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The contents provided on this page are for informational purposes only and do not constitute financial advice. Consider your personal circumstances and objectives before making any financial decisions.
New year, new me and a great time for new financial goals too!
New year resolutions can be an exciting time to set habits that could positively impact both you and those around you beyond the upcoming year. For example, setting up that budget could help fund more family holidays or new hobbies.
If you tend to set goals but struggle to achieve them, you’re not alone. To help you, we’ve created a list of small and big financial goals to help you get started.
While these can inspire your New Year's resolutions, feel free to revisit them anytime of the year, when you're ready to make gradual changes to your life and finances.
Asess Your Spending: Regularly review bank and credit card statements to analyse where your money is going each month. Consider using Beforepay’s free budgeting tool to help you uncover what non-essential costs to cut down.
Build Credit Wisely: Avoid maxing out credit cards and make at least the minimum payments on time each month. Keeping card balances low and being consistent with on-time payments may help to improve your credit score gradually.
Cybersecurity: Consider keeping up to date with new cybersecurity trends on a monthly basis to protect yourself and your finances from scam and fraud. For a list of cybersecurity terms read our blog here!
Digital Detox from Shopping: Unsubscribe from promotional emails and disable push notifications to resist impulse buys. When you do an online shop, consider waiting 24 hours before purchasing to separate needs from wants.
Establish a Retirement Plan: Set up or review your retirement plan, ensuring you are contributing regularly and adjusting your strategy based on your financial goals and timeline.
Financial Literacy Improvement: Check out personal finance books from the library, read reputable financial blogs, or take LinkedIn courses to expand your money management knowledge. Check out our finance resource page for additional help.
Go Green with Finances: Call utility companies to switch to paperless billing and implement eco-friendly upgrades like installing solar panels or purchasing carbon offsets when flying.
High Interest Savings Account (HSA): Did you know you could grow your savings by opening a high interest savings account and making regular deposits? If you want a low maintenance way to grow your money consider opening this type of savings account. View our comparison table of different HSAs to see which one suits you the best!
Insurance Review: Compare rates annually prior to policy renewal since needs and pricing frequently change. Adjust coverage levels and shop around for more cost effective plans. Bundle policies with the same provider for extra multi-policy discounts. For more help on how to choose the right type of insurance read here.
Join a Savings Challenge: Sign up for a savings challenge through social media or community groups. The prize incentives and friendly competition could keep motivation high for reaching your savings goals. If you want to customise your own savings challenge consider reading our 7 days savings blog for some ideas.
Knock Out Small Debts: Sort debts from smallest balance to largest, then pay minimums on all while putting any extra funds toward the smallest debt first. Quick small wins maintain the motivation needed to keep attacking progressively larger debts.
Lower Your Utility Bills: Did you know that LED lights use 75% less energy than traditional incandescent bulbs. Consider comparing your utility providers every 4 months to see if you’re able to cut back on costs. For extra help you could use Beforepay’s free Compare and Save tool!
Meal Planning: Designate a week in every month for home cooked meals. Try batch prepping staples like rice, roasted veggies and tomato stew. Meal prepping saves grocery money, reduces food waste, and prevents daily decision fatigue around cooking.
No Late Payments: Life gets busy, and payments can slip your mind—we understand! To avoid fees and keep a positive credit history, update your reminders and calendar monthly for all payments, including bills and credit cards.
Organise Financial Files: Maintain digital copies of tax returns, statements, and policy documents uploaded to secure cloud storage for quick access when needed. Back up files and enable two factor authentication for protection.
Plan for Major Purchases: Break down big expenses like vacations, vehicles, or home projects into monthly savings targets. Consistently setting aside funds prevents dipping into retirement savings or bad debt when those needs arise.
Quit Unused Subscriptions: Review your streaming services, club memberships, subscription boxes, and software programs to find any charges for services you're not using. By cancelling a few subscriptions, you could save a significant amount of money annually.
Rent/Resell your items: Do you have unused items, a taste for style, or a collection you love? Turn it into a side hustle by renting or selling to those who share your interests—it's an easy way to make extra income with what you already have. For more general info on how to rent your items check out our blog!
Save for a Rainy Day: Set up automatic transfers from each paycheck into a dedicated emergency fund at an online bank. We understand that unexpected and urgent payments don’t wait until you’ve been paid; access fast cash with Beforepay and take control of your financial situations. For more tips on how to build an emergency fund check out here.
Trim Discretionary Spending: Categorise expenses as needs or wants and set limits on dining out, entertainment, travel and other discretionary areas. It could be a good idea to use those savings first toward needs or debt payments.
Utilise Cashback Offers: Add cashback browser extensions like Honey or Shopback for automatic bonuses on online purchases. Also activate cashback through debit/credit payment apps and retailer loyalty programs. These may all add up to major savings over time.
Volunteer Your Time: Contribute your skills or lend a helping hand to support your community. It's a great way to be social without spending money, and at the same time, you're assisting others in need.
Weekly Financial Check-Ins: Review account balances, budgeting app spending, upcoming bills, and progress made toward saving and debt payoff goals each week.
eXplore Side Gigs: Research flexible side hustles like ride-sharing, tutoring, freelance writing, or selling handmade crafts online. Additional income sources help tackle goals faster or provide financial breathing room. For more ideas on side hustles check out our blog here.
Yoga for Finances: Have you ever found yourself lying awake worrying about money? We understand that financial stress can feel overwhelming. But it doesn’t have to be this way. Practice mindfulness and stress reduction techniques to improve your financial decision making. Consider meditation or perhaps making a vision board to organise your thoughts. For extra help we’ve put together a list of financial support and resources.
Zero-Based Budgeting: This type of budget ensures that every dollar you earn has a designated purpose, whether for bills or gym memberships. It prevents any money from being overlooked and prioritises essential expenses.
Disclaimer: Beforepay Group Ltd ABN: 63 633 925 505 (Beforepay) allows eligible customers to access their pay and/or access their tax refund, and also provides budgeting tools. The views provided in this article include factual information and the personal opinions of relevant Beforepay staff. This article contains selected summary information only and is provided for general information purposes only. Beforepay and its related bodies corporate make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this blog post and do not accept any liability for any loss whatsoever arising from the use of this information. Please read our Terms of Service carefully before deciding whether to use any of our services.
