Money
EOFY financial health check: 10 essential steps for Aussies over 50
This 10-step financial glow-up will help you head into the new financial year feeling sorted, savvy and ready for smarter spending.
By Bron Maxabella
It’s that time again, June 30 is approaching faster than a budget blows out at Bunnings. And while it’s tempting to treat tax time like a tedious chore (just another round of receipts, forms and dull-as admin), what if we flipped the script?
Instead, how about we think of the end of financial year as our annual financial wellness spa day. A moment to pause, stretch, reflect and reset.
It’s a chance to give your money life a tune-up. You can look for savings, sort out your super, and set yourself up for the next 12 months (and beyond).
Whether you’re still working full-time, planning your next move, or already enjoying retirement, this EOFY financial health check will help you feel financially fit, fabulous and future-ready.
Let’s get started.
Check your superannuation balance
Your super isn’t just a line on your payslip. It’s your future lifestyle, your freedom fund, your ‘cocktails at sunset’ account. Take a few minutes to log into your super account and check your balance. Has your employer been making regular contributions? Are you missing out on any top-ups or government co-contributions? Are you still happy with your investment balance?
If you’ve got room to make extra concessional contributions (before-tax contributions), now’s the time to lock those in. Even a small extra payment today can make a surprisingly large splash later. Your future retired self will thank you, preferably from a deckchair.
Read this too: Beyond your bank balance: 5 numbers you should know by 50
Car insurance audit
When was the last time you actually read your car insurance policies instead of just auto-renewing them while making a cup of tea? EOFY is the perfect excuse to review your cover: are you over-insured, under-insured or just paying too much?
Don’t miss this: 13 genius ways to save big money on your car insurance premiums
Here are some key questions to ask yourself:
1. Is my current level of cover still right for me?
Your needs may have changed, especially if you’re driving less or have downsized your car.
2. Has my premium gone up without explanation?
If your policy quietly increased at renewal time, it’s worth asking why. Insurers rely on you not questioning it, so don’t hesitate to shop around for a better deal.
3. Could I save by switching to a low-kilometre policy?
If you’re no longer commuting or only driving locally, you could be paying too much. Many insurers offer discounts for lower annual mileage.
4. Am I getting any loyalty rewards or discounts?
Bundling your policies or sticking with one provider doesn’t always mean savings. Ask the question and compare what other providers are offering.
5. Have there been any changes in my household or driving habits?
Kids moved out? New car? Changed addresses? Partner retired? These changes can impact your premium or coverage needs, so make sure your policy reflects your current life.
Utilities once-over
If your energy bill is so high it feels more like a ransom note, it’s time to take action. Providers often rely on your inertia to keep quietly increasing prices. A quick comparison online at iSelect can reveal discounts, loyalty credits, or better deals for new customers.
This is low-effort, high-reward adulting. Your future self will love the extra cash in your pocket as much as your today self loves the smugness of getting a good deal.
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Health insurance check-up
Like your energy provider, health insurance isn't a set-and-forget kind of thing either, especially when premiums go up and your needs change. What worked 5 years ago might be costing you more now without giving you much in return.
Whether you’ve dropped the kids off your policy, stopped using extras you’re still paying for, or just haven’t looked at your cover in ages, it’s worth a check. Head to Compare the Market to see if there’s a better fit for your budget and lifestyle. You might be surprised how much you can save just by switching to something that actually suits you.
More on this: Take control of your health insurance and stop paying more than you need to
Investment portfolio review
Have your investments been strutting their stuff, or just hanging around in last year’s trackies? Whether it’s shares, property or managed funds, EOFY is a great time to check performance, especially given how volatile the markets are lately.
Are you too heavy on high-risk assets? Too cautious for your stage of life? Rebalancing your portfolio helps keep things aligned with your long-term goals. Think of it as tidying up your financial wardrobe: practical, balanced, with just a little flair.
Read this too: Invest or nest? Why investing in your future income matters
Some questions to ask yourself here:
1. Are my investments still aligned with my life stage and goals?
What worked in your 40s might not be right now. As you edge closer to retirement, your focus may shift from growth to income, or from risk to reliability.
2. Am I carrying too much risk or playing it too safe?
Market volatility can shake things up. Make sure your portfolio has the right mix of growth and defensive assets for where you’re at now, not where you were 5 years ago.
3. When did I last rebalance my portfolio?
Your asset allocation can drift over time. A quick rebalance helps ensure your investment mix matches your plan, not just the market’s mood.
4. Am I paying more in fees than I should be?
High fees can quietly chip away at your returns. Review what you’re paying on your super, managed funds or other platforms and whether it’s still delivering value.
5. Will my income strategy last the duration?
Now’s the time to start thinking about how your investments will support regular income for your lifetime. It’s not just about having enough, it’s about making it last.
More on this: 11 ways to make retirement income last as long as you do
Explore tax opportunities
EOFY isn’t just about receipts and refunds, it’s also about spotting opportunities. From topping up your super to prepaying interest on investment loans or bringing forward deductions, smart tax planning can reduce your taxable income and increase your return.
Some thought-starters:
1. Can I make extra super contributions before June 30?
Topping up your super with concessional (before-tax) or non-concessional (after-tax) contributions could reduce your taxable income now and boost your retirement savings later.
2. Have I maxed out my deductible contributions cap?
The annual concessional cap is $27,500 (including employer contributions), but if you’ve got unused cap space from the past five years, you might be able to contribute more under the carry-forward rule.
3. Should I prepay any expenses or bring forward deductions?
If you have investment loans, work-related expenses, or income-generating assets, prepaying certain costs may give you a valuable deduction this financial year.
4. Have I reviewed my income strategy for tax efficiency?
If you’re drawing income from multiple sources – investments, super, part-time work – are you structuring it in the most tax-smart way? Now’s the time to assess.
5. Am I eligible for any offsets or rebates I’ve overlooked?
From the seniors and pensioners tax offset (SAPTO) to the low and middle income tax offset (LMITO), it’s worth checking if you qualify for any extra relief. You might be entitled to more than you think, especially if your income has recently changed.
Many of these strategies are quick wins if you act before June 30. Have a chat with your accountant or financial adviser – they’re the financial equivalent of a treasure hunter who knows where the deductions are buried.
Estate planning essentials
We know it’s not the most cheery of tasks, but reviewing your will, enduring powers of attorney, and beneficiary nominations is a gift to your future self and your loved ones.
Life changes – marriages, grandkids, new assets – so make sure your estate plan reflects your current wishes. The only thing worse than not having a will is having an outdated one that sparks a family feud over who gets the vast Toby jug collection.
So important: Don't die intestate - the perils of passing without a will
1. Is my will up to date and still what I want?
If you’ve had a major life change (marriage, divorce, grandchildren, new assets), it’s time to dust off the will. An outdated one can cause more drama than a soap opera rerun.
2. Have I appointed an enduring power of attorney?
This is the person who’ll make financial and legal decisions on your behalf if you can’t. Make sure they’re someone you trust implicitly and ensure they know the role you’re asking of them.
3. Do I have an advance care directive or enduring guardianship in place?
These documents let you spell out your healthcare wishes and nominate someone to make medical decisions if needed. It’s about control, clarity and peace of mind for everyone involved.
4. Have I checked the beneficiaries on my super and insurance?
Your super and life insurance don’t automatically follow your will. You need to make sure your nominated beneficiaries are current and ideally, that you’ve made a binding nomination.
5. Does someone know where everything is?
Having a plan is one thing, but making sure someone can find it is another. Store your documents securely and let a trusted person know where they are and what to do next.
These are all Very Big Questions, so if you need help answering them, it’s a good idea to speak to a professional. Start with an estate planning lawyer or a wills and estates solicitor – you can also use an online service like long-time Citro partner Gathered Here. They can help you draft or update your will, set up enduring powers of attorney and ensure everything is legally watertight.
You might also talk to a financial adviser for help with super nominations, or your GP if you’re thinking about an advance care directive.
If cost is a concern, many community legal centres and state public trustees offer free or low-cost will services too.
Debt health check
EOFY is a good time to shine a light on any debts that are hanging around like a bad houseguest. Check the interest rates on your mortgage, credit cards and personal loans.
Could refinancing help? Is it time to consolidate or cut back? Are you eligible for a reverse mortgage or other help to ease the financial burden? A little effort here can free up room in your budget. There’s nothing more satisfying than a bit of financial decluttering.
Great info here: The pros and cons of a reverse mortgage: we run the scenarios
Review your retirement readiness
If retirement is starting to appear on your horizon (or at least on your vision board), take time to review your financial readiness. Are you on track to fund the later-life lifestyle you want?
This is a great time to look at transition-to-retirement strategies, pension eligibility and downsizing options. Retirement isn’t just about stopping work, it’s about starting your next chapter. Page 1 is ensuring you can fund your dreams.
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Emergency fund tune-up
Your emergency fund is like a financial umbrella; not glamorous, but absolutely essential. With wild sharemarkets on the horizon for a while to come, it’s particularly important to keep a buffer of cash at hand.
Do you have enough set aside to cover unexpected expenses or a period without income? The general rule of thumb is to aim for at least 3 to 6 months’ worth of living expenses, depending on your circumstances. A bit of padding now can save a lot of panic later.
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Use these strategies to quickly build your fund:
1. Set up an automatic transfer
Treat savings like a bill and pay yourself first each payday.
2. Sell what you no longer use
List unused items on Gumtree, Marketplace or eBay and bank the profits.
3. Pause non-essential subscriptions
Cancel or freeze streaming, fitness or app subscriptions you don’t use.
4. Skim your bank account
Transfer leftover money from your transaction account into your emergency fund at the end of each week.
5. Round up purchases
Use a roundup savings or micro-investing app that saves small amounts automatically. We like:
6. Use cash windfalls wisely
Put tax refunds, bonuses or inheritances straight into savings while you figure out a longer-term investment plan.
7. Take a spending break
Try a no-spend month and stash what you would’ve spent straight into your fund. A no-spend month basically involves just saying no to anything that’s not an essential purchase. Try it for a weekend – it’s quite alarming how much you can quickly save in this way.
8. Cut out one regular expense
Drop one takeaway coffee or takeaway meal a week and transfer the savings.
9. Review your bills
Negotiate better deals on insurance, utilities or phone plans and pocket the difference.
10. Stash your cashback rewards
Transfer any cashback from your Citro Card shopping straight into your emergency fund instead of keeping it on your account or sending it to super.
Goal-setting for the new financial year
Finally, take a moment to reflect on the past year and set some goals for the one ahead. Whether that’s travel, home improvements or just buying yourself some breathing space, clear goals make financial discipline feel purposeful rather than punishing.
Write them down, share them, celebrate progress. Because reaching your goals feels even better when you’ve carefully planned for them.
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This article contains general information only. It is not financial advice and is not intended to influence readers’ decisions about any financial products or investments. Readers’ personal circumstances have not been taken into account and they should always seek their own professional financial and taxation advice that takes into account their financial circumstances, objectives and needs.
Feature image: iStock/Orbon Alija
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