If the first half of 2026 has done a number on your budget… you’re not alone.

The past six months have been pretty turbulent for Australia's economy. Three RBA rate hikes, a war in the Middle East, a global energy crisis, and a federal budget packed with major tax reforms - 2026 hasn't exactly been smooth sailing when it comes to anyone’s finances.

The good news? You don't have to wait until NYE to hit reset!

The start of a new financial year on July 1st is the perfect excuse to check in with your personal goals and do a stocktake of where you're at.  

1. Take stock of your budget

Checking your spending can feel a bit like checking your texts after a big night out…

But, it’s important to know where you’re at with your budget - because your finances might have done a full 180 since you last looked.

Start by assessing your income, and taking into account any changes to your salary like pay increases or bonuses.

Next your expenses. It’s never fun going through your bank statement and having to face how much you’ve spent on takeaways and coffees, but it’s a necessary evil.

Categorise your expenses and compare them to your budgeted expenses.

This will help you get an objective look at your spending and identify if there are areas where you might be able to reduce unnecessary spending and allocate more funds towards your goals.

2. Review your financial goals or set new ones and write them out as SMART goals

Now that you have a better picture of where your money is going, you’re in a much better place to make some SMART goals.

The SMART method is when you define your goals in a Specific, Measurable, Achievable, Relevant, and Time bound way. And it’s time to whip out your notebook (or notes app) because some studies say you're actually 42% more likely to achieve goals you’ve written down.

Here are some questions you can ask yourself:

• Have some of your goals already been ticked off?
• Do you need to make any adjustments or set new goals?
• Are you behind on any goals?
• Are there reasons you’re not hitting them within your control?

Asking these questions helps you compare where you’re really at, with where you hoped you would be by now.

3. Evaluate your debt

Take a look at your outstanding debts like credit card balances, mortgages, or other loans, and track how they’re progressing.

• Are you where you want to be with your debt?
• Are there any steps in your control that can help you reduce your debt?

Remember, paying off high interest debt can help you work towards your financial goals faster, so it’s important to think of ways you can prioritise paying down any high-interest debt first.

4. Evaluate your savings and investments

Say you’ve spent less money than you’ve earned (woohoo!). And let’s say you also receive a juicy tax return from the ATO later this year.

You might be tempted to treat these amounts as free money… and blow them on a luxury purchase or a small holiday. But that money can actually be really valuable for your financial goals.

One popular framework is the 50/30/20 rule.

There are lots of ways to apply this rule - here's one take that suits people focused on growth: 50% toward long-term money goals, 30% toward investing in yourself and your career, and 20% as your guilt-free treat money

And if you’re not where you wanted to be at this point in time, that’s okay! No matter where you are,your new financial year reset isn't about judging yourself, it’s about making progress towards your financial goals one step at a time.

So whatever the first half of 2026 looked like, July 1st is your clean slate. The fact you’re even checking in means you’re doing better than you think!

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