New Year Financial Checklist 2026
With the start of a new year, many of us take time to reflect on what we’ve achieved and what we want the year ahead to look like. Whether you’re running a business, employed, or enjoying retirement, a new year is the ideal time to review your financial position and ensure your money is working as hard as you are.
A structured financial checklist can help identify gaps, uncover opportunities, and keep you on track to achieving your short- and long-term goals.
Below are the key areas worth reviewing as you head into 2026.
Home loan review
If you’re still making mortgage repayments, now is a good time to reassess your loan. Are your repayments still competitive? Could increasing repayment amounts or frequency help reduce interest over time? With interest rates having changed significantly in recent years, it may be worth reviewing whether a fixed or variable rate (or a combination of both) is still appropriate, or whether refinancing could improve your position.
Other debts
Review any personal loans, car loans, credit cards or buy-now-pay-later facilities. As a general rule, if these non-deductible debts exceeds around 10% of household income, a structured repayment strategy should be a priority. Debt consolidation can help reduce interest costs, but only when paired with disciplined spending habits.
Cashflow & Budgeting
Have your income or expenses changed over the past year? Rising living costs, subscriptions and lifestyle creep can quietly erode progress. Reviewing cash flow helps ensure you’re spending intentionally and freeing up funds for savings, investing and debt reduction.
Savings & Emergency Fund
How much did you save last year? If saving only happens after spending, it may be time to “pay yourself first” by directing a portion of income (often up to 10%) into a regular savings plan. It’s also important to maintain an emergency fund with three to six months of living expenses, kept separate from long-term investments.
Investment Portfolio Review (Inside & Outside Super)
Beyond superannuation, review any personal or family investments. Are they still aligned with your goals, timeframes and risk tolerance? Is your portfolio appropriately diversified, and are tax outcomes being actively managed? Markets and personal circumstances change, and portfolios should evolve accordingly.
Insurance Review
When illness, injury or unexpected events occur, underinsurance is a common and costly issue. Reviewing life insurance, income protection, total and permanent disability, and trauma cover ensures your protection remains appropriate for your income, debts and family situation.
Superannuation
Do you know your current super balance and where it’s invested? Is your super structured appropriately for your stage of life? Reviewing fees, investment options, insurance within super and contribution strategies can make a significant difference to long-term retirement outcomes. You may also wish to explore additional contributions to boost retirement savings and improve tax efficiency.
Tax Planning (not just Tax Returns)
Effective tax planning happens before 30 June. Reviewing deductions, offsets, super contribution strategies and investment structures early can help legally reduce tax and improve cash flow. For business owners, it’s also worth reviewing whether your current business structure is still appropriate.
Estate Planning & Beneficiaries
Making a Will is essential, but it’s just one part of estate planning. Life events such as marriage, children, separation or business changes can make documents outdated. Regularly review your Will, Powers of Attorney and Medical Directives, and ensure superannuation beneficiary nominations are valid, up to date and aligned with your wishes.
Business Owners: Succession & Key Person Risk
If you own a business, consider whether succession plans, buy–sell agreements and key person insurance remain appropriate. These areas are often overlooked but critical to protecting both business value and family wealth.
Review Your Goals
Finally, ask yourself whether your personal, family or retirement goals have changed. A financial plan should always reflect what matters most to you, not just market conditions or tax rules.
Don’t let another year pass without reviewing your financial position. A structured annual review can provide clarity, confidence and direction, helping ensure every part of your financial life is working together. For advice or assistance tailored to your circumstances, please contact us at AGS Financial Group.