5 financial New Year goals to set and achieve

As we bid farewell to the previous financial year and welcome in the new one, it’s the perfect time to set fresh money goals. Whether you're aiming to boost your savings, reduce debt, or make smarter investments, setting clear and achievable goals can pave the way for a prosperous year ahead. Here are five financial New Year's goals to help you kick off the new financial year on the right foot.

1. Create and stick to a budget

A well-crafted budget is the cornerstone of financial success. Start by tracking your income and expenses to get a clear picture of where your money is going. Categorise your spending and identify areas where you can cut back. Setting a monthly budget helps you manage your finances effectively and ensures you’re living within your means. Remember, the goal is to create a realistic budget you can stick to all year long.

Mozo Tip: Use budgeting apps or tools to simplify the process. Apps like YNAB (You Need A Budget) or Mint can help you monitor your spending and stay on track.

2. Build an emergency fund

Life is full of surprises, and having an emergency fund can provide a financial safety net. Aim to save at least three to six months’ worth of living expenses in a separate, easily accessible account. This fund will give you peace of mind knowing you’re prepared for unexpected events like medical emergencies or car repairs.

Mozo Tip: Set up automatic transfers from your checking account to your savings account each month. Even small amounts add up over time.

3. Pay down debt

Debt can be a significant burden on your finances, but with a strategic plan, you can chip away at it. Start by listing all your debts and their interest rates. Focus on paying off high-interest debts first while making minimum payments on others. Once the high-interest debt is cleared, move on to the next one.

Mozo Tip: Consider using the debt snowball or debt avalanche method. The snowball method focuses on paying off the smallest debts first, while the avalanche method targets the highest interest rates.

4. Save for retirement

It’s never too early or too late to start saving for retirement. Contributing to a superannuation account can significantly impact your financial future. Aim to increase your contributions each year, even if it’s just by a small percentage.

Mozo Tip: Take advantage of employer-matching contributions if available. Free money towards your retirement is too good to pass up.

5. Set specific savings goals

Having clear, specific savings goals can motivate you to save more. Whether it’s for a holiday, a home deposit, or a new gadget, defining your goals will give you a clear target to aim for. Break down your goal into manageable chunks and track your progress regularly.

Mozo Tip: Use visual aids like a savings chart or an app to see how close you are to achieving your goal. Celebrate small milestones along the way to stay motivated.

Setting financial goals is a powerful way to take control of your financial future. By focusing on these five areas, you can make significant strides towards financial stability and freedom. Remember, the key to success is consistency and perseverance. 

Stay committed to your goals, celebrate your progress, and don’t be afraid to adjust your plan as needed. Happy new financial year!

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Last updated 15 July 2024 Important disclosures
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first 4 months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Life - 18-29 years old

    5.20% p.a. (for $0 to $30,000)

    2.00% p.a.(for $0 and over)

    Yes up to $250,000

    Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.

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