NEW YEAR, NEW... BUDGET?
Chartered Accountants ANZ
As 2026 begins, peak accounting body Chartered Accountants ANZ (CA ANZ) is reminding Australians the new year is a new opportunity to focus on their financial fitness – by releasing four top tips for a financially healthy year ahead.
CA ANZ Australia Tax Leader, Susan Franks, said resetting your goals and developing good money habits, can start today.
“We know families are dealing with increasing costs on all fronts – from bills to mortgages to the essentials such as groceries,” Ms Franks said.
“Whatever your financial situation, we have four practical steps for you to take.”
- Review your debts
“Australia has the second-highest level of household debt in the world, with total borrowings worth 112 per cent of GDP, according to the International Monetary Fund. Only Switzerland ranks higher, at 125 per cent.[1]
“While some debt is unavoidable, we recommend paying down what you can, or exploring re-financing options to get a better rate.
“If you find yourself in serious financial difficulty, you can call the National Debt Helpline on 1800 007 007 to receive some free financial counselling.”
- Examine your expenses
“Spend time examining exactly what you’re spending your money on. Technology has made it so easy to spend money that sometimes we don’t spend consciously.
“We recommend reviewing all your spending for a month, line by line. Check your subscriptions and streaming services and see if you’ve used them in the past month. Make sure you also shop around for the best price on your utilities and insurance.
“There are many free household budget spreadsheets available online which can make your budgeting process easier.”
- Commit to a savings target
“While many of us have good intentions to save, it often becomes too difficult after all the bills are paid.
“To avoid this, setting up a direct debit of a manageable amount (typically 10-15% of your net income) into a high-interest account on payday can help.
“If you can’t see it, you can’t spend it. Automating this process makes your life easier now, and in the long run.”
- Seek advice from your Chartered Accountant
“Put yourself in the best possible position by seeking advice from your Chartered Accountant.
“They will be across the latest changes to tax settings or new regulations and can help you manage your cash flow ensuring you are a step ahead financially.”
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
www.charteredaccountantsanz.com
For more information contact:
|
AUSTRALIA Gillian Bowen, Public Affairs Lead Australia M +61 411 485 421 |
|