New year, new financial goals? Before you set them, take a good look at where you are right now.
Whether retirement is now, just around the corner or a few years away, getting your finances in shape now can make a real difference to your retirement income. Here's your five-point financial health check for 2026.
Grab your bank statements and credit card bills from the past year. Where did your money actually go?
You might be surprised. That daily coffee run, the streaming services, the impulse online shopping – it all adds up. Compare what you spent to what you planned to spend. If there's a gap, now's the time to close it.
Use what you learn to set a realistic spending plan for 2026. And if you're getting close to retirement, this exercise is especially valuable. It shows you what you'll actually need to live on when the regular pay cheque stops.
Your insurance needs to change as life changes. If you took out income protection or life insurance 10 years ago, does it still cover what you need today?
Review both your personal insurance (like income protection, life insurance and TPD through your super) and your general insurance (home, contents, car). Are you paying for cover you don't need? Or are there gaps that could leave you exposed?
Energy, internet, phone – when did you last compare what you're paying?
Most of us stick with the same providers year after year, often on outdated plans. A quick comparison could save you hundreds of dollars. You could consider putting that money towards your super, mortgage or something you’ve been saving for.
It doesn’t take long, and the savings can add up quickly.
Streaming services, meal kits, gym memberships, premium podcasts – we're all guilty of letting subscriptions roll over on auto-pilot.
Do a subscription audit. Go through your bank statements and list every recurring payment. Ask yourself: do I actually use this? Does it add value to my life?
If the answer is no, cancel it. You can always sign up again later if you miss it. But chances are, you won't.
This is the big one. What do you need to do differently in 2026 to set yourself up for a better retirement?
Maybe it's:
Be aware that Salary sacrifice will save tax in many, but not all circumstances. Plus, it will reduce your take home pay.
If this all feels overwhelming, you're not alone. Getting your finances in order can be complex, and everyone's situation is different.
That's where financial advice comes in. Our advisers can help you work through your specific situation and create a plan that makes sense for you – from now until retirement and beyond.
Book an appointment to talk about your Aware Super account at no extra cost.2 You can also get comprehensive advice for a fee if you need help with your broader financial situation.
1 Before consolidating, consider if this is right for you, including the loss of any insurance cover from your other funds, the impact on your investments, and potential tax implications and read the PDS and TMD at aware.com.au/pds. You may wish to speak with a qualified financial planner before making this decision.
2 Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
