Life with kids is busy. Between school runs, work commitments, and making sure everyone’s fed and cared for, it’s easy to let your finances coast along on autopilot. But taking time once a year to check in on your money situation can save you from stress and keep you moving toward your goals.
Whether you’re saving for a bigger home, planning family holidays, or just trying to feel more confident about the future, these simple financial check-ups can make a big difference.
If you’re not sure where to begin, working with a professional in financial planning Melbourne can help you create a plan that fits your family’s lifestyle and goals. A good financial planner can help you feel more in control and make the process less overwhelming.
1. Review Your Budget and Cash Flow
Your budget isn’t something you set and forget. As your family grows and life changes, so do your expenses and income. Make it a habit to go over your budget at least once a year. Look at everything—your bills, groceries, subscriptions, and those little extras that sneak in over time. Are there areas where you’re overspending or services you no longer need?
This is also the perfect moment to make sure you’re still living within your means while working toward your bigger goals.
2. Check Your Emergency Fund
An emergency fund is your safety net when life throws you a curveball, like unexpected medical bills, job changes, or urgent home repairs. Ideally, you should have three to six months’ worth of living expenses saved up.
If you’ve dipped into your emergency fund over the past year or two (and many families have), now’s the time to replenish it. Even small, regular contributions add up over time, so set up automatic transfers if you can.
3. Evaluate Debt and Repayment Strategies
Debt can be a helpful tool when managed wisely, but it can also become a source of stress if it gets out of hand. Take a close look at any credit cards, personal loans, car loans, or your mortgage. Are you paying high interest rates? Could you refinance or consolidate to save money each month?
Reviewing your repayment strategies each year helps you stay proactive instead of feeling trapped by debt. Even one small change—like rounding up your payments or making an extra payment—can reduce your balance faster.
4. Update Insurance Coverage
Insurance is one of those things you hope you never need but are grateful for when you do. Once a year, take time to look over all your policies: health insurance, life insurance, home and contents, car insurance, and income protection.
Has anything changed in your life? A new baby, a bigger home, or a change in employment may require you to increase your coverage. Making sure your insurance still fits your needs means you’ll be better prepared for life’s unexpected moments.
5. Revisit Your Retirement Plans
Even if retirement feels far away, checking on your superannuation or retirement accounts annually is smart. Log into your accounts and review your balance, your investment options, and your contributions. If you can, think about making extra contributions to give your future self a boost.
Your retirement savings have more time to grow if you start early, thanks to the magic of compound interest. This check-up is also a good time to consider whether your investments match your comfort with risk and your timeline.
6. Assess Your Estate Plan
While it’s not the most comfortable topic, having an up-to-date estate plan is an important part of protecting your family. Take a look at your will to ensure it reflects your current wishes.
Review who you’ve listed as beneficiaries on your super, insurance policies, and bank accounts. If you don’t have a power of attorney in place, consider setting one up so someone you trust can make financial or health decisions for you if needed. These small steps can give you peace of mind that your loved ones will be cared for no matter what.
7. Set or Refresh Financial Goals
A fresh year is the perfect time to dream a little. What do you want to achieve financially over the next 12 months?
Whether it’s saving for a family holiday, paying down debt, starting an education fund, or finally tackling those home renovations, write your goals down and break them into manageable steps.
Give yourself deadlines and check in on your progress every few months. Having clear goals helps you stay motivated and makes it easier to track your success.
Scheduling a yearly financial check-up doesn’t have to feel intimidating or time-consuming. In fact, many families find that once they start, it’s empowering to see where they stand and what’s possible. Pick a date—maybe the start of the school year or right after the holidays—and make it a tradition to review your finances together.
These small, consistent habits can help you feel more confident, prepared, and excited about your family’s future. After all, when your money is working for you, you’re free to focus on the things that matter most.