should also take this moment to reflect on your current risk, and what protections you have in place – both personally and for your business. Are your prices still fit for purpose? Rising costs, a period of business growth or changes in your service mix might call for a pricing refresh. Especially in the early days of running a business, it can be tempting to “win” on price. But as your business matures, you’ll need a pricing strategy that includes profit – or at least enough headroom to reliably pay yourself and any team members. 2) Reset and rebalance. Once you’ve had a chance to reflect on the year that’s been, you can begin the process of resetting and rebalancing for the year ahead. Reverse engineer your goals Start with your life goals first, before documenting your work goals. What matters to you personally and as a household? Reordering your goal setting practices helps to reinforce that your business is here to support your household, and not the other way around. Look beyond financial targets in your business Go ahead and do some goal-setting for your business. Be sure to look beyond financial indicators and consider things like team culture, client experience, and operational capacity. Recast an all-star team of experts Consider the roster of financial advisers, business advisers, bookkeepers and other experts you turn to for specialist knowledge and help. The new financial year is a perfect time to re-engage or recast your team. Update your financial forecast A rolling 12-month budget, cashflow and forecasting model gives you clarity and control as conditions change. It’s a great confirmation point for when you’re on track and an early warning system for things going off the rails. If you don’t have a good model for your business, speak to a business adviser. Check in on your tax strategy Review your upcoming obligations and explore available small business concessions. Diarise important reporting deadlines and look into proposed changes that may impact your operations or employees (e.g. things like the proposed PayDay Super changes or SGC increases). Review how you’re paying yourself Are you drawing income efficiently? Contributing to super? Protected if something goes wrong? Look for opportunities to streamline Small changes to your tech stack or processes can give back time and reduce errors. For Busy Households: A Financial Health Check for Life on the Go Between work, family, and a full calendar, it’s easy for financial admin to slide down the list. But the dawn of a new financial year gives you a great excuse to tune in, tidy up, and do a financial health check that supports the way you want to live — now and into the future. 1) Reflect on life, money and more. Start your financial health check with a few honest reflections: How did your saving and spending habits go last year? Were you able to build savings, reduce debt, or stay on track with your goals? Any big shifts in your family, career or financial situation is a good indicator that it’s time for a detailed review of your financial strategy and household budget. Are your current habits aligned with your values? If spending has crept up in areas that don’t really matter to you, now’s a good time to reset. Are there any apps or subscriptions you’re no longer using? Or using too much? Is your investment strategy still right for your needs? Market movements or changes in your life may warrant a review of your investments and strategy. During your financial health check, have a look at what your portfolio is actually doing. Is it building the legacy you wish to leave? Are you making the most of super? Consider your super. Check your account (or accounts!) and super balance. Reflect on the super strategies you leaned on through the year. How did they go? Are you adequately protected? Review your life insurance, income protection and health cover policies. Consider if they are still appropriate for your needs and life stage. Tee up a chat with your financial adviser or a dedicated insurance broker if you’re unsure how much coverage you require or think there may be better product options. 2) Reset and rebalance. Once you’ve spent some time reflecting on your financial health, it’s time to reset and rebalance. Even in a busy life, financial housekeeping can help you stay aligned to your goals — and keeps small issues from becoming big ones. Use your financial health check to help you reset in the new year. Here’s how: Book a financial health check-in There’s no better time than the present to get a handle on your personal goals and financial strategy. If you’re juggling a busy career, family, big shifts in life circumstances, multiple goals, or just want some clarity on the future, a conversation with a financial adviser can really help. Refresh your household budget Update your projected income for the year. Audit recurring expenses to identify where you may be leaking money. Ruthlessly cancel apps and subscriptions you’re not using, or using too much, to regain some control. Consider your super (if it’s right for you) Fewer accounts can mean lower fees and easier tracking, so is it time to consolidate those accounts? Super contributions – even small top-ups — can make a big difference over time (particularly if you’ve taken a break from paid employment). And don’t forget to check that your beneficiaries are current. As with all things finance, the devil is in the details and you should speak to a financial adviser and deeply consider which super strategies are right for your unique circumstances. Get yourself protected Once you’ve reviewed your life insurance, income protection and health cover, make sure they’re still appropriate for your life stage and circumstances. Your financial adviser can guide you through how much coverage you should have. You can also speak to a dedicated broker. Either way, if you think your insurance needs have changed or that there may be better premiums or coverage options, it’s worth chatting to an expert as part of your financial health check. Pick one or two key priorities Whether it’s clearing a credit card, boosting your emergency fund, or saving for a holiday — start small, and build momentum. Picking (and sticking) to one or two key priorities is much more powerful than trying to do everything at once. Celebrate what you did well Don’t forget to acknowledge small wins. Progress builds confidence, and taking a moment to celebrate is a great way to set yourself up for success in the new year. Remember: Financial Wellbeing is a Process not a Destination. Financial wellbeing isn’t about grand gestures — it’s a process, not a destination. It requires small, consistent habits, reviewed regularly. So remember: you don’t need to do everything at once. An annual financial health check isn’t about having everything perfectly in order. It’s about pausing to reflect, spotting what needs attention, and taking the next right step. Whether you’re running a business or managing a busy household, it’s okay to start small. Choose one or two things that will make a difference, and build from there. And if you’re not sure where to begin — or need a hand along the way — we’re here to help. From Guesswork to Game Plan. Ready to take control of your financial wellbeing? Let's chat
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