New financial year, new money energy: right now is the perfect time to make some mid-year money resolutions and set up the habits that will help you get there. Whether you're keen to pay off debt, grow your savings or simply want to feel like you’re in control of your money and not the other way around, the secret lies in small habits, done regularly.
Where are Australians putting their financial energy?
• 70% are focused on building savings and growing wealth
• 44% are working on clearing debts
• 44% want to spend less
• 41% aim to earn more
Source: Wisr, Money on Your Mind Report, 2024
1. Name your money goals – then break them down
“Save more” sounds good but it’s probably not going to get you very far. To create habits that stick you’ve got to get specific. What are you saving for, a house deposit, emergency funds, a new sofa? Whatever it is, write it down, say it out loud, or even better tell a friend, accountability works. Once you’ve named the goal, break it down into the amount you need to put away on a regular basis, and set up direct debits that line up with your pay day into a separate account. Now you don’t even need to think about it – the savings are just happening.
2. Set up a regular money date
You, your bank account and a cup of something warm: welcome to your weekly 15 minutes of one-on-one time with your finances. Schedule a repeating calendar appointment at a time that suits you (some people like a Sunday night date to set themselves up for the week ahead). Look at what’s coming up, what you’ve spent and where you’re tracking. This quick check-in builds awareness and helps you stay intentional with your money.
3. Audit your subscriptions (yes,again)
Streaming, apps, delivery services might seem cheap individually, but they add up fast. Check your bank statements, cancel what you’re not using, and downgrade where you can. You might save hundreds a year without noticing the difference.
4. Automate a ‘Future Fund’
This is your go-to for unexpected expenses: car repairs, vet bills, medical costs, or anything that could throw your budget off course. Automate a small weekly transfer (even $10 – or whatever you just saved from those cancelled subscriptions) to build it up over time without having to think about it.
5. Try a no-spend reset
A reset can help break impulse habits, save cash and get you feeling back in control. Consider a no-spend month off buying clothes if that’s your kryptonite, a no-spend, low-key weekend or commit to a week of using up your pantry and freezer stash before hitting the supermarket. Whatever you save, add to your savings goal – you might find it’s motivating to do on a regular basis.
6. Take your credit card off your phone
Struggling with credit card spending? Removing it from your digital wallet creates friction – that is, it slows you down. Because when payments feel invisible, so does the spending. Keep the card in your wallet or leave it at home to make purchases more mindful.
7. Unsubscribe and unfollow
Clear out brand emails, sales promos, fashion influencers and anything or anyone that tempts you to click “add to cart.” Less inbox and social media clutter means fewer spending triggers and more room to focus on your own goals, not someone else’s marketing plan.
Ready to create habits that stick. Register for Essentially You to get expert tips from habit guru Dr Gina Cleo.
