New year, new financial you: The money to-do-list

Resolve to make some good money habits this year – here’s a tickable list to help you on your way.

The summer holidays are a time to kick back and recharge. It’s also a time to take stock of life over the last year and set some new priorities for 2026 to continue to improve your life.

While you’re assessing career, relationships and parenting, don’t forget to add improving financial decision-making to the list as well.

Money doesn’t buy happiness, but it can certainly help. And the key is building healthy financial habits. So here are my top financial ‘thought starters’ to help begin the process of a new financial you.

Money to-do list

Create a financial plan and spend some time each week developing and reviewing that plan to make it happen. With every financial transaction, top of mind should be “how does this fit in with my financial goals?”
Take five minutes to review your main accounts each day. Make certain that all charges are accurate and review any purchases you may regret later.
Every week, review all transactions to help maintain your financial goals.
Review accounts monthly to make sure all bills are paid on time. If the funds aren’t there then call the institution to alert them of an expected payment date or work out a payment plan.
When creating an annual financial plan, create quarterly milestones that benchmark progress. For example, if the plan is to pay off $10,000 from the mortgage in 12 months then by month three, you should have $2500 paid off. If that doesn’t happen then readjust the plan, move the goal or play catch up.
Set your finances on autopilot. Set up every recurring expense using BPAY or via direct debit.
Create a goal statement: My intention is to ________________ in order to achieve financial freedom.
Save 10 per cent of income for savings and retirement.
Pay down non-mortgage debt to less than 15 per cent of income.
Read or watch the financial media to keep abreast of emerging financial issues that impact your life.
Be mindful of emotional impulse spending. Shopping when you’re sad, mad or depressed often leads to purchases you’ll regret later.
Spend more time with those who are where you want to be financially. It helps you compare how you operate while helping you make changes along the way.
Every day, daydream and feel what it will be like when you reach your financial goals: debt free, 6-12 months of emergency fund savings – whatever it is, dream about it, talk about, write about it and make it happen.
Give back. This can be with your time or money. Spend time giving back to others less fortunate than yourself to maintain a balanced life with a good sense of priorities.
De-clutter your finances. What are some things that you’re paying for that leech money (automated subscriptions, the latest tech gadget, fast fashion for instance?) and hinder you from reaching your financial goals.
Don’t stress about the past. Leave financial regrets behind as they took place in order to teach you lessons for the future. The coming year won’t be perfect, but commit to learning from mistakes to avoid making them again.
Don’t compare your financial situation to others who are in a better position. Like you, they had to work to get where they are and if you take anything from their situation, it should be that you can one day be financially free yourself.
Make some hard decisions about your spending habits. The more insight you have into this area, the better decisions you’ll make.
Find ways to earn more money. Developing multiple streams of income is key to financial freedom. Think about things like a part-time job or a home-based business.
Sell anything you haven’t touched in six to eight months and use the proceeds to pay down debt or plug into savings.
Discuss your financial plans for the coming year with your partner or spouse. Make sure you are both on board with goals and how you will address setbacks.
Give children gifts that will last long past the next birthday. Set up, or add money to, an education fund.